Report: The Australian fintech industry shrinks in 2024, with the blockchain and cryptocurrency sectors hit the hardest

2024-12-09 17:48:24

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ChainCatcher message, according to a study by KPMG on the Australian fintech industry, it is found that over 7% of fintech companies headquartered in Australia will close in 2024, with the blockchain and cryptocurrency market being the hardest hit.

The report indicates that the total number of independent fintech companies in Australia has declined for two consecutive years, from 800 companies in 2022 to 767 active companies as of December 9, covering various business sectors.

Among the 60 Australian fintech companies closing in 2024, 14% are from the blockchain and cryptocurrency industry. The report states: "The blockchain and cryptocurrency sector in the Australian fintech industry has been hit the hardest, with the number of active companies decreasing by 14% year-on-year by 2024, leaving only 74."

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