The Fintech Blockchain Market size is expected to grow from USD 3.17 billion in 2023 to USD 21.67 billion by 2028, at a CAGR of 46.92% during the forecast period (2023-2028).
The fintech blockchain market is highly competitive, with dominant players such as Amazon Web Services, AlphaPoint Corporation, Bitfury Group Limited, Oracle Corporation, and Digital Asset Holdings. These players are focusing on expanding their customer base globally through strategic collaborative initiatives to increase their market share and profitability. However, mid-size to smaller companies are also making their presence known through new product innovations and securing new contracts.
In January 2023, Striga, a banking-as-a-service platform, launched a new product - crypto on-ramp and off-ramp APIs for neo banks, DeFi, and Web3 apps. The platform's objective is to simplify the process of holding or withdrawing Bitcoin and make it easier for more customers to purchase and trade cryptocurrency. The newly introduced crypto-to-fiat or fiat-to-crypto APIs can be integrated into any fintech or cryptocurrency product.
In January 2022, Etherisc, an open-source, decentralized insurance protocol and ecosystem launched a blockchain-backed insurance application. The application can autonomously issue policies and execute payouts for travel delays and cancellations, and payments are processed through the blockchain payments program Gnosis Chain (formerly xDai Chain). The initial payment option for the insurance application is the U.S. dollar-backed USD Coin.
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