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KPMG, HSBC report identifies crypto startups with unicorn potential in Asia

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Joint report of two leading financial institutions, KPMG and HSBC, disclosed that more than a quarter of the 6472 startups operating in the Asia-Pacific region have their core business in the field of cryptocurrencies.

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Among these firms, five made it to the Top 100 Startups with the Potential to Become Unicorns, a privately held startup worth over $1 billion.

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The list includes Chinese crypto startups, the Conflux and Memsonics network, Singapore-based DeFi platform Stader Labs, Hong Kong-based blockchain gaming platform Catheon Gaming, and Taiwanese crypto exchange Maicoin.

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According to the report, the crypto space can still create dominant unicorn companies.

“Blockchain real estate and decentralized autonomous organization (DAO) were also present in the top 20 sub-sectors, reflecting the region’s current focus on digital assets, the metaverse, and web 3.0.”

Some current unicorn companies in the crypto space include Ripples, OpenSea, Dapper Labs, Chainalysis, and others.

The report focused on “emerging giants” in 12 different markets, including China, Hong Kong, India, Singapore, Indonesia, Australia and Japan.

According to Darren Yong, head of technology, media and telecommunications (TMT) KPMG Asia-Pacific, these blockchain companies have the potential to change the region’s financial landscape.

“We believe that blockchain companies and crypto assets in general will recover at some point. There will be a resurgence of apps, and if these unicorns are useful, they will be the next Amazon.”

The emergence of these firms could also significantly change the way international payments are made in the future, making transactions cheaper, faster and more efficient.

In a recent FTX Twitter thread, Sam Bankman-Fried pointed out the payment and remittance options available to crypto firms. According to SBF, payments are complex and blockchain solutions can help solve these problems.

Meanwhile, the HSBC-KPMG report identifies startups in other niches such as electric vehicles, quantum computing, the Internet of Things, robotics and artificial intelligence.

Also, the top 100 is dominated by startups from China.





Credit : cryptoslate.com

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