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Since 2015, an increasing number of multi-billion-dollar financial institutions such as Goldman Sachs have exhibited their interest in emerging innovative financial technologies and startups.
Several major banks and financial organizations have established various investment funds for fintech and blockchain startups, to research the application of fintech and blockchain technologies in the financial market.
Blockchain technology focused startups have been the main attraction of these banks. According to the Outlier Ventures research team, there are over 1,000 blockchain startups in existence with most of the companies being backed by venture capital firms and financial establishments.
Despite having large capital offered by banks, blockchain startups have failed to display a real-life application of technology in the financial industry. These companies’ inability to cope with the expectations of the banks led to some changes in the fintech market, with some startups gearing towards the integration of A.I into financial technologies.