Investment in financial technology companies trebled last year, providing a hint of the scale of digital disruption banks face. According to research from Accenture, the total amount invested in the global fintech sector rose from just over $4bn, in 2013, to more than $12bn last year, as record amounts were poured into companies developing technologies that promise to turn the financial sector on its head.
Investments into blockchain tech companies has already exceeded the 2014 total, and many of the world's biggest banks have publicly stated an interest in exploring the use of blockchain technology. R3 CEV has put together a consortium of at least 22 different megabanks, that intend to explore distributed ledger technologies, while Blythe Master's Digital Asset Holdings is exploring private blockchain solutions.
"Wall Street is wisely exploring blockchain technology — about 20 banks have gone public about it, and my sense is that there are another 100 hiring teams, learning, experimenting, testing and engaging in the space — at this stage I can’t imagine a single CTO on Wall Street that doesn’t have the word ‘blockchain’ on their whiteboard."- Matthew Roszak, Tally Capital Founding Partner
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