CURRENT STATE OF FINANCIAL ECOSYSTEM
The decentralized finance market is expanding at a rapid pace. In 2021, global spending on blockchain solutions reached 6.6 billion dollars. Forecasts suggest that spending on blockchain solutions will continue to grow in the coming years, reaching almost 19 billion U.S. dollars by 2024.
By the end of 2018, about 90% of U.S. and European banks and financial institutions had begun exploring the adoption of blockchain technology. The financial sector leads the way in terms of investments in blockchain technology. During 2018, financial institutions spent about $552 million on blockchain-powered projects.
According to IBM, in the next four years, 66% of banks, want to adopt blockchain in commercial production and scale.