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Financial Services Blockchain Spending Jumps to $1.7bn
The financial services industry is spending about $1.7 billion per year on blockchain, according to a new report by Greenwich Associates. The report, based on 200 interviews with market participants covering blockchain budgets, team sizes, use case exploration, key challenges and other issues, concludes that banks and other firms are moving beyond the proof-of-concept stage and starting to roll out commercial distributed ledger technology (DLT) products. The study results show that blockchain budgets increased 67% last year, with one in 10 of the banks and other companies now reporting blockchain budgets in excess of $10 million.

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