The International Data Corporation (IDC) has published its update to the Worldwide Semiannual Blockchain Spending Guide, which estimates that worldwide spending on blockchain solutions in 2018 will be $1.5 billion, twice as much as in 2017. The Guide also estimates that worldwide spending on blockchain solutions will reach $11.7 billion in 2022. The Guide predicts that the largest growth in the U.S. will be in the distribution and services sector, and in Europe, Middle East, Africa and China, in the financial services sector.
The United Nations has noticed the explosive growth of blockchain investment—growing at an "unprecedented scale" and "warp speed," according to Secretary-General António Guterres. The UN announced the creation of a "High-Level Panel on Digital Cooperation," to put blockchain technology on its agenda. The panel will include industry, academic and political members, and will focus on confronting the impact of digital technologies on the global economy and society.
In the private sector, a New York-based global consulting and financial solutions firm, and a FINRA-registered broker-dealer, recently announced a new strategic collaboration to facilitate investment in SEC-compliant token offerings. In a July 24 announcement, Coinbase stated that it is partnering with London-based WeGift to launch crypto gift cards, which will allow customers to purchase retail goods and services using cryptocurrencies. Also on July 24, Galaxy Digital, the crypto-focused merchant bank founded by Mike Novogratz, announced that it led a $52.5 million fundraising round for crypto-lending start-up BlockFi, whose current model allows investors to take out a loan as high as $10 million using either bitcoin or ether as collateral.
In the public sector, on July 20, the Chinese district government of the Nanjing Jiangbei New Area announced its plans for a 10 billion-yuan (around $1.4 billion) blockchain project, funded through a public-private partnership. Thirty percent of the funds will come from the local government and 70 percent from the private sector, including a Chinese academic-backed fund and publicly listed venture capital firm based in the city of Nanjing.
For more information on recent blockchain investments, see the following:
- Worldwide Spending on Blockchain Forecast to Reach $11.7 Billion in 2022, According to New IDC Spending Guide
- United Nations Puts Blockchain at Center of New 'High-Level Panel on Digital Cooperation'
- MLG Blockchain and GB Capital Markets Form Joint Venture
- Coinbase Strikes Partnership for Crypto Gift Cards in Europe
- Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup
- Chinese City Launches $1 Billion Blockchain Fund to Launch With Government Backing
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