KPMG, HSBC report identifies crypto startups with unicorn potential in Asia

Joint report by two major financial institutions, KPMG and HSBC clearly More than a quarter of the 6472 startups operating in the Asia Pacific region have a core business in crypto-related activities.

Five of these companies are on the list of top 100 potential unicorn startups. This is a private start-up company worth over $ 1 billion.

The list included China-based cryptocurrency startups, Conflux Network, Memsonics, Singapore-based DeFi platform Stader Labs, Hong Kong blockchain gaming platform Cateon Gaming, and Taiwan’s Maicoin cryptocurrency exchange.

According to reports, crypto space can still spawn a dominant unicorn company.

“Blockchain real estate and Decentralized Autonomous Organizations (DAOs) were also included in the top 20 subsectors, reflecting the region-wide focus on digital assets, the Metaverse and Web 3.0.”

Current unicorn companies in crypto space include Ripples, OpenSea, Dapper Labs, and Chainalysis.

The report focuses on “emerging giants” in 12 different markets, including China, Hong Kong, India, Singapore, Indonesia, Australia and Japan.

These blockchain companies could change the financial situation in the region, according to a statement by Darren Yong, head of technology, media and telecom (TMT) at KPMG Asia-Pacific.

“We believe blockchain companies and crypto assets will rebound more widely. Applications will come back. If these unicorns offer value, they will emerge as the next Amazon. “

The emergence of these companies also has the potential to significantly change future international payment methods by making transactions cheaper, faster and more efficient.

11) The lessons of the story are as follows. Payment is difficult.

There are many reasons for this, but they all go around the same core issue.

To be precise, what does it mean to send money to someone? What does that money mean to “calm down”?

SBF (@SBF_FTX) July 16, 2022

A recent Twitter thread by FTX Sam Bankman-Fried has identified payment and remittance opportunities available to crypto companies. According to SBF, payments are difficult and blockchain solutions can help solve these challenges.

Meanwhile, the HSBC-KPMG report identified startups in other niches such as electric vehicles, quantum computing, the Internet of Things, robotics, and artificial intelligence.

Also, startups from China dominate the top 100 list.