The blockchain and crypto space had 31 deals, the most compared to other fintech industries in Canada for the second year in a row.
Crypto and blockchain topped the number of investments within the financial technology space in Canada, according to a report by accounting organization KPMG.
On Feb. 6, KPMG published a Canadian fintech report, highlighting that while deal volumes and values dropped significantly in 2023, crypto still remains at the top of the charts. KPMG’s data showed that the blockchain and crypto space had 31 deals last year, having the most deals compared to any other vertical in fintech. The software-as-a-service (SaaS) industry followed with 24 deals, while the artificial intelligence (AI) and machine learning industry had 15 deals.
KPMG partner Edith Hitt said in the report that investor interest in crypto-related fintech projects was driven partly by the anticipation of the spot Bitcoin exchange-traded fund (ETF) approvals by the United States Securities and Exchange Commission (SEC). Hitt explained:
