How R3 is dominating the global Blockchain in Retail Banking Market

Blockchain technology is a promising feature that can bring new norms to any use case. A blockchain is a digital public ledger or database that records online transactions. The initial enthusiasm for this technology among commercial banks, capital markets and infrastructure companies now extends to retail banks. Today, retail banking needs to adopt new technologies, including blockchain, to improve its services.

With the advent of this technology, the retail banking sector is becoming more and more interested in the benefits that blockchain brings to retail banking. Retail banking experts show how interesting blockchain technology is to consumers.
Continued digitization, increased internet penetration, and the resulting increased adoption of blockchain technology for KYC / ID fraud prevention and risk assessment are expected to drive market growth over the forecast period.

The ability of blockchain technology to execute transactions without the need for central authorities and the increased adoption of blockchain technology to enable faster, real-time cross-border payments could also contribute to market growth.

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Some market players in the blockchain banking retail market are focusing on venture capital investment to raise funds to improve their product portfolio and strengthen their position in the market. These investments are expected to create new opportunities for market growth during the forecast period. For example, in February 2021, blockchain infrastructure provider Axoni raised $ 31 million in a round of financing from new investors such as Deutsche Bank, Intel Capital and UBS. Nyca Partners, HSBC, Goldman Sachs, J.P. Existing investors Morgan, Wells Fargo and Citi also participated in the funding round. Funds are used to expand the corporate network across regions and asset classes.

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This release was published on openPR.