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Canada is surpassing the United States in the fintech sector. The changing status quo is quite evident from the scale of investments received by Canadian fintech startups compared to their counterparts in the United States.
It is reported that the Canadian fintech sector in 2016 received the highest amount of venture capital backed funds since the past two decades. The funds raised by Canadian blockchain and fintech companies is said to have increased by over 35% percent compared to last year’s numbers. A leading online publication states various sources of statistics to prove the point.
While Canada gets most of the venture capital funds, the same can’t be said about the United States as the country’s blockchain and fintech sector registered a 30% decline in funding during 2016 in comparison to previous year’s numbers. It is not just the United States; the situation is almost similar in other prominent financial powerhouses as well. Investments in the United Kingdom, amid the Brexit, has fallen by about 25% and Singapore by close to 65%.
Few reasons for the emergence of Canada as a strong fintech hub include the ease of creating and operating a startup in the country, great
Read more ... source: NewsBTC USA
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