Israel Advances Fintech With Blockchain And ICO

September 12, 2017 6:55 pm Published by

Israel has pushed forward in the blockchain industry recently through the use of ICO and startups, The Jerusalem Post reported Tuesday.

In June, start-up company Bancor raised approximately $150 million through an initial coin offering, said the report. It was one of the most successful in Cryptoworld and a leap for Israel, which was barely on the charts at the time.

The Bancor ICO will greatly challenge the VC business, the report said. VC funds will likely try to get in on the action as well, once discussions of over-inflated ICOs settle.

Israeli companies are seeking to use blockchain for the security, tagging, tracking and rights of digital goods and intellectual property, the report said.

The nation’s financial technology industry is seeking advancements in their methods through the use of blockchain, mobilizing and raising funds, The Post reported.

Even Israel’s largest bank in terms of assets, the Bank Hapoalim, plans to integrate blockchain to secure digital documents, the report said. A successful bid could eradicate the need for customers to travel to physical bank branches.

Hapoalim requested the assistance of Microsoft’s cloud computing service, Microsoft Azure, with this process, said the report. The Bank would be the first in Israel to accept blockchain into its system and possibly influence other banks to follow suit.

The tech sector of Israel has received support from the government for some time, raising about $600 million for cyber security last year, the report said.

Fintech is regarded as one of Israel’s fastest growing industries, encouraging entrepreneurs to use and establish their own blockchain applications, The Jerusalem Post concluded., Shyma Hossain

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