Bitcoin startups are a plenty. There are many companies that offer the same conventional bitcoin services like wallet, exchange, trading platform, remittance etc. which has become quite common now. Then there are those who think out of the box and come up out of the box applications of bitcoin, blockchain technology or find ways which can make everyone’s life a tad bit easier. These kinds of startups aren’t many but they do show up frequently on the radar and some of them disappear sooner than they appear. However, with a bit of support in the form of right guidance and maybe with some funds, these innovations can see the light of the day and grow big enough to at least make a mark on the bitcoin and fintech world.
Few lucky digital currency startups working on the digital currency and blockchain technology sector get a chance to be selected for accelerator programs where they get ample guidance, mentorship and even funds in many cases. Bitcoin and blockchain technology have been creating waves in the banking and financial sectors. Some of these institutions are now running acceleration program for fintech startups which also includes bitcoin and other digital currency tech related ideas/startups. Some of the notable fintech accelerators includes Barclays Accelerator, Citi Accelerator, Nordea, Visa Vision, NEXT etc.
These fintech accelerators are increasingly focusing on startups that are focused on blockchain technology and compliance. The main reason for this being the growth in bitcoin usage among the world population. Bitcoin is on its way to gain an alternate currency status and once the adoption crosses a threshold, banks and financial institutions will be forced to consider bitcoin deposits and treat it as either money or assets. In addition to it, the financial and banking sectors are also working on adopting blockchain technology into their regular operations. Both of these combined, blockchain/bitcoin compliance and security platforms play a very important role in verifying the background of transactions, maintaining records, ensuring the adherence of new technology to existing rules and regulations etc.
The financial institutions running accelerators are also entering into agreements with the accelerated startups to receive their services. For example, Barclays recently signed an agreement with Chainalysis, one of the startups that was accelerated by Barclays Accelerator. Safello, another accelerated bitcoin company is also working with the same bank to implement blockchain technology. We can see the trend continue in the coming seasons as well. Many accelerators are in the process of on boarding new startups for the upcoming batches. We can further analyze the trend once they announce the list of startups for their upcoming cohorts.