Number Of Crypto And Blockchain Firms Continue To Increasing In Israel
The amount of Israel-based blockchains and crypto-focused startups rose by 32% last year, a December 30 report from the Israeli Bitcoin Association approved.
The report remarked that there were 150 operating blockchain firms in the country in 2019. Towards the end of 2018, only 113 crypto-related companies were operating in Israel. Only 63 companies are operating recently, out of these 113 companies.
Data about the blockchain firms that have closed isn’t available. The Israeli Bitcoin Association stated this might be because these firms were not able to endure the past year.
While the report doesn’t involve any details about the number of employees that may have served at the reported firms, it stated that the staff size decreased significantly last year, particularly when compared to 2017 and 2018. The data recommended that the majority of Israeli blockchain firms had only almost ten employees on their staff.
The report states that most of the crypto-related firms were startups, which had lately established their operations. Almost 30% of currently active blockchain firms were established in 2017 and approximately 30% in 2018.
About 44% of crypto and blockchain-focused companies established last year in Israel declare they’re self-funded. About 42% say they acquired capital from investors. Almost 7% of the firms reportedly depend on the independent income to finance their business operations.
Israel has become reasonably popular as a crypto and blockchain-friendly jurisdiction. The country is listed 49th out of 190 on the efficiency of doing business index, the Doing Business 2019 report from the World Bank affirms.
But the nation’s score also takes into concern several hurdles for business owners such as difficulties with paying taxes, with Israel ranked 90th out of 190. Administering contracts has also been a challenge for Israeli businesses. The country stands 90th out of 190 in this area.
In August 2019, reports emerged that the Capital Market, Insurance and Saving Authority, a part of the country’s Ministry of Finance, was preparing to speed up the process of assigning licenses for blockchain and Fintech firms in Israel. The government agency was seeking to inspire more local competition by providing operational licenses to more Fintech companies.
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