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Blockchain startups in Israel have tripled in 2018

27 Oct, 2018
by Joeri Cant
News
Blockchain startups in Israel have tripled in 2018

According to the Israeli Blockchain Association, there are now more than 200 blockchain startups based in Israel. This puts the country in a perfect position to become a leading blockchain nation.

Forbes reported that most Israeli blockchain startups are concentrated in the fintech and protocols/core infrastructure sectors, with 23 new start ups in the security sector and with less then 20 blockchain startups that have ceased operations overall.

Gadi Isaev, managing partner of the Israeli Blockchain Association, said that Israel has a good chance to strengthen its Startup Nation brand, as well as to become a blockchain nation.

'This growth is happening thanks to effective regulation and close cooperation of many blockchain startups with educational and academic research organizations.'

Roman Gold, founding partner of the Israeli Blockchain Association, added that the Israeli blockchain industry is currently experiencing both a boost and a transformation.

'On the one hand, we see unprecedented growth among blockchain startups, but on the other hand, many of them are skipping ICOs in favor of equity financing. Today there are fewer startup founders coming out of morally questionable markets, such as Forex, binary trading, and gambling. Instead, more institutional players are starting to enter the market. Thus, the market is going through a self-purification.'

Regulators in Israel have been keeping pace with the evolving blockchain and cryptocurrency landscape.

Alex Mashinsky, pioneer of Voice over Internet Protocol and CEO of Celsius Network, believes as well that this is due to Israel being the world’s startup nation.

'Regulations in Israel have come about because the government there is very open and sensitive to the tech community. Since there are so many startups in Israel, the government is forced to make sure growth isn’t stifled by not passing regulations. Israel is also one of the nations that understands the tremendous amount of capital flowing into this industry. The regulators there have to make sure they are supporting it. Israel has already passed specific laws that have enabled trading and the taxation of cryptocurrencies.', Mashinsky said.

The new regulations in Israel will facilitate the interaction between the crypto sector and institutional investment and banking services and could position Israel as a pioneering force embracing cryptocurrencies and aiding their adoption.

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