One of the fastest growing startup hubs is Israel and it is aswell making a place for itself in the financial technology plan. Most of startups in the Israeli startup ecosystem are now focused on fintech and blockchain technology. According to reports, the number of startups in the fintech region has raised fourfold from 90 to 430 within a length of 7 years. Virtual currency business has already seen a handful of enterprises making Bitcoin and blockchain applications and platforms. Few of the other fintech sectors addressed by the startups contain security, hardware, new currencies, payments and online business.
Startup newsletter currently listed few startups as promising blockchain technology firms in the country. These startups are contained in the development of blockchain-based applications and platforms that can address a range of controversies. La’Zooz is one of the company that has created a blockchain based ride-hailing application with an intention of disrupting the market currently dominated by Uber. The platform uses blockchain based tokens called Zooz which can be earned by users as they offer rides, while others hailing these rides pay with it. The proof of movement is stored on the blockchain by tracking the transactions. Revelator is also one of the startup, offers Colu– color coin based digital rights management platform for the music industry. The platform can be used by entities as well as record firms to manage rights for artistic work and also receive sovereignty.
Synereo and Waves are two blockchain platforms with their own virtual currency ecosystems. Both the platforms offer entire architecture for the consumers to generate and supervise their own virtual coins and decentralized applications (DApps). Synereo has built its own development language, blockchain based cloud storage, and other resources as it tries to rival with Ethereum. The advanced interest in both crypto and fintech areas is also shared by banking institutions in Israel. Some banks like Bank Leumi and Ha’Poalim have invested themselves into the startup ecosystem, which will help the country come up as one of the fintech hubs.