Web3 promises a blockchain-based iteration of the internet that is decentralized and gives users control over personal data. Financial services incumbents risk getting left behind as fintechs flood the space—but they first must understand what Web3 really means and where it’s currently falling short.
In this report, we weigh financial service providers’ real Web3 opportunities (like institutional DeFi applications and serving as trusted fintech partners) against its significant barriers (like inherent cryptocurrency ties).
3 KEY QUESTIONS THIS REPORT WILL ANSWER
KEY STAT: VCs fled crypto and piled into Web3 last year. Cumulative investing over Q1–Q3 2022 reached $13 billion, more than double the same period in 2021. But Web3 access requires crypto wallet usage, blurring the line between each space.
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