LONDON (Reuters) – Major finance and tech firms are pouring money into startups building technology to develop the crypto market, even though they’re steering clear of the volatile currencies themselves.
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Venture capital investments in crypto and blockchain startups that included funds from corporates have raced to $850 million so far this year, data compiled by PitchBook for Reuters shows. The 13 deals put the flows on track for a second straight annual record.
Such bets, by companies including London Stock Exchange Group and Microsoft Corp, spiked over five-fold to a record $2.4 billion (£1.8 billion) over 117 investments in 2018. This suggests large companies see promise in the nascent…