Citibank has scrapped its plans to launch a 'CitiCoin' crypto:
between Citi and Nasdaq to deliver an blockchain-based payment solution that integrates with Nasdaq's Linq platform.
Citi's decision to pull the plug on its crypto project underlines industry-wide concerns about the thin rewards from blockchain efforts. Blockchain's potential as a game-changer has seen financial institutions invest heavily in the technology: In 2017 alone, the industry spent $1.7 billion on the nascent technology,Greenwich Associates.
Some fintech companies, including a number of insurtechs, have dipped into new markets to escape heightened competition. Many incumbents are undertaking business transformations that aim to reimagine everything from products and services to front-end systems and back-end processes.Gives an overview into a number of fintech segments and how they've changed over the past year.
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