Report: Over 50% of U.K.-based blockchain companies have difficulties opening bank accounts

Research • December 3, 2018, 11:52AM EST
Published 1 hour earlier on
The Block

Digital Catapult, a U.K.-based digital technology innovation center, published a report examining the blockchain industry in the U.K. The company surveyed over 260 companies as part of their report. Here is what it found:

  • The U.K. blockchain ecosystem can be divided into four categories: distributed ledgers, distributed applications developers, centralized systems, and service providers.
  • 71% of blockchain companies are already generating revenue.
  • 74% of companies have working products that apply to a wide range of industries and verticals.
  • Only 4.5% of companies interviewed had conducted ICOs. 80% of founders had used their personal funds to start their companies, and 41% had raised a traditional seed round.
  • 74% of companies expressed regulatory uncertainty as their most pressing challenge.
  • 54% of companies have difficulty opening a U.K. bank account and 45% believe they need more legal advice.

(Source: Digital Catapult)