The market for blockchain technology was estimated to be worth USD 10.02 billion in 2023, and from 2023 to 2030, it is anticipated to increase at a CAGR of 87.7%. The expansion of venture capital funding for blockchain technology startups is responsible for the market expansion. For instance, the blockchain technology supplier Circle Internet Financial Ltd. revealed in May 2022 that it had secured USD 440 million in funding from institutional and strategic investors. This money was used by the business to grow both internally and externally. It is anticipated that the legalization of cryptocurrencies in nations like El Salvador and Ukraine would open up new prospects for commercial expansion.
