The word “fintech” emerged in the 21st century, initially applied to the technology engaged at the back-end systems of established financial institutions. Eventually, it shifted to more consumer-oriented services and became more consumer-oriented. Fintech is now involved in different sectors and industries. We have retail banking, fundraising and nonprofit, education, investment management, and more!
The fintech industry is HUGE. In 2019, fintech reached $55.3 billion in investments, with China contributing a total of $25.5 billion. The global fintech investment reached 1,221 deals or a total of $26.5 billion in the first half of 2020, with the pandemic as a significant factor in the completed deals. According to the Business Research Company in 2020, the global financial services market is projected to reach $26.5 trillion by 2022 and is expected to grow with a compound annual growth rate of 23.58% from 2021 to 2025.
Yes, the fintech industry is enormous, and its growth will not stop anytime soon. The industry now knows numerous big and valuable companies. Of course, it is impossible not to start with PayPal, which has over $300 billion in valuation. Ant Financial, founded in 2014, is an affiliate firm of China’s Alibaba Group.
Stripe also joins the list of the most valuable fintech companies worldwide. Along with Adyen, Coinbase, Square, and other big fintech companies, they keep the fintech industry growing and the customers’ lives easier and more convenient. Now, we live in a world where “cryptocurrency” exists.
Cryptocurrency has been a subject of debate in society for a long time now. And since it has become even more popular than it was first introduced in 2009, more and more people find it very convenient. According to CoinMarketCap, Bitcoin is the world’s first and most widely adopted cryptocurrency. It had a share of 62.42% in January 2021, with Bitcoin miners earning over $33.7 million.
Note: Cryptocurrency was invented in 2008 by Satoshi Nakamoto, a person who claimed to be a thirty-six-year-old Japanese man. On January 3, 2009, Nakamoto created a new currency called bitcoin and announced it on the Internet. In 2021, bitcoin was worth more than $1 trillion.
Cryptocurrency provides financial flexibility and sparks many economic interests. It allows people to invest capital safely and offers equal opportunities for everyone. Cryptocurrencies operate in a decentralized system, empowering users and providing freedom in transactions. Moreover, the market exists without needing any actual infrastructure.
As more people rely on crypto wallets, cryptocurrency translation becomes in-demand. Generally, fintech translation poses many concerns for fintech companies who want to make their services available to a broader audience. Is it accurate? Is it efficient? And most importantly… Is it secure? This is where fintech blockchain translation comes in.