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The global financial services industry spent a combined $1.7 billion on blockchain development in 2017, with institutions having increased their individual budgets for the technology by 67 percent in the same year.
According to research published by U.S.-based market intelligence firm Greenwich Associates on Tuesday, amid the general increase, 10 percent of the surveyed banking institutions reported that they had grown their budgets for areas such as blockchain research and product development to $10 million or more in 2017.
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