Analysis of the key themes driving M&A activity reveals that cryptocurrencies accounted for 9 financial services deals announced in Q2 2023, worth a total value of $50m. The $50m minority acquisition of INX Digital Company by Republic Core was the industry’s largest disclosed deal. GlobalData’s Banking and Payments Predictions in 2023 – Thematic Intelligence report includes a detailed analysis of the impact of blockchain and other key themes such as AI, conversational platforms, and cloud on the banking and payments industry. Buy the report here.

In value terms, cryptocurrencies-related deal activity decreased by 97% in Q2 2023 compared with the previous quarter’s total of $1.5bn and fell by 86% as compared to Q2 2022. Related deal volume increased by 29% in Q2 2023 versus the previous quarter and was 40% lower than in Q2 2022.

The top-ranked financial advisors supporting these M&A deals in Q2 2023 were Eight Capital; Haywood Securities; Origin Capital Group with 1, 1, 1 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q2 2023 were Cassels Brock & Blackwell; Goodmans; Halpern & Co with 1, 1, 1 deals respectively.

For further understanding of GlobalData's Banking and Payments Predictions in 2023 – Thematic Intelligence buy the report here.

This content was updated on 18 July 2023

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Deals Database tracks global deal activity, including mergers, acquisitions, capital raising, strategic alliances, and licensing agreements. Proprietary analysis is used to group deals into key thematic areas and granular sectors across the world’s largest industries.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Deal type includes Acquisition, Asset transactions and Mergers.