The Bitcoin industry is in a difficult situation of financing difficulties

  Financial News: VC financing in the Bitcoin-related field has fallen rapidly from the highs in the first quarter of this year. Big banks on Wall Street have begun to develop their own businesses in this field instead of investing money in other companies.

Michael Sonnenshein, head of sales development at Grays CA le Investments, told Business Insider: "Unfortunately, many banks and institutions are focused on developing their own blockchain technology rather than investing in bitcoin's blockchain technology."

JPMorgan Chase is joining more than 40 banks in their push into blockchain, and a startup called R3 has partnered with the banks to focus on blockchain technology research.

JPMorgan Chase CEO Jamie Dimon said that investing in R3 is cheaper, more efficient, and can operate safely and normally.

Blockchain technology is essential in sharing databases . Blockchain technology allows people to exchange information, as well as virtual currencies such as Bitcoin, equity certificates, contracts, securities, etc. Through blockchain technology, cross-border consumption will become faster and cheaper.

Blockchain technology startup Digital Asset Holding GS is a victim of this round of financing difficulties. According to the New York Times, the company faces many difficulties in financing.

Currently, there are a large number of startups emerging in the field of Bitcoin and blockchain, and these startups are directly competing with each other. This is another big problem facing Digital Asset.

Investor enthusiasm for Bitcoin and blockchain technology has waned since peaking in early 2015, according to CB Insights.