Where have all the blockchain startups gone?

Building a startup is hard. Building a blockchain startup is harder. More than 10 current and former financial blockchain builders and users detail their experiences of trying to cut their teeth on a once-darling tech, and the lessons they’re still learning from it.

Some roads are paved with good intentions but end at underwhelming destinations. Blockchain, as a tool for capital markets, but also as a grand promise—of less dependency on intermediaries, increased reliability of information, and faster settlement; the list goes on—has traversed road that’s led it, in some cases, to a version of technology purgatory.

Neither useless nor as revolutionary as some initially thought, the once uber-hyped tech has been relegated to niche corners of the market such

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