Blockchain spending swells, plus, see who’s leaving Facebook | TECH(feed)

hey everyone welcome back to tech feed. i’m juliet beauchamp and today we’re diving
into blockchain spending, a tech company gaining serious momentum–and money–in southeast
asia, and we’ll discuss which social media platform young people are fleeing. stick around. blockchain spending is expected to grow rapidly
over the next few years according to a report by idc. idc predicts global blockchain spending
will hit 12.4 billion dollars by 2022. the report says the u.s. will lead global
blockchain spending, followed by western europe and china. blockchain spending this year alone is predicted
to reach the billions, with businesses within the financial sector as the leading investors. in fact, spending is expected to increase
88.7 percent this year compared to 2018. as use cases for blockchain grow, more enterprises
may implement it in its business practices. as we’ve reported, j-p morgan chase is planning
on launching the first cryptocurrency backed by a major bank and expects to begin trials
in the coming months. so we’ve recently mentioned u.s. ride share
companies that are racing to go public this year–but now let’s take a look at rideshare
businesses around the world. grab, a ride-hailing company based in singapore
and serving eight south east asian countries, has recently secured 1.5 billion dollars in
funding from japanese conglomerate softbank. in its current financing round, grab has secured
a total of 4.5 billion dollars from investors including microsoft, toyota, hyundai and booking
holdings. grab is positioning itself to offer a bit
of everything to its users–after taking over uber’s southeast asia operations last year,
the company expanded its ride and food delivery offerings. with this new funding, it’s expected to
unveil features that will allow users to book hotels, pay for things and send packages. young people are leaving facebook in droves,
according to a survey conducted by edison research. the results found that 15 million fewer people
in the united states use facebook today compared to 2017. the largest drop in users was in the coveted
12 to 34 age group. this is the second straight year that facebook
has seen a drop in users in the u.s. while young people are leaving facebook, it’s
not as though they’re leaving social media entirely. rather, they’re flocking to instagram or
snapchat, which are the second and third most used social media platforms in the u.s. thanks for watching today’s episode of tech
feed. be sure to give this video a thumbs up and
subscribe to our channel. and let me know in the comments if you’ve
left facebook in the past year. and if so, why? see you next time.

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