Market Report
Concepts and the Global Market
December 1, 2024
Cryptocurrency is a digital or virtual asset that runs without the involvement of a central authority, such as a bank or government, and uses cryptography for security. Cryptocurrency transactions are recorded and verified using decentralized technology, usually blockchain. Cryptocurrencies are not represented as real coins or banknotes; they exist only in digital form. The digital tokens stored in digital wallets serve as an expression of their value.
Prices in the cryptocurrency markets are quite volatile and often change drastically over short periods of time. Many factors can affect the value of cryptocurrencies, including interest rates and inflation, investor sentiment, regulatory changes, and the balance of market supply and demand.
Cryptocurrencies have many uses, such as online shopping, peer-to-peer (P2P) payments, money transfers, investing, and value storage. In addition, the blockchain technology on which cryptocurrencies are based has applications beyond the financial sector, including voting, supply chain management, and decentralized applications (DApps).
Cryptocurrencies operate on decentralized networks. It means that no single party is responsible for issuing or transacting money. Instead, a network of computers or nodes validates transactions using consensus protocols such as Proof-of-Work (PoW), Proof-of-Stake (PoS), or other procedures.
Most cryptocurrencies use blockchain technology to record and confirm transactions. Blockchain is a distributed ledger that uses cryptographic and algorithmic methods to create and verify a continuously growing structure of data called "blocks" of transactions. A chronological chain of transactions is formed by including a timestamp in each block and a link to the previous block. This system guarantees security, immutability, and transparency in transactions.
The very first "miner" in history was the founder of Bitcoin, Satoshi Nakamoto.
In 2010, bitcoin mining began to gain popularity and generate income. After that, it became commercialized, which contributed to the growth of competition and the development of equipment. The launch of the first GPU mining farm in 2010 was a transitional moment and led to the emergence of "industrial" mining. Because of that, the first farms on FPGA (Field Programmable Gate Array) chips began to appear. However, the most forward-thinking manufacturers developed more specialized ASIC chips.
The sharp rise in the price of cryptocurrencies in 2017 caused a significant demand for graphics cards, which led to a shortage and increase in prices for graphics cards. As a result, NVIDIA's stock price rose by 80% and AMD's by 25% during the year.
The second wave of deficit occurred at the end of 2020, when the chips of the most popular company, NVIDIA, increased in value by about two times in a month.
Modern life is concentrated in databases. For example, the presence of money in the bank account of each particular user is confirmed by a corresponding entry in the bank's database.If people did not trust the bank, they would not keep their funds there. Consequently, those who manage the databases are trusted. However, what if you could create a database whose management would be owned by all its users?
It is what a user (or group of users) named Satoshi Nakamoto published an article called "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008, giving rise to the first cryptocurrency, now known as Bitcoin.
- Bitcoin was created as an open-source digital payment system.
- The project achieved a breakthrough by creating a reliable and decentralized system for transfers that is self-sufficient.
Leading countries in bitcoin mining, November 2024
- Initially, the reward for miners was 50 bitcoins per block, but this was halved every four years. The fourth halving took place on April 20, 2024; since then, the reward for mining has been 3.125 BTC.
- Blocks are usually mined by large pools combining thousands of devices' power. Pools are platforms for joint mining.
- In 2023, the annual global electricity consumption of bitcoin mining was approximately 121.13 terawatt-hours. The projected annual electricity consumption for bitcoin mining in 2024 is estimated at 137.68 terawatt-hours.
- On November 22, 2024, the price of bitcoin almost reached $100,000, updating the historical maximum. The bitcoin price is expected to exceed $100,000 in December 2024.
- According to data from the World Population Review, the United States is the leading country in bitcoin mining as of November 2024.
Bitcoin price, logarithmic scale, US$, 2010-2024
Ethereum is a decentralized blockchain platform that creates a peer-to-peer network for the secure execution and verification of smart contracts. Ethereum has its cryptocurrency, ether (ETH).
Traditional contract and smart contract
Smart contracts are computer programs stored on the blockchain that follow “if-then” logic and are guaranteed to execute according to the rules defined by their code, which cannot be changed once created.
Vitalik's idea attracted public interest, which is why the Swiss non-profit organization Ethereum Foundation was founded. Ethereum Foundation became the developer of the Ethereum network.
In 2014, ether was first offered to those who wanted it. For 1 bitcoin, you could get 2,000 ethers.
The Ethereum blockchain works the same way as the BTC blockchain – it's a decentralized financial system.
In July 2016, the Ethereum network was split into two blockchains: Ethereum and Ethereum Classic. This was caused by hackers, in response to which, the Ethereum community implemented a hard fork to allow the original DAO participants to get their funds back.
Up until September 2022, Ethereum used the PoW consensus algorithm, consuming 93.95 TWh annually, which is comparable to the electricity consumption of a large European country. As a result of the transition to PoS, the system's energy consumption decreased by 2,000 times, and investments began to flow from powerful equipment and electricity to the purchase of the ether itself, which is necessary for participation in the validation process. For comparison, Ethereum currently uses approximately 0.0026 TWh per year.
Many projects based on the Ethereum platform conduct ICOs (Initial Coin Offerings). For this, a single technical standard for issuing tokens is used – ERC-20.
Ether price, logarithmic scale, US$, 2016-2024
TRON is a decentralized blockchain with support for smart contracts, created in 2017 on the Delegated Proof-of-Stake consensus protocol.
One of TRON's main goals from the beginning has been to change and decentralize the entertainment industry so that content creators can directly connect with consumers and sell their products.
Stablecoins are cryptocurrencies with minimal price volatility due to their nominal or actual link to a relatively stable asset, such as a fiat currency or commodity.
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The most popular fiat-backed token is USDT. It was first released by Tether in 2014 on the Bitcoin blockchain.in 2019, the Tether company stated that only 74% of its assets are backed by fiat currency.
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USD Coin (USDC) is a digital stablecoin, that was launched in September 2018 by the Centre consortium. USDC is backed by fiat currency and is similar in function and use to USDT.
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The algorithmic stablecoin DAI was released in 2017. The token's value is tied to the value of one dollar, but the collateral occurs through mathematical algorithms, not with currency or bonds.
- TrueUSD (TUSD) is a stablecoin pegged 1:1 to the US dollar, since for every TUSD token in circulation there is an equivalent amount of currency in reserve.
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First Digital (FDUSD) is a stablecoin issued by FD121 Limited, a subsidiary of First Digital Limited, which holds all FDUSD reserves in segregated accounts.
Total market capitalization of cryptocurrencies and bitcoin, 2013-2024, $B
The total market capitalization of cryptoassets excluding bitcoin (altcoin market) as of November 30, 2024 reached a mark of close to $1.47 trillion, while the historical peak, noted in November 2021, is $1.65 trillion.
Bitcoin market dominance, 2016-2024
As of November 30, 2024, the total market capitalization of stablecoins was $191.70 billion. The undisputed leader among stablecoins is USDT, which occupies about 70% of the total market capitalization of stablecoins or $135.12 billion in value terms. Next comes USDC, which occupies about 21% of the total capitalization or $40.15 billion.
The market capitalization of the stablecoin market, 2021-2024, $B
Volume of USDT transactions per 24 hours on EVM blockchains, %
Thus, on June 20, the daily trading volume of USDT in the TRON network reached $53B, surpassing Visa with a trading volume of $42B.
The Ethereum blockchain is in second place with a large gap (28.2%).
NFT market capitalization and trading volume, 2023-2024
The total NFT market capitalization reached $43.39 billion by the end of November 2024, up from $18.08 billion in January 2024. However, after increased demand for NFTs in the first half of November, trading volume declined towards the end of the month, which may be due to increased investor interest in major cryptocurrencies.
Number of games by chain, November 2024
As of November 30, 2024, the GameFi market cap reached a six-month high of $35.71 billion. The peak of 2024 was in the spring, when the capitalization rose to $49.97 billion in March. However, all these values are below the ATH of $164.22 billion in October 2022.
In terms of audience acquisition, the situation is different. Since the beginning of 2024, the number of daily active users (DAU) of all GameFi projects has been steadily increasing from 1.6 million in January to an all-time high of 6.6 million users by the end of November 2024.
The decentralized finance (DeFi) segment is a market for financial services built on distributed networks without the participation of centralized institutions as intermediaries. By the end of November 2024, on the wave of the overall market growth, the coins that provide 57% of the capitalization (Lido, Chainlink, and Uniswap) also grew, raising the total DeFi market capitalization to $110.1 billion from $73 billion in October.
Categories of protocols and their total TVL, $B
Among liquid staking protocols, Lido is the undisputed leader, with a TVL exceeding $38.8 billion. The closest competitor, AAVE, has a TVL of $21.7 billion.
Lido is the leader in TVL not only in its category, but also among all other DeFi projects.
The global Web 3.0 market size was valued at $2.18B in 2023 and is projected to reach $65.78B by 2032, with a CAGR of 46% during the forecasted period, according to Precedence Research.
- Increased security and transparency;
- Decentralization;
- Growing interest in cryptocurrencies;
- The rapid development of blockchain, IoT, and AI drives the adoption and enhanced functionality of Web3 applications;
- Open-source code available to the community;
- AR and VR development.
- Complexity for users;
- Integration of Web3 technologies with existing systems can be complex and costly for organizations.
The cryptocurrency and blockchain technology market consists of multiple segments and groups of players,
each playing a different role in the ecosystem.
Cryptocurrency exchanges
- Centralized exchanges (CEX)CEX provide a platform for trading cryptocurrencies where an operating company controls all transactions.
Centralized exchanges are Binance, Coinbase, and Kraken.
They provide high transaction speeds and ease of use but require trust to the exchange operator.
- Decentralized exchanges (DEX)DEX allow users to trade cryptocurrencies directly with each other without intermediaries.
Examples include Uniswap, SushiSwap.
DEXs provide greater anonymity and security because they do not require funds to be transferred to a third party's control.
Cryptocurrency custody services
- Custodial wallets
Cryptocurrency is stored by a third party, such as an exchange. Custodial cryptocurrency wallet holders do not store and manage private and public keys, as well as the addresses of their wallets. All this information is stored by a third-party company on whose platform an account is created for the holder. The advantage for the holder in this case is the convenience of access – it is enough to enter only one key to log in to the wallet.
Custodial wallets examples:
- Binance (exchange);
- BitGo (trust management company);
- Kraken (exchange);
- FreeWallet (online wallet).
- Non-custodial wallets
Wallets whose holders have full access to their funds and are personally responsible for their safety. The holder manages the cryptocurrencies and processes the transactions themselves. Because of this, non-custodial wallets tend to be more difficult to use. Non-custodial cryptocurrencies can be software-based or hardware-based and differ in terms of access and management procedures.
Non-custodial wallets examples:- Ledger Nano X (cold storage wallet);
- MetaMask (hot storage wallet);
- Trust Wallet (hot storage wallet);
- Trezor One (cold storage wallet);
- Exodus (cold storage wallet);
- MyEtherWallet (hot storage wallet).
Depositories / Custodians
These are institutions or services that provide custody and management of digital assets for institutional and private investors.
They ensure the security of assets, including cryptocurrencies, and often offer additional services such as asset insurance.
Examples of depositories and custodians:
- Coinbase Custody;
- Ceffu;
- Anchorage Digital;
- Gemini Custody.
Auditors
Auditors are specialized companies that perform technical audits of smart contracts and blockchain platforms to ensure their security and reliability. They help prevent bugs in the code and protect user assets. Some examples of such companies include:
Cryptocurrency trading access providers for the general market
Bitcoin Trusts and ETFs are financial instruments that allow investors to invest in Bitcoin without directly purchasing the cryptocurrency.
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The ProShares Bitcoin Strategy ETF (BITO) is the first US futures Bitcoin ETF launched in 2021. Since then, there have been other funds: Valkyrie Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and Galaxy Bitcoin Strategy ETF.
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In 2024, the SEC approved 11 spot Bitcoin ETFs. The approval follows a lawsuit by Grayscale, which challenged the SEC's decision to reject a spot Bitcoin ETF application. Among the approved companies are Bitwise (BITB), Grayscale (GBTC), Hashdex (DEFI), Valkyrie (BTF), BlackRock (IBIT), Invesco (BTCO), Ark (ARKB), VanEck (HODL), WisdomTree (BTCW), Fidelity (FBTC), and Franklin (EZBC).
The growing integration of blockchain technology and cryptoassets into traditional financial systems has the potential to change the financial landscape, intertwining traditional finance and cryptocurrencies.
Traditional financial institutions such as Fidelity, BNY Mellon, and State Street have begun offering cryptocurrency custody services in response to strong demand from institutional investors for secure and regulated crypto services. Platforms such as J.P. Morgan's Onyx and Citi Token Services are using blockchain to improve asset utilization and provide instant transaction settlement.
The launch of spot Bitcoin-ETFs and the tokenization of investment funds such as Franklin Templeton's FOBXX indicate the convergence of traditional investment vehicles and blockchain. In contrast, the divergence in the adoption of private and public blockchains reflects financial institutions' different risk tolerance and strategic goals.
In addition, strategic collaboration between traditional financial institutions and fintech startups can drive innovation and facilitate the integration of blockchain and cryptoassets into traditional finance.
In the first 11 months of 2024, the Cryptocurrency & Blockchain vertical saw 1,599 venture deals, the same level as the previous year. The compound annual growth rate (CAGR) from 2015 to 2024 ( incomplete year) has reached 39.88%.
Cryptocurrency & Blockchain – VC deals number, 2015 – 2024 (11 months)
Venture capital investment in Cryptocurrency & Blockchain market increased from $0.31B in 2015 to $8.70B in the first 11 months of 2024, at a compound annual growth rate (CAGR) of 44.85%. The amount of capital raised for the incomplete year of 2024 was higher than in the full previous year.
Cryptocurrency & Blockchain – VC deals total volume, $B, 2015 – 2024 (11 months)
According to PitchBook, the Cryptocurrency & Blockchain market is categorized into 5 major segments:
- Blockchain Bridges and Interoperability
- Layer 1 networking
- Layer 2 network and scalability
- Asset Tokenization
- Insurance
- Lending, borrowing and yield generation
- Trading, Derivatives and Liquidity
- Content and social platforms
- Decentralized Communities
- Decentralized physical infrastructure networks (DePINs) & hardware equipment
- Asset Management and Taxes
- Exchanges, wallets and financial crypto services
- Onboarding and Payments
- Research and data tools
- Crypto Corporate Governance and Finance
- Data Storage and Availability
- Services for institutional clients
- Network Node Management and Validation
- Security, Risk Management and Compliance
In the first 11 months of 2024, the number of exits in the Cryptocurrency & Blockchain vertical remained consistent with the previous year with 85 exits. 84 of them were made through M&A and 1 deal was an IPO of 21Shares.
Private companies venture backed at the time of the exits
Since January 2023, the largest (according to post-money estimates) Crypto/Blockchain vertical companies that have attracted financing through late-stage transactions (Series C+) have become Blockchain.com , WorldCoin, BitGo and Matrixport.
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Blockchain.comBlockchain.com is a developer of a digital asset platform for buying, storing and using cryptocurrency.
- Segment: Access (Exchanges, wallets and crypto-financial services)
- Round size: $110M (Series E)
- Round date: 14 Nov 2023
- Total funding: $1.17B
- Valuation: $5.00B
- Investors: Coinbase Ventures, CRV, DST Global, GV, Digital Currency Group, Lightspeed Venture Partners, Lakestar, Uncorrelated Ventures
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WorldCoinWorldCoin is a developer of a digital currency platform designed to provide privacy and overall blockchain transparency.
- Segment: Web3 (DePIN and hardware)
- Round size: $115M (Series C)
- Round date: 25 May 2023
- Total funding: $240M
- Valuation: $2.47B
- Investors: Alphabet, Bain Capital, Menlo Ventures, Salesforce Ventures, Spark Capital, 10X Capital, Gaingels, Khosla Ventures, Andreessen Horowitz, Coinbase Ventures, Digital Currency Group, Calm Ventures
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BitGoBitGo provides secure and scalable solutions for the digital asset economy, offering custodial services, borrowing and lending, and underlying infrastructure.
- Segment: Infrastructure and development tools (services for institutional clients)
- Round Size: $100M (Series C)
- Round date: 16 Aug 2023
- Total funding: $172M
- Valuation: $1.75B
- Investors: Craft Ventures, CRCM Ventures, Galaxy Digital Group, Goldman Sachs Growth Equity, Valor Equity Partners, Digital Currency Group, Redpoint Ventures, Founders Fund
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MatrixportMatrixport is a developer of a blockchain-based cryptocurrency trading platform.
- Segment: Access (Exchanges, wallets and crypto-financial services)
- Round Size: $38M (Series C1)
- Round date: 01 Feb 2023
- Total funding: $167M
- Valuation: $1.54B
- Investors: Lightspeed Venture Partners, Tiger Global Management, Qiming Venture Partners, DST Global, IDG Capital, Hack VC, Polychain Capital
The table provides a summary of digital asset legislative, regulatory, and licensing status as of November 2024. It factors in the implications of the EU's Markets in Crypto-Assets Regulation (MiCA), which came into effect in June 2023.
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– Legislation/regulation in place. Signifies that comprehensive crypto legislations/regulations have been established.
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– Active legislative/regulatory engagement. Indicates that there is ongoing activity, such as regulatory discussions, consultations, or pending implementation of crypto-related laws and regulatory frameworks.
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– Legislative/regulatory process not initiated. Implies that the jurisdiction has not yet started formulating or considering specific crypto asset legislations or regulatory frameworks.
2023 was a productive year for the SEC, with lawsuits filed against Coinbase, Kraken, and Binance / Binance US The SEC filed 784 lawsuits, obtained financial compensation orders totaling nearly $5B, and paid almost $1B to affected investors. In addition to proceedings, the SEC seeks to shape the regulatory treatment of the cryptocurrency market. In 2023, the Commission proposed to expand and strengthen the role of qualified custodians as registered investment advisers custody assets on behalf of their investors.
One of the active financial institutions is the Commodity Futures Trading Commission (CFTC). It filed 96 lawsuits during the year, resulting in more than $4.3B in fines.
In addition, actions taken by the US Internal Revenue Service (IRS) are noteworthy. The IRS has issued a rule requiring cryptocurrency brokers, including trading platforms, payment processors and specific digital asset wallets, to report data on cryptocurrency transactions valued at more than $10,000 in 2024.
In general, financial institutions are committed to increasing the transparency and security of the cryptocurrency market for consumers and the entire system. In July 2023, the "Financial Innovation and Technology for the 21st Century Act" (FIT21) was published. FIT21 aims to create a regulatory framework for the digital asset market in the United States, providing clear rules for market participants and protecting investors and consumers.
Within the US federal entities, California joins New York and Louisiana as the third state to establish a regulatory framework for licensing virtual currencies. The state passed the "Digital Financial Assets Act" (DFAL), which requires cryptocurrency service providers to obtain a license from the Department of Financial Protection and Innovation (DPFI). This law will take effect in July 2025.
different countries
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European UnionIn 2023, some of the most significant advances in cryptocurrency market regulation in the European Union include the adoption of the Markets in Crypto Assets Regulation (MiCA) and the introduction of new rules in the Anti-Money Laundering Law (AML). -
SingaporeThe Monetary Authority of Singapore (MAS) also measures to regulate digital payment token services. In November 2023, MAS published a final set of responses to feedback on proposed regulations for digital payment token (DPT) service providers in Singapore. -
FranceSeparate from the changes in cryptocurrency policy aimed at all union members, France has its own qualification system for digital assets – "The French Monetary and Financial Code". -
South KoreaAs the use of cryptocurrencies grows in South Korea, laws for committing crimes are becoming stricter, and regulations aimed at modernizing and securing cryptocurrencies are evolving. South Korea passed the "Virtual Asset User Protection Act" in 2023, which aims to eliminate illegal market activities. -
United KingdomIn 2022, the UK government announced plans to turn the country into a global cryptocurrency technology and investment center. The Financial Conduct Authority (FCA) has introduced new rules that come into effect on January 8, 2024. -
United Arab EmiratesThe UAE hosts several cryptocurrency exchanges and trading platforms, has issued regulations governing their operations, and has established bodies such as the Virtual Assets Regulatory Authority (VARA). In February 2023, VARA issued Full Market Product (FMP) rules that regulate market conduct, licensing, and company operations. -
JapanThe Japan Virtual Currency Exchange (JVCEA) , approved in late 2022 the simplification of the complex verification process that digital tokens must undergo before being listed on local exchanges. Under the new JVCEA rules, if an asset is already listed on one exchange, other exchanges do not need to go through the pre-screening process to list the same asset. -
SwitzerlandIn November 2023, Switzerland amended the Financial Action Task Force (FATF) recommendations. The country aims to keep companies safe and prevent criminals from misusing digital assets. In August 2023, the City of Lugano partnered with Tether – the "₿ Plan”, to encourage blockchain adoption. -
Hong KongIn June 2023, Hong Kong officially launched a cryptocurrency licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services.
Stablecoin legislation was launched in 25 countries in 2023. The most significant decisions towards adapting and regulating stablecoin markets in their respective markets were made in the US, Europe and the UK.
In the US, 2023 has been a challenging year for the stablecoin market. In September, cryptocurrency exchange Binance informed customers that it intends to stop supporting its own BUSD stablecoin in February 2024.
On the regulatory side – the Financial Stability Board (FSB) recommended that authorities develop comprehensive regulations to oversee and control "global stablecoin" transactions.
The Markets in Crypto Assets Regulation (MiCA) was adopted in June 2023 and sets a high bar for the supervision of stablecoin markets in the EU with specific capital and liquidity requirements for issuers. As of July 2024, issuers of stablecoins in the EU or stablecoins linked to the currency of an EU member state will be subject to the Markets in Crypto Assets Regulation (MiCA).
In the UK, the Financial Conduct Authority (FCA) and the Bank of England are actively considering feedback on their proposed approach to regulating stablecoins. In addition, HM Treasury is expected to amend the Payment Services Regulations 2017 (PSR) to allow fiat-backed stablecoins to be used as payment.
Other jurisdictions are taking similar measures. For example, the Monetary Authority of Singapore (MAS) finalized a regulatory framework for issuers of stablecoins in August 2023.
In 2024, many countries will develop cryptocurrency policies by the "G20 regulation crypto roadmap" of October 13, 2023, which was adopted by the finance ministers and central bank governors of the G20 countries.
In addition to international agreements, individual major cities such as Paris, Dubai, and Hong Kong are trending toward becoming leading centers with carefully regulated cryptocurrency activities.
In 2024, the SEC may adopt two important rules – one establishing requirements for custodians and one expanding the definition of an exchange to include decentralized exchanges.
In December 2023, the CFTC voted in favor of a proposed rule, "Protection of Clearing Member Funds Held by Derivatives Clearing Organizations," which would strengthen client protections following the collapse of cryptocurrency exchange FTX. The rule will require organizations (DCOs) registered with the agency and clearing trades to segregate customer funds, including retail investor money, from their own funds.
Another key bill this year is the "21st Century Financial Innovation and Technology Act" which could move cryptocurrencies from a securities category to a commodity category with the CFTC taking the lead. Similarly, the bipartisan "Responsible Financial Innovation Act" (RFIA) seeks to classify most cryptocurrencies as commodities, shifting more responsibility to the CFTC and establishing regulation of stablecoins.
Timeline for MiCA Implementation
The main focus in the European Union remains the development of the previously mentioned Markets in Crypto Assets Regulation (MiCA), which is the first cross-jurisdictional regulatory framework for crypto assets.
The draft was initially introduced in 2020 in response to the Global Stablecoin Initiative.
In turn, the adoption of MiCA completes the legislative process to introduce a new chapter to the EU's Single Rulebook. It applies to crypto-asset services providers (CASPs) and crypto asset issuers (CAIs) operating in or within the EU. Cryptocurrency companies outside the EU operating for EU customers must also comply.
1inch Network
- Established in 2019, 1inch Network (1inch) integrates multiple decentralized protocols, allowing users to perform efficient, convenient, and secure transactions in the Web3 space. In other words, 1inch is a decentralized exchange aggregator that aims to provide traders with the best prices and lowest transaction fees.
- 1inch Network provides access to hundreds of liquidity sources across multiple blockchains. Its main components are three protocols: 1inch Aggregation Protocol, 1inch Liquidity Protocol, 1inch Limit Order Protocol.
- In April 2024, 1inch partnered with Mastercard and Crypto Life to announce the launch of the Web3 debit card.
- The number of 1inch users in 2023 grew by 88% to exceed 6.7 million, while the average user growth rate for the DEX market was about 9%.
Fundraising history
The company is funded by 57 investors. Among them are Mirana Ventures, Platinum Capital, Wintermute Ventures, Gemini Frontier Fund, Jane Street, Celsius Network,etc.
Blockchain.com
- Blockchain.com is a UK-based digital asset platform developer established in 2011. The company's platform helps execute transactions without intermediaries and offers tools for real-time transaction data. The company works with users from 200+ countries around the world. Blockchain.com lists 75 trading pairs.
- The main products are an exchange, a cryptocurrency wallet, an Explorer portal and an offering for institutional and professional participants.
- $207.7 M
Revenue in 2023 - 37 M+
Users - 1,000+
Institutional clients - $1 T+
Total transaction volume
Fundraising history
ConsenSys
- ConsenSys is a US developer, established in 2014, of a blockchain-based platform designed to help enterprises launch a more robust financial infrastructure.
- The platform offers services ranging from consulting to blockchain-based development and release, token sale consulting, and smart contract auditing, enabling cryptocurrency clients and entrepreneurs to optimize business processes.
- ConsenSys's primary revenue stream is the commission from MetaMask wallets. More than 100 million users use MetaMask to buy, store, send exchanges, and stack tokens.
- $219.4 M
Revenue in 2023 - 100 M+
MetaMask users - 2,000+
Clients and partners - 400 K+
Truffle downloads
by developers
Fundraising history
LayerZero
- LayerZero is a Canadian developer of cross-chaining interoperability technology (omnichain protocol), established in 2021. This technology allows different blockchains (50+ networks) to interconnect and communicate with each other through smart contracts and applications for moving tokens and other assets between networks.
- The Blockchain Interoperability market size was valued by Future Market Insights at $200 million in 2023 and is projected to reach $3 billion by 2034 at a CAGR of 27.5%.
- The LayerZero ecosystem includes 110+ DeFi, Gaming, Infrastructure, Enterprise, and NFT projects.
- Delegate and LayerZero will launch the 'Clusters' naming protocol on Ethereum, Solana,and other blockchains.
- $50 B+
Value transferred - 131.8 M+
Messages processed - ~56 K
Messages per day - 70+
Supported blockchains
Fundraising history
StarkWare
- Starkware is an Israeli cryptography company founded in 2017. It develops technology solutions that compress data using zero-knowledge/ZK proof.
- Starkware's products provide blockchain users with secure, fast, and seamless decentralized applications with improved privacy, while Ethereum blockchain application developers gain access to quicker transactions and advanced scaling mechanisms.
- $315 M
Total value locked (TVL), Nivember 2024 - $1.31 T
StarkEX trading volume - 202 M
NFTs minted - 902 M
Total number of transactions
Fundraising history
Fireblocks
- Fireblocks is aUS developer of an enterprise-grade platform founded in 2018 that provides a secure infrastructure for moving, storing,and issuing digital assets.Its core features offer high security and ease of use, making it an attractive solution for a wide range of users.
- The company processed transactions worth more than $6T and created 250+ million wallets.
- 82
Supported chains - 1,800+
Corporate clients - 250 M+
Wallets created - $6 T+
Transactions secured
Fundraising history
Chainalysis
- Chainalysis is a US company founded in 2014 that develops and provides analytical tools for tracking and analyzing blockchain transactions.
- The company's platform provides solutions and services for crypto investigations and risk analysis. The company's platform infrastructure is the foundation of all its offerings.
- The platform, in turn, relies on Chainalysis Data, a blockchain knowledge graph that displays on-chain data that the company constantly updates.
- $11 B
In stolen funds helped recover - 4 T+
Transactions screened over the past 12 months - 25+
Technology
partners - 1,300+
Clients
Fundraising history
Uniswap
- Uniswap is the largest decentralized exchange based on the Ethereum blockchain, founded in 2018 in New York. It allows users from anywhere in the world to trade cryptocurrencies without intermediaries.
- The company's protocol belongs to the Layer-3 blockchain. Uniswap pioneered the Automated Market Maker (AMM) model, in which users provide Ethereum tokens to Uniswap's liquidity pools,and algorithms determine market prices based on supply and demand.
- $4.6 B
TVL - $152.11 B
Monthly transactions volume,
November 2024 - 1.5 M
App downloads - 16 M+
Total number of addresses, November 2024
Fundraising history
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