There’s much buzz about cryptocurrency lately, and it makes sense why. I mean, it’s got the potential to shake up how we handle online transactions. And the big players in the crypto game? They’re working hard to make handling Bitcoin and other digital currencies easier for folks like us. So, if you’re curious, keep reading as we explore the awesome crypto startups to watch this year.
10 Top Crypto and Web3 Startups
Now, numerous crypto and Web3 startups are making a significant impact. They all play distinct roles in facilitating the use of digital currencies and making them more accessible. Let’s explore some of the top startups:
OpenSea
So, have you heard about OpenSea? It’s this fantastic marketplace where you can buy and sell NFTs, like those super popular CryptoPunks or Bored Ape Yacht Club. Well, OpenSea has grown so much recently. I mean, they were right there in the Metaverse and NFT scene when it exploded in 2021, seemingly out of nowhere.
OpenSea’s revenues skyrocketed throughout 2021, bringing its evaluation from $1.5 billion in 2021 to $13.3 billion in 2022. Their business model is pretty standard for a marketplace – they take a 2.5% cut from every transaction made on their platform.
Dapper Labs
Dapper Labs are the brains behind CryptoKitties; remember those adorable little cats you could breed to create even more cuteness. They kicked off in February 2018 with a mission to bring the magic of decentralization into the world of fun and games. Dapper Labs has also rolled out some cool projects, like NBA TopShot, where you can collect NFT-based videos of your favorite basketball moments. And guess what? They’re cooking up something pretty exciting with UFC, too.
MoonPay
Another top startup on our list is MoonPay. They’ve got this fantastic software that lets you buy and sell cryptocurrencies using regular old payment methods like credit cards, bank transfers, or even mobile wallets. In addition, they also sell their tech to other folks in the crypto world. MoonPay is all about being the go-to “gateway” to digital assets, starting with the classics like Bitcoin and ether, but they’re not stopping there. The Company’s owner, Ivan Soto, has big dreams of expanding their platform to also cover digital fashion and tokenized stocks.
Sky Mavis
The renowned Sky Mavis has made significant growth in recent years. You must have heard of Axie Infinity, a super popular game where you collect, breed, and trade cute creatures called Axies. It turns out that Sky Mavis is the gaming studio behind it. Estimates show that just 18 months after launch, the average player had spent around $400 on the game, with almost 2 million daily active users as of 2022. Not bad for a newbie on the scene. No wonder big-shot VC investors like Andreessen Horowitz led a $152 million investment in them in 2021.
BitPay
You know that company, BitPay? They’ve been around for a while; they started back in 2011 down in Atlanta. Basically, they make it super easy for regular people to use cryptocurrencies like Bitcoin for real-world spending and payments. You can connect your crypto wallet to their platform and use the BitPay smart contracts to buy, hold, trade, and spend your Bitcoin and other coins. But they’ve also got all these business tools that let merchants accept Bitcoin as payment. The best part? You can convert your crypto assets directly to dollars and other currencies from the app.
KuCoin
Speaking of significant DAOs (Decentralized Autonomous Organizations), KuCoin is a massive cryptocurrency exchange that’s up and running in over 200 countries worldwide. By the end of 2023, they had a whopping 31 million users. What sets KuCoin apart from the more prominent names is its focus on listing a ton of new, smaller-cap, and more exotic crypto tokens. We’re talking about nearly 800 token listings on their exchange as of early 2024.
In fact, data from CoinMarketCap shows that KuCoin is actually the 4th biggest centralized crypto exchange in the world in terms of daily trading volume. That’s how popular they’ve become, especially for traders looking beyond the major coins.
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AlphaWallet
AlphaWallet is this innovative Web3 startup that has gained traction in the crypto and blockchain space. Essentially, they develop programmable mobile apps for businesses that need to work with cryptocurrencies and the Ethereum blockchain. What’s remarkable is that their whole platform is fully open-source. So, users get access to a bunch of powerful tools that allow them to customize their crypto wallets to fit their exact needs. It gives people a ton of flexibility. One of AlphaWallet’s core features is this built-in Web3 browser that ensures ultra-secure transactions and top-notch data protection when interacting with blockchain apps and services.
Chainalysis
So, Chainalysis is like this powerhouse in the world of blockchain data. Basically, they’re the go-to guys for anyone who needs crypto data and analysis — think governments, regulators, tax agencies, financial institutions, and big corporations. They’ve got some seriously cool tools, like Chainalysis Reactor, which digs deep into crypto transactions to link them up with real-world folks and entities.
And then there’s Chainalysis Playbook, which studies crypto market trends and on-chain behavior to spot potential opportunities. They’ve also got these handy compliance tools that help businesses stay on the straight and narrow by flagging any dodgy addresses or risky transactions.
Celsius Network
Simply put, Celsius Network is essentially operating like a crypto bank. Their main thing is allowing users to deposit their cryptocurrency holdings and earn interest. But one of the innovative products they pioneered early on, way back in 2018, was this concept of earning yields or interest payments for simply holding and “staking” your crypto assets on their platform. It’s a model that became huge in DeFi (Decentralized Finance). Today, Celsius has grown massively. They’re managing over $22 billion in crypto assets across more than 1 million registered users. Those are some pretty mind-blowing numbers in the crypto lending space.
FalconX
FalconX is this crypto prime brokerage firm based in the U.S. focused entirely on serving institutional clients – think hedge funds, family offices, that kind of thing. What they essentially do is provide crypto trading and investment services tailored for these big institutional players. They offer liquidity solutions to help facilitate large trades, risk management tools, and portfolio analytics. One of their crucial value props is giving institutional clients access to trade over 400 crypto tokens and assets. Compare that to just trading a handful of major coins elsewhere.
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So, we’ve gone through some of the top crypto and Web3 startups to watch this year. They’re playing a significant role in the growth and development of the blockchain industry and also making it easier for people to have access. We expect these startups to keep growing in popularity and further come with more innovations in the crypto space.
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