Investing in crypto has been painful this year, but the sector is moving forward in several important ways. The stunning and sudden collapse of FTX has seemingly triggered a tidal wave of negative sentiment across the whole vertical, causing the already skeptical public to shy away.
The first quarter of 2022 continued the tremendous run-up in the crypto market from 2021. The second quarter of 2022 saw a stable overall level of investment, but many signs pointed to a decrease in venture capital inflows were on the way. The third quarter’s results confirmed this, as there was a massive drop of over 66% in capital inflows, dropping from over $14 billion in Q2 to just under $5 billion in Q3.
Biggest Crypto Unicorns in the World 2023 by valuation
| № | Crypto Company | Most recent valuation | VC raised to date |
|---|---|---|---|
| 1 | Coinbase | $85.8B | $525.3M |
| 2 | Robinhood | $32.0B | $5.6B |
| 3 | Blockchain:com | $14.0B | $978.4M |
| 4 | OpenSea | $13.3B | $423.0M |
| 5 | Dunamu | $12.6B | $574.6M |
| 6 | Kraken | $10.8B | $112.0M |
| 7 | Digital Currency Group | $10.0B | $1.0B |
| 7 | KuCoin | $10.0B | $180.0M |
| 8 | Chainalysis | $8.6B | $536.6M |
| 9 | FTX US | $8.0B | $400.0M |
| 9 | StarkWare | $8.0B | $261.5M |
| 9 | Fireblocks | $8.0B | $1.2B |
| 10 | Dapper Labs | $7.6B | $632.4M |
| 11 | ConsenSys | $7.1B | $733.0M |
| 11 | Gemini | $7.1B | $400.0M |
| 12 | Trade Republic | $5.3B | $1.2B |
| 13 | BlockFi | $4.8B | $957.9M |
| 14 | Binance.US | $4.7B | $200.0M |
| 15 | Circle | $4.5B | $1.1B |
| 16 | Sorare | $4.3B | $738.0M |
| 17 | Celsius Network | $4.2B | $948.2M |
| 18 | Bitpanda | $4.1B | $545.5M |
| 19 | Bored Ape Yacht Club | $4.0B | $450.0M |
| 20 | Improbable | $3.6B | $863.2M |
| 21 | MoonPay | $3.4B | $555.0M |
| 21 | Blockdaemon | $3.4B | $460.5M |
| 22 | Autograph | $3.2B | $205.0M |
| 23 | Anchorage Digital | $3.0B | $487.0M |
| 23 | Amber Group | $3.0B | $328.0M |
| 23 | Axie Infinity | $3.0B | $311.0M |
| 24 | eToro | $2.5B | $421.4M |
| 24 | Immutable | $2.5B | $285.0M |
| 24 | Blockstream | $2.5B | $243.1M |
| 25 | Paxos | $2.4B | $535.3M |
| 26 | 1inch Network | $2.3B | $189.8M |
| 27 | Lunar | $2.2B | $431.4M |
| 27 | Bitso | $2.2B | $332.0M |
| 28 | CoinDCX | $2.1B | $244.5M |
| 29 | Mysten Labs | $2.0B | $336.0M |
| 29 | 21Shares | $2.0B | $33.8M |
| 29 | LootMogul | $2.0B | $211.0M |
| 29 | Babel Finance | $2.0B | $122.0M |
| 29 | DFINITY | $2.0B | $102.0M |
| 30 | CoinSwitch Kuber | $1.9B | $301.5M |
| 31 | Limit Break | $1.7B | $190.0M |
| 31 | Uniswap | $1.7B | $177.8M |
| 32 | Solaris | $1.6B | $441.2M |
| 32 | Optimism | $1.6B | $178.5M |
| 32 | Magic Eden | $1.6B | $159.5M |
| 32 | CoinList | $1.6B | $119.2M |
| 32 | Candy | $1.6B | $100.0M |
| 33 | Ledger | $1.5B | $464.6M |
| 33 | Pocket Network | $1.5B | $20.1M |
| 33 | 5ire | $1.5B | $121.0M |
| 34 | Concordium | $1.4B | $36.0M |
| 34 | Aleo | $1.4B | $228.0M |
| 34 | Figment | $1.4B | $165.0M |
| 35 | Mythical Games | $1.3B | $269.5M |
| 35 | Helium | $1.3B | $253.8M |
| 35 | TaxBit | $1.3B | $237.7M |
| 35 | Telos | $1.3B | $145.0M |
| 35 | iTrustCapital | $1.3B | $125.0M |
| 35 | CoinTracker | $1.3B | $104.1M |
| 36 | Multichain | $1.2B | $60.0M |
| 36 | Lukka | $1.2B | $209.0M |
| 36 | Offchain Labs | $1.2B | $143.7M |
| 36 | Phantom | $1.2B | $118.0M |
| 37 | Quantstamp | $1.1B | $147.3M |
| 37 | Matrixport | $1.1B | $129.0M |
| 37 | MobileCoin | $1.1B | $114.4M |
| 38 | Forte ( Software Development Applications) | $1.0B | $952.0M |
| 38 | Dune | $1.0B | $79.4M |
| 38 | Unstoppable Domains | $1.0B | $70.2M |
| 38 | Celestia | $1.0B | $57.7M |
| 38 | Injective | $1.0B | $52.6M |
| 38 | Gauntlet | $1.0B | $44.7M |
| 38 | Liquid | $1.0B | $40.0M |
| 38 | Bitget | $1.0B | $20.0M |
| 38 | LayerZero | $1.0B | $143.3M |
| 39 | BitFury | $1.0B | $140.0M |
| 40 | WorldCoin | $1.0B | $125.0M |
| FTX - going through bankruptcy proceedings | $32.5B | $2.0B |
Source: Beinsure.com by PitchBook Data
It’s true that all markets are down. However, there are signs of life in the crypto industry. But there are positive signals from different indicators in the crypto industry, which may perhaps not mark the return of a bull run but may flash that a local bottom is in.
TOP-70 Crypto Unicorns in the World 2023 by venture capital raised
| № | Crypto Company | VC raised to date |
|---|---|---|
| 1 | Robinhood (Brokerage) | $5.6B |
| 2 | Fireblocks | $1.2B |
| 3 | Trade Republic | $1.2B |
| 4 | Circle (Financial Software) | $1.1B |
| 5 | Digital Currency Group | $1B |
| 6 | Blockchain.com | $978.4M |
| 7 | BlockFi | $957.9M |
| 8 | Forte ( Software Development Applications) | $952.0M |
| 9 | Celsius Network | $948.2M |
| 10 | Improbable | $863.2M |
| 11 | Sorare | $738.0M |
| 12 | ConsenSys | $733.0M |
| 13 | Dapper Labs | $632.4M |
| 14 | Dunamu | $574.6M |
| 15 | MoonPay | $555.0M |
| 16 | Bitpanda | $545.5M |
| 17 | Chainalysis | $536.6M |
| 18 | Paxos | $535.3M |
| 19 | Coinbase | $525.3M |
| 20 | Anchorage Digital | $487.0M |
| 21 | Ledger | $464.6M |
| 22 | Blockdaemon | $460.5M |
| 23 | Bored Ape Yacht Club | $450.0M |
| 24 | Solaris (Germany) | $441.2M |
| 25 | Lunar | $431.4M |
| 26 | OpenSea | $423.0M |
| 27 | eToro | $421.4M |
| 28 | FTX US | $400.0M |
| 29 | Gemini | $400.0M |
| 30 | Mysten Labs | $336.0M |
| 31 | Bitso | $332.0M |
| 32 | Amber Group | $328.0M |
| 33 | Axie Infinity | $311.0M |
| 34 | CoinSwitch Kuber | $301.5M |
| 35 | Immutable | $285.0M |
| 36 | Mythical Games | $269.5M |
| 37 | StarkWare | $261.5M |
| 38 | Helium (Wireless) | $253.8M |
| 39 | CoinDCX | $244.5M |
| 40 | Blockstream | $243.1M |
| 41 | TaxBit | $237.7M |
| 42 | Aleo | $228.0M |
| 43 | LootMogul | $211.0M |
| 44 | Lukka | $209.0M |
| 45 | Autograph | $205.0M |
| 46 | Binance.US | $200.0M |
| 47 | Limit Break | $190.0M |
| 48 | 1inch Network | $189.8M |
| 49 | KuCoin | $180.0M |
| 50 | Optimism | $178.5M |
| 51 | Uniswap | $177.8M |
| 52 | Figment | $165.0M |
| 53 | Magic Eden | $159.5M |
| 54 | Quantstamp | $147.3M |
| 55 | Telos (Financial Software) | $145.0M |
| 56 | Offchain Labs | $143.7M |
| 57 | LayerZero | $143.3M |
| 58 | BitFury | $140.0M |
| 59 | Matrixport | $129.0M |
| 60 | iTrustCapital | $125.0M |
| 61 | WorldCoin | $125.0M |
| 62 | Babel Finance | $122.0M |
| 63 | 5ire | $121.0M |
| 64 | CoinList | $119.2M |
| 65 | Phantom | $118.0M |
| 66 | MobileCoin | $114.4M |
| 67 | Kraken | $112.0M |
| 68 | CoinTracker | $104.1M |
| 69 | DFINITY | $102.0M |
| 70 | Candy (Financial Software) | $100.0M |
| FTX - going through bankruptcy proceedings | $2.0B |
Source: Beinsure.com by PitchBook Data
- The total number of individual deals by VCs in Q3 reached 338, a decrease of 45.6% from the previous quarter.
- Total capital inflows also decreased to $4.98 billion, an almost 66% decrease from Q2.
- While Web3 makes up 150 deals or 44.4% of the total individual deal activity.
- Seed rounds and Series A saw the most amount of capital inflows, with $977 million and $1.32 billion, respectively. However, there were 72 individual deals labeled “unknown,” which likely encompasses debt financing and other business operations that would not cause negative speculation in a bull market but may cause unneeded negative attention in the market’s current situation.
