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Report shows Blockchain accounts for 10% of early-stage startups

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Blockchain is one of the fastest-growing technologies among startups, with 10 per cent of those in the early stages focussed on it, a new report shows.

Following a survey of 10,000 startup executives globally, the annual Global Startup Ecosystem Report ranked blockchain alongside artificial intelligence (AI), big data, FinTech, advanced manufacturing and robotics, and agriculture technology as one of the five sectors to watch when it comes to this space.

According to an article on Coin Geek, the report that was compiled by policy advisory organisation Startup Genome, also highlighted Seoul as a notable destination for blockchain startups due to its highly skilled blockchain workforce.

Other destinations of note included Belgrade for its efforts to promote blockchain adoption; Frankfurt for its Blockchain Center which is ‘an internationally recognized pioneer in the space’; and London for being home to over 400,000 professionals trained in blockchain, AI and quantum computing.

Given the rapid adoption Blockchain has had globally in the past five years, it’s not hard to see why investors are showing interest in blockchain startups.

The report indicated that in the first quarter of 2021, blockchain and digital currency startups attracted $2.6 billion in funding, which was more than they had collected throughout 2020.

Hardware wallet maker Ledger, embattled lender BlockFi, Circle, Dapper Labs (creators of CryptoKitties and NBA Top Shot), and are among this year’s highest funded companies.

In recent weeks, New York-based Blockdaemon raised $155 million at a $1.255 billion valuation.

As published in the Coin Geek article, senior analyst at CB Insights Chris Bendsten stated: “Blockchain’s record funding year is being driven by the rising consumer and institutional demand for cryptocurrencies. Despite short-term price volatility, VC firms are still bullish on crypto’s future as a mainstream asset class and blockchain’s potential to make financial markets more efficient, accessible, and secure.”

Qoin’s Blockchain is built on the Quorum platform developed by J.P Morgan Chase and Co.

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