Follow Web3 news and funding trends with our daily updated dashboard on startups and investment in the Web3, crypto and blockchain sectors, based on Crunchbase’s comprehensive data.
Last updated: 11/25/2024
Eleven companies joined The Crunchbase Unicorn Board in April 2024 — a big jump up from the six companies that joined in April 2023 but still a fraction of the 40 added to the board in April 2022.
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The Web3 Tracker is a one-stop shop for following Web3 trends, news and data about venture funding and leading investors in the sector.
Web3 refers to the next evolution of the internet primarily built on blockchain technology. While the concept has been around for just under a decade and didn’t enter mainstream usage until a few years ago, the Web3 sector has attracted more than $100 billion in investment, Crunchbase data shows.
Web3: A brief history
Whereas Web 1.0 represents the early days of the internet and its static, heavy content-related nature, Web 2.0 was the maturation of that into a more user-generated network that brought about more utility, sharing and interactivity.
Web3 could be the most significant step yet. The term was coined by Ethereum co-founder Gavin Wood in 2014 and refers to moving the internet toward decentralized technologies with the promise of increased transparency and accessibility. Proponents say the shift toward Web3 will make the internet open to more innovative technologies and shift power away from large tech companies.
Web3 is an umbrella term used to describe a new iteration of the Internet that’s primarily built on blockchain technology.
While the Internet of today—or Web2—primarily focuses on user generated content, social networking and cloud computing, Web3’s core focus is on decentralization, transparency and accessibility. The technology ushering in this new era was created in response to the centralized nature of the Internet and the perception that a handful of large corporations control what is and isn’t allowed on the web. Web3 proponents say it puts the power back into the hands of users and creates a more open, transparent and accessible Internet ecosystem.
A few examples of Web3 companies in the U.S. include Alchemy, a developer platform that helps companies build reliable decentralized applications; Polygon, a platform for Ethereum scaling and infrastructure development; and Chainlink, a startup that’s focused on making it easier for traditional data sources, such as APIs, to connect with blockchain technology.
The top three Web3 startups by total funding are Block.one, with $4.1 billion raised; Bitstocks Trading Limited, with £1.5 billion ($1.8 billion) raised; and FTX Exchange, with $1.7 billion raised.
The top three startups in the Web3 ecosystem with the highest valuations are FTX Exchange, valued at $32 billion; Blockchain.com, valued at $14 billion; and OpenSea, valued at $13.3 billion.
While Web3 isn’t a technology, there have been innovations created based on what the concept represents: a decentralized internet. An NFT, or non-fungible token, is an example of one such innovation. NFTs allow individuals to claim ownership over digital art and other assets. For example, if you’re an artist, you can turn an art piece into an NFT and sell it on a marketplace like OpenSea. To purchase the NFT, an individual might pay you 5 Ether for ownership rights. Your newly acquired Ether coins could then increase (or decrease) in value based on demand and market conditions.
A cryptocurrency is a digital currency that’s tradeable and uses cryptography to secure transactions. To create more transparency, these transactions are primarily stored on the blockchain, making them completely traceable.
There are a wide variety of cryptocurrencies, each with its own use case. For example, Bitcoin is considered a store of value. Stellar Lumens (also known as XLM), the token created by the Stellar Development Foundation, was created to help individuals transfer money quickly. These cryptocurrencies, and many like them, can be used for things like investing and making purchases.
Note: please do your research before investing in any cryptocurrency or digital asset.
No. Web3 is the name used to describe the innovations that blockchain technology has given rise to. Cryptocurrency is the digital currency used within the blockchain ecosystem.
To understand how Web3 works, first you need to know the basics of blockchain technology. The blockchain is a distributed database, or ledger, that’s not owned by any one entity (decentralization). It stores information, such as cryptocurrency transactions, in a digital format that can’t be edited or deleted (transparency). This information is stored in a “block” that connects to other blocks when it reaches storage capacity limits, creating a chain. Hence the name blockchain.
With the transparent and decentralized nature of the blockchain, developers are now building a new wave of innovative applications that leverage this technology; what is now known as Web3.
Yes. Our Web3 Tracker is a public resource. We do ask that you please cite Crunchbase as the data source and include a link to the Web3 Tracker when possible. For additional press inquiries, email press@crunchbase.com.
Please reach out to support@crunchbase.com if your company’s data needs to be updated or if something is missing.
All of our Web3 news and trends coverage is here.
Blockstream
$3B
Blockstream is a blockchain technology supplier that has remained at the forefront of cryptography and distributed system research. Their products and services form the foundation for the financial infrastructure of the future. Blockstream offers a range of key products and services designed to enhance Bitcoin and blockchain functionality. Notable offerings include Blockstream Satellite, which broadcasts the Bitcoin blockchain via satellite for users without internet access, and the Liquid Network, a sidechain solution that enables faster and more confidential transactions. Their Green Wallet is a non-custodial Bitcoin wallet focused on security and user control. Additionally, Blockstream provides blockchain APIs for developers to integrate blockchain functionalities into their applications, along with solutions for efficient Bitcoin mining operations. They also focus on cryptographic proofs to enhance privacy and security in transactions. Together, these products aim to improve the usability and capabilities of Bitcoin and blockchain technologies.
Montréal, Canada, North America
Number of Acquisitions 3
Total Funding Amount $299M
Celestia
$4B
Celestia is a modular blockchain network provider that deploys a decentralized blockchain without the overhead of bootstrapping a new consensus network. Its platform offers a scalable general-purpose data availability layer for decentralized applications and trust-minimized sidechains, allowing application builders to optimize efficient data storage and collectively store block data. The company was founded in 2019 and is based in Vaduz, Liechtenstein.
Vaduz, Liechtenstein, Europe
Number of Acquisitions 0
Total Funding Amount $157M
Story Protocol
$2B
Story Protocol is a web3 technology developer whose goal is to change the way narrative universes are formed. The company's technology enables creators to develop a narrative plot with ownership and motivation by allowing them to create, control, and license intellectual property on-chain.
Bellevue, United States, North America
Number of Acquisitions 0
Total Funding Amount $134M
Lukka
$1B
Lukka specializes in managing and processing complex blockchain and cryptocurrency data, making it accessible and useful for businesses. The company focuses on financial applications, offering tools for accounting, auditing, tax reporting, and compliance within the digital asset space. Its products include LukkaTax, a software solution designed to simplify tax calculations and compliance for individuals and businesses dealing with cryptocurrencies. LukkaCrypto Office serves as a back-office solution for managing crypto assets, providing features such as pricing, valuation, and reporting. Additionally, Lukka Reference Data offers normalized data for crypto assets, ensuring consistency and accuracy for enterprise applications.
New York, United States, North America
Number of Acquisitions 3
Total Funding Amount $201M
Animoca Brands
$6B
Animoca Brands is a metaverse and gaming venture capital firm that focuses on driving digital property rights to gamers and internet users through NFTs. It utilizes gamification and blockchain to develop and market a portfolio of mobile applications, games, and additional products oriented to educational learning to ensure transparency, security, and new business models.
Cyberport, Hong Kong, Asia
Number of Acquisitions 25
Total Funding Amount $811M
JD Finance
$20B
JD Finance is a leading global digital technology company, providing all-round digital solutions for financial institutions, merchants and enterprises, governments, and other customers. Based on new generation information technologies such as big data, artificial intelligence, cloud computing, blockchain, etc., the company provides customers with a full range of services of "Technology + Industry + Ecosystem" to create an industrial digital "TIE" model. The core business is divided into three major digital solutions: digital solutions for financial institutions, digital solutions for merchants and enterprises, and digital solutions for governments and other customers.
Beijing, China, Asia
Number of Acquisitions 0
Total Funding Amount $3B
Discord
$15B
Discord operates as a voice, video, and text communication service to talk and hang out with friends and communities. It was originally created for people who loved to play games, but these passionate people realized it could be enjoyed for more purposes. Discord is now used by everyone from local hiking clubs, to art communities, to study groups.
San Francisco, United States, North America
Number of Acquisitions 3
Total Funding Amount $979M
OpenSea
$13B
OpenSea is a peer-to-peer marketplace for crypto collectibles and non-fungible tokens. It includes collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.
New York, United States, North America
Number of Acquisitions 3
Total Funding Amount $427M
Dunamu
$12B
Dunamu owns and operates a digital asset exchange (UPbit), two investment exchange platforms (Stockplus and U-Stockplus), and an equity management platform (Onboard). UPbit is a cryptocurrency exchange platform with presence in Korea, Indonesia, Thailand, and Singapore. Stockplus is a securities information/trading platform with an active partnership with 11 broker-dealers. U-Stockplus is an OTC platform providing a trading service for private companies. Onboard helps private companies manage equity electronically for their shareholders.
Seoul, South Korea, Asia
Number of Acquisitions 0
Total Funding Amount $741M
Alchemy
$10B
Alchemy is a web3 developer platform that helps companies to build reliable decentralized applications. Its mission is to provide developers with the fundamental building blocks they need to create the future of technology without the hassle of managing blockchain infrastructure in-house.
San Francisco, United States, North America
Number of Acquisitions 3
Total Funding Amount $564M
Luluchain
$50M
Luluchain is a novel platform that blends emotional value and blockchain technology. It uses modular blockchain and AI technology to enable efficient emotional data management and personalized services.
Number of Acquisitions 0
Total Funding Amount $5M
Marathon Digital Holdings
$270M
MARA specializes in digital asset computing, developing and implementing innovative technologies to create a more sustainable and inclusive future. Its function converts wasted or underutilized energy, such as excess renewable power, and alternative sources, such as collected methane and biogas, into commercial value.
Fort Lauderdale, United States, North America
Number of Acquisitions 0
Total Funding Amount $1B
Hempcoin THC Blockchain (2013)
$10M
HempCoin (THC), launched in 2013, is one of the pioneering blockchain platforms with a foundational DNA akin to Bitcoin, Litecoin, and Dogecoin, making it one of the earliest organic, non-premine layer-1 blockchains. Unlike the vast majority of "token" projects, HempCoin has been entirely unfunded since its inception, relying on grassroots efforts, true decentralization, and organic community growth to thrive. In 2018, HempCoin achieved a top-100 ranking with a market cap exceeding $200 million, demonstrating its significant impact and potential within the crypto market. HempCoin stands apart due to its status as an organic, fair-launch blockchain. Based on SEC regulatory language and the classification of Bitcoin, Litecoin, and Dogecoin as commodities, HempCoin also falls within this exclusive commodity class. This status is a critical advantage as it ensures that THC remains distinct from newer, premined "tokens" that may face regulatory scrutiny as securities. This differentiation reinforces the trust, security, and compliance capabilities that HempCoin offers, making it a highly attractive solution for businesses, investors, and industry stakeholders. At its core, HempCoin is focused on tokenizing cannabis and agriculture markets, enhancing supply chain transparency, enabling decentralized financial services, and driving economic inclusion for farmers, suppliers, and industry participants. Our blockchain infrastructure supports powerful applications such as track-and-trace systems for agricultural products, decentralized finance (DeFi) platforms that provide crypto-backed loans to farmers, and streamlined payment gateways for cannabis businesses—all aimed at simplifying complex processes while maximizing profitability and trust. As the U.S. moves toward the legalization of cannabis, HempCoin is in a prime position to support transparency, compliance, and secure transactions across the cannabis supply chain. By providing immutable records, real-time regulatory tracking, and decentralized solutions, HempCoin can help cannabis businesses and regulatory bodies navigate this evolving landscape with confidence. Key Features and Use Cases: • Tokenization of Agricultural Assets: Empowering farmers and producers to tokenize their assets for increased liquidity and innovative lending solutions. • Decentralized Finance (DeFi): Offering secure, scalable lending platforms, enabling investors to engage in crypto-backed loans and earn returns, while providing farmers with accessible financing solutions. • Supply Chain Transparency: Leveraging blockchain to create immutable, transparent records of product journeys from farm to market, enhancing consumer trust and regulatory compliance. • Secure Transactions: Providing a decentralized payment gateway for the cannabis sector, facilitating secure and efficient transactions while minimizing costs and boosting adoption. With over a decade of experience, HempCoin boasts a global network of over 400,000 wallets and a trusted legacy as a commodity-focused blockchain. Our community-driven ethos and dedication to technological advancement position us to lead the evolution of decentralized solutions in agriculture and cannabis markets. Through strategic partnerships, innovative technology, and unwavering commitment, HempCoin is driving the future of these vital industries toward a transparent, decentralized, and highly profitable future. We need funding to cover exchange listing fees and platform development, as THC, unlike DOGE, hasn't had the fortune of a viral boost like an Elon tweet. As a no-premine, no-ICO blockchain, THC relies on organic growth and community support. Exchange listings are a "pay-to-play" requirement, and securing these will enable us to regain our top-100 market cap valuation while providing a trading platform for THC holders.
Bradenton, United States, North America
Number of Acquisitions 0
Total Funding Amount $0
Folks Finance
$75M
Folks Finance is currently the leading DeFi protocol on Algorand offering a full set of tools including Lending, Borrowing, Swaps, On-Ramping, and Algo Liquid Governance (ALG). Through lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly. *Folks Finance’s loans guarantee the highest efficiency and flexibility. Users can choose between stable and variable interest rates, collateralize and borrow multiple assets in the same loan, and repay at any time with any assets.* Through borrowing, users can take loans by locking deposited funds as collateral. *Thanks to blockchain instantaneous transactions settlement the loans are always overcollateralized and secured, while preventing the borrowers from bad-debt positions.* Through integrated Swaps, users can t*rade crypto efficiently with high speed and low fees.* Folks Finance is the result of extensive research and engineering conducted by Blockchain Italia, a blockchain software house located in Milan.
Majuro, Marshall Islands, Oceania
Number of Acquisitions 0
Total Funding Amount $6M
Notabene
$45M
Notabene helps financial companies comply with new, global regulations for crypto transactions. We are the first platform that provides full compliance with the Travel Rule. Our current offering consists of a unified API and dashboard helping compliance officers within crypto businesses manage risk for both Travel Rule and non-custodial transactions. We provide our customers with access to the widest reach of crypto businesses for them to interact with. We not only simplify compliance for them but also bring more confidence to transactions on their platforms - ultimately helping them grow the number of transactions and thus their business.
New York, United States, North America
Number of Acquisitions 0
Total Funding Amount $27M
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