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: 11/30/2023
In the first quarter of the year, funding to VC-backed Web3 startups hit its lowest point since the very early days of the space as deal flow continues to slow.
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.
Blockchain.com
$7B
Blockchain.com is a developer of a digital assets platform that offers ways to buy, hold, and use cryptocurrency. It creates a financial system for the internet that empowers anyone in the world to control their money. Over 50+ million customers have signed up to use the Blockchain.com platform. It's a fast and easy way to buy Bitcoin, trade crypto, send, receive, secure, and borrow digital currencies. The Blockchain.com explorer is one of the most trafficked websites in the world to find out what's happening in the crypto markets and the Blockchain.com exchange supports a fast trading experience.
London, United Kingdom, Europe
Number of Acquisitions 5
Total Funding Amount $600M
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 $786M
Celestia
$1B
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 $57M
MoonPay
$3B
MoonPay is a financial technology company that provides payment solutions for cryptocurrency. Its on-and-off-ramp suite of products provides a seamless experience for converting between fiat currencies and cryptocurrencies using all major payment methods including debit and credit cards, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.
Dover, United States, North America
Number of Acquisitions 1
Total Funding Amount $651M
Circle
$8B
Circle is a financial technology firm that utilizes stablecoins for payments and e-commerce. Circle uses blockchain technology with Circle Pay to ease and improve how users send money. Circle expands its services with a crypto-currency investment product with Circle Invest, enabling anyone to buy and sell crypto assets. It provides crypto-coins and offers OTC trading services via Circle Trade. Its crypto-trading desk provides one of the largest global liquidity pools for digital asset trading and averages $2 billion in monthly volume. Jeremy Allaire and Sean Neville founded Circle in 2013. $140 million from investors including Jim Breyer (Facebook), Goldman Sachs, IDG Capital (Baidu, Tencent), General Catalyst (AirBnB, Snapchat) and Accel Partners backs the company, with its headquarters in Boston, and branches in New York, San Francisco, Dublin, London, and Hong Kong.
Boston, United States, North America
Number of Acquisitions 5
Total Funding Amount $1B
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 2
Total Funding Amount $564M
Black Banx
$10B
Black Banx is a digital Bank offering real-time account opening and cross-border payments for private and business clients in 28 currencies. The company’s proprietary software, GlobalKYC and IRTP, allows instant account opening and payments. Individuals can also make Bitcoin and ETH deposits to fund checking accounts. The Group is headquartered in Toronto, with offices in London, Hong Kong, Dubai, Sao Paulo et.al.
Toronto, Canada, North America
Number of Acquisitions 0
Total Funding Amount $382M
KuCoin
$10B
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users across 207 countries and regions around the world. Known as "People’s Exchange", KuCoin operates in Seychelles, providing users with 24/7 multi-language customer services. Meanwhile, KuCoin has established about 19 local communities in North America, Europe, SEA and other regions, providing users with highly localized services. As the home of crypto gems, KuCoin has supported over 420 projects with 790+ trading pairs. A number of projects like ICP, BOSON, AERGO, RNDR, and DAO had a primary listing on KuCoin. In November 2018, KuCoin announced $20 million (USD) round A funding from IDG Capital and Matrix Partners. In 2021, Forbes Advisor named KuCoin as one of the Best Crypto Exchanges.
Mahé, Seychelles, Africa
Number of Acquisitions 0
Total Funding Amount $180M
Xion Global
$11M
Multi-Chain Web3 Crypto Payments Infrastructure. Makin’ it easy to accept and send crypto payments, reward customers with cash back and build loyalty. Xion’s crypto payments and rewards solution is the first of its kind offering endless payment opportunities for a wide range of online businesses.
Singapore, Singapore, Asia
Number of Acquisitions 0
Total Funding Amount $1M
Wormhole
$3B
Wormhole covers a range of use cases to make chains for tokens, NFTs, apps, and other generic messaging applications. They build protocols on wormholes that can use data, assets, and messages from other chains.
George Town, Cayman Islands, North America
Number of Acquisitions 0
Total Funding Amount $225M
TON Provider
$100M
TON Provider is an internet company that provides data center services for blockchain orient projects, companies and businesses. TON DC Cluster, exclusively designed for decentralized TON infrastructure, simplifying the TON Blockchain journey for users and developers alike. It embodies the fundamental right to digital property for everyone. We firmly believe that providing a robust and resilient infrastructure for TON users and developers is crucial for the successful future development of TON. The decentralized principles underpinning the structure of TON Datacenter Clusters are pivotal because they form the foundation for highly resilient and flexible network scalability. Only a distributed network structure across multiple TON Datacenters in different countries and jurisdictions can guarantee independence from local governments, industrial lobbies, and financial structures. TON DC Cluster services encompass physical colocation and hosting services for infrastructure, as well as dedicated data center services for various TON projects, including hosting services for startups based on TON technologies, serving as incubators.
Zürich, Switzerland, Europe
Number of Acquisitions 0
Total Funding Amount $2M
Acctual
$15M
Acctual offers modern finance teams an innovative solution to today's payment complexities. By automating AP/AR processes within a unified subledger, we seamlessly bridge the gap between crypto and fiat transactions. This not only ensures accuracy and real-time financial insights but also translates into significant time and cost savings for businesses. Dive into the future of finance with Acctual, where efficiency and adaptability go hand-in-hand.
New York, United States, North America
Number of Acquisitions 0
Total Funding Amount $4M
Jenny Metaverse DAO
$27M
Jenny DAO is a collaborative contemporary art collection that creates assets in the metaverse and fractionalizes them on Unicly. JennyDAO's fractionalization strategy aims to give high-end NFT ownership a distributed spin. JennyDAO can make rare internet art more accessible by fractionalizing a collection of valuable NFTs.
Number of Acquisitions 0
Total Funding Amount $7M
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