Forbes: 2021 crypto field financing list FTX tops the list

Blockchain startups continue to create new financing records. Of the 12 largest financing rounds ever completed by companies in this nascent market, 10 rounds were completed in 2021, totaling $3.9 billion, and there are five months left. In the past two months alone, there have been four rounds of huge financing, nearly half of which were raised.

The highest peak of this recent series of investments came from Antingua’s registered cryptocurrency derivatives exchange FTX, which received the largest private placement in the history of the industry last month-900 million U.S. dollars, which is higher than the record of its predecessor, the digital infrastructure provider Circle. Doubled, and the valuation of the two-year-old exchange reached 18 billion U.S. dollars. This round of transactions also doubled the net assets of Sam Bankman-Fried, the world’s richest known cryptocurrency billionaire and founder of FTX, from $8.3 billion to $16.2 billion.

According to data from research firm Pitchbook, as of July 29, Barry Silbert’s Digital Currency Group (DCG) is the top US investor in this field, which has invested in 111 vertical startups, followed by Coinbase Ventures’ 79 There are 74 companies in Pantera Capital, 68 companies in Blockchain Capital, 58 companies in Andreessen Horowitz (a16z), and 51 companies in Polychain Capital.

Forbes: 2021 crypto field financing list FTX tops the list

As the cryptocurrency market restarts the bull market, we expect more large-scale financings to follow. At the same time, the following are the 12 largest financings in the history of cryptocurrency (excluding funds raised by companies mainly operating in non-cryptocurrency verticals).

FTX: US$900 million

Transaction date: July 20, 2021

VC round: B round

Investors: Paradigm, Sequoia Capital, Ribbit Capital, Third Point, Lightspeed Venture Partners, Coinbase Ventures, Softbank, Sino Global Capital, Circle

Valuation after financing: $18 billion

Previous valuation: $1.2 billion

As a relatively latecomer to cryptocurrency exchanges, FTX was launched in May 2019. It provides inexperienced traders with advanced features and complex investment products, including options, futures, volatility products, and leveraged tokens. It has formed a differentiated competitive advantage with industry giants such as Binance and Coinbase. FTX has an average daily transaction volume of more than 10 billion U.S. dollars; this year its revenue has increased by 10 times and since its Series A financing has increased by 75 times.

Circle: $440 million

Transaction date: May 28, 2021

Investors: Fidelity Management and Research, Marshall Wace, Digital Currency Group, FTX, Breyer Capital

Valuation after financing. Unknown

Previous valuation: $3 billion

As a payment infrastructure provider, Circle’s stable currency USDC is well-known, and USDC has grown by more than 3400% this year. The asset now has more than 27 billion U.S. dollars in circulation, and the company claims that it has supported more than 785 billion U.S. dollars in on-chain transactions. On July 8, Circle announced plans to go public through a merger with Concord Acquisition Corp., a special purpose acquisition company led by former Barclays Bank CEO Bob Diamond. The transaction valued the company at $4.5 billion.

Bitmain (Bitmain): 422 million US dollars

Transaction date: August 7, 2018

VC round: B1 round

投资者:Crimson Capital China, Bluebell (Asia), Jumbo Sheen Group, Lioness Capital, Palace Investment Company, Pavilion Capital

Valuation after financing: $15 billion

Previous valuation: $12 billion

As the world’s leading manufacturer of Bitcoin mining hardware, Bitmain also runs Antpool, which is one of the top Bitcoin mining pools and accounts for 13% of the Bitcoin network computing power. Soon after the US$422 million in capital was raised, the Beijing-based company applied for an IPO on the Hong Kong Stock Exchange in September 2018. However, due to Bitcoin entering a bear market stage, its listing plan failed.

Ledger: $380 million

Transaction date: June 10, 2021

VC round: C round

Investors: 10T Holding, Cathay Innovation, Draper Esprit, Draper Associates, Draper Dragon, DCG.

Valuation after financing: $1.5 billion

Previous valuation: $287.1 million

Ledger produces hardware wallets, which are special devices used to store digital assets. So far, it has sold more than 3 million hardware wallets in 190 countries and counted more than 1.5 million monthly users on Ledger Live. This is a mobile companion app for Ledger hardware wallets that allows users to manage and store their assets . The company has integrated with platforms such as Coinify (cryptocurrency payment and exchange platform), Changelly (cryptocurrency exchange) and Compound (Defi lending platform).

BlockFi: $350 million

Transaction date: March 11, 2021

VC round: D round

投资者:Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global, Susquehanna Government Products

Valuation after financing: $3 billion

Previous valuation: $435 million

BlockFi, headquartered in New Jersey, was founded in 2017 and is now one of the leading cryptocurrency lending providers. Its products span multiple categories, including cryptocurrency mortgage loans and interest-bearing accounts, through which investors can earn interest on their cryptocurrency holdings. In July last year, rumors about the possible listing of BlockFi began to circulate. Previously, there were reports that the company was hiring professionals, and part of its job responsibilities involved helping the company complete its listing plan. Last month, regulators in Texas, New Jersey, and Alabama began to question the legality of the company’s BlockFi interest account (BIA) issuance.

Solana Labs: $314 million

Transaction date: June 9, 2021

VC round: private token sale

投资者:Andreessen Horowitz(a16z), Polychain Capital, Alameda Research, Blockchange Ventures, CMS Holdings.

Valuation after financing. Unknown

Previous valuation. Unknown

As a challenger to Ethereum’s proof-of-stake blockchain, Solana claims to provide better scalability and speed. According to data from blockchair, the network can process more than 1,000 transactions per second (TPS), while Ethereum’s TPS is 14. So far, Solana has facilitated more than 19 billion on-chain transactions and hosted a series of decentralized products, including the decentralized exchange Serum founded by billionaire FTX founder Sam Bankman-Fried.

Fireblocks: $310 million

Transaction date: July 27, 2021

VC round: D round

Notable investors: Sequoia Capital, SCB 10X (the venture capital arm of Siam Commercial Bank), Coatue, Stripes, Spark Capital, DRW VC

Valuation after financing: US$2 billion

Previous valuation: unknown

The New York-based cryptocurrency custodian, Fireblocks, provides an enterprise-level platform for the movement, storage and issuance of digital assets, including Bitcoin and Ethereum. A key differentiating feature of Fireblocks’ hosting products is that it uses a novel form of wallet security called Multi-Party Computing (MPC), which allows everyone to hold their own private data and be able to evaluate a calculation At the time, no private data held by each party will be disclosed. Since its establishment in 2019, Fireblocks has ensured the movement, storage and issuance of more than 1 trillion digital assets.

Dapper Labs: $305 million

Transaction date: March 30, 2021

VC round: fifth round

investor. Coatue Management, Andreessen Horowitz, Michael Jordan, Kevin Durant

Valuation after financing: $2.6 billion

Previous valuation: unknown

This Vancouver-based startup is the developer of NBA Top Shot, which is a basketball video collection or “moment” NFT market. The transaction volume of this project has surpassed the $500 million mark, and it has had a profound and positive impact on the development of NFT, which is essentially a digital proof of ownership that can be tracked on the blockchain. Earlier, Dapper Labs also developed a popular Ethereum game called CryptoKitties.

Bullish: $300 million

Transaction date: May 11, 2021

VC round: first round

Investors: Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Galaxy Digital, Nomura.

Valuation after financing: unknown

Previous valuation: unknown

In May, Block.one, the company behind EOSIO open source software, launched an independent subsidiary focused on developing Bullish, a new blockchain-based cryptocurrency exchange. The company received more than US$10 billion in cash and digital assets, including US$300 million in financing, from well-known investors such as Peter Thiel, Alan Howard, and Richard Li. In July, only two months after its launch, Bullish revealed that it plans to go public through a SPAC merger, valued at US$9 billion.

Paxos: $300 million

Transaction date: April 29, 2021

VC round: D round

Investors: Oak HC/FT, PayPal Ventures, Declaration Partners, Liberty City Ventures, Bank of America

Valuation after financing: $2.4 billion

Previous valuation: unknown

Paxos provides technical support for the cryptocurrency brokerage services of PayPal and PayPal’s Venmo, which enables millions of users to buy, hold and sell Bitcoin and other major cryptocurrencies. The company’s other products and services include the U.S. dollar-backed stablecoin Paxos Standard (PAX), the cryptocurrency exchange itBit, and stock settlement services used by Credit Suisse, Societe Generale and Instinet, the trading arm of Nomura Holdings.

Blockchain.com: $300 million

Transaction date: March 24, 2021

VC round: C round

Investors: partners of DST Global, Lightspeed Venture Partners, VY Capital

Valuation after financing: US$5.2 billion

Previous valuation: $3 billion

Blockchain.com provides various cryptocurrency services to retail and institutional customers, but the most famous is its non-custodial digital wallet. Unlike peers controlled by a third party, these wallets give users complete control over their private keys that represent ownership of cryptocurrency assets. The London-based company claims that it has processed nearly 28% of all Bitcoin transactions since 2012.

Bakkt: $300 million

Transaction Date: March 16, 2020

VC round: B round of financing

Investors: Intercontinental Exchange (ICE), BCG Digital Ventures, PayU

Valuation after financing: unknown

Previous valuation: unknown

In February 2020, the cryptocurrency venture capital firm of ICE (the owner of the New York Stock Exchange) announced the acquisition of Bridge2 Solutions to power Bakkt’s one-stop retail platform. The service is called Bakkt App, which allows users to aggregate various digital assets in a wallet, and also provides multiple services including loyalty points, reward programs, game assets and cryptocurrencies. In January of this year, Bakkt announced that it will be listed through the merger of SPAC and VPC Impact Acquisition Holdings, with a valuation of approximately US$2.1 billion. After the transaction closes, the combined company will be listed on the New York Stock Exchange in the name of Bakkt Holdings, Inc.

Author: Nina Bambysheva

Compile and organize: Chen Zou

 

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