The Crunchbase Web3 Tracker
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.
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: 04/25/2024
Web3 company data is available to download for Crunchbase Pro users.
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.
LayerZero Labs is a blockchain messaging protocol developer that allows decentralized applications build across multiple blockchains. The company is a User Application (UA) configurable on-chain endpoint that runs a ULN.
Vancouver, Canada, North America
Number of Acquisitions 0
Total Funding Amount $293M
Berachain is a developer of an Ethereum-compatible blockchain for financial applications. Its technology enables staked assets to be utilized in DeFi protocols, increasing on-chain liquidity and capital efficiency. Staked assets, such as staked ether (ETH), are now locked while being utilized to safeguard the underlying blockchain's network.
George Town, Cayman Islands, North America
Number of Acquisitions 0
Total Funding Amount $142M
Polyhedra Network is an infrastructure company that develops a Web3 infrastructure platform using zero-knowledge-proof protocols. Its platform offers a bridge for cross-chain communication that allows developers to build secure and interoperable applications across layer-1 and layer-2 blockchains.
Singapore, Singapore, Asia
Number of Acquisitions 0
Total Funding Amount $45M
5ire is a blockchain network that brings sustainability, technology, and Innovation to build the 5th industrial revolution (5IR). The mission of the 5ire ecosystem is to embed the for-benefit paradigm at the heart of the blockchain, highly incentivize practices that align with the United Nations Sustainable Development Goals (SDGs), facilitate the transition from the 4IR to 5IR and accelerate the implementation of the UN 2030 Agenda for Sustainable Development. The company's primary offering is 5ireChain, a layer one, sustainability-driven 5th generation blockchain that ensures adherence to the philosophy of 5IR, creating a net positive impact on the planet and serving humanity.
London, United Kingdom, Europe
Number of Acquisitions 1
Total Funding Amount $121M
BitGo is an institutional digital asset financial services company that provides clients with security, custody, and liquidity solutions. BitGo supports over 200 coins and tokens and has over $2 billion in assets in its wallet. The company's customer base includes cryptocurrency exchanges and spans more than 50 countries. In 2018, the company introduced BitGo Custody and launched BitGo Trust Company, a qualified custodian purpose-built for storing digital assets.
Palo Alto, United States, North America
Number of Acquisitions 5
Total Funding Amount $172M
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 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 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 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 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
LayerZero Labs is a blockchain messaging protocol developer that allows decentralized applications build across multiple blockchains. The company is a User Application (UA) configurable on-chain endpoint that runs a ULN.
Vancouver, Canada, North America
Number of Acquisitions 0
Total Funding Amount $293M
PairedWorld is transforming real-world interactions using blockchain technology, combining digital and physical experiences to address social concerns such as digital addiction and promote enhanced community involvement.
Zug, Switzerland, Europe
Number of Acquisitions 0
Total Funding Amount $2M
Puffer Finance operates a liquid staking platform designed to combat the over-centralization of Bitcoin staking. The company's platform provides a safe, scalable, and performant stake pool that encourages decentralization, allowing liquidity seekers to participate with permissionless node operators while preventing slashable violations.
George Town, Cayman Islands, North America
Number of Acquisitions 0
Total Funding Amount $24M
Berachain is a developer of an Ethereum-compatible blockchain for financial applications. Its technology enables staked assets to be utilized in DeFi protocols, increasing on-chain liquidity and capital efficiency. Staked assets, such as staked ether (ETH), are now locked while being utilized to safeguard the underlying blockchain's network.
George Town, Cayman Islands, North America
Number of Acquisitions 0
Total Funding Amount $142M
ZOTH is a DeFi RWA ecosystem that enables anyone in the world to access short-term fixed-income TradFi products from emerging markets using cutting-edge tokenization and blockchain technology through DeFi rails, leveraging stablecoin infrastructure. This enables SMEs in emerging markets to access faster and more affordable capital for their growth and expansion needs. The ZOTH ecosystem acts as a bridge between lenders and businesses seeking new-age capital. We are shaping a fairer future for businesses, investors, and economies worldwide by revolutionizing credit opportunities and bridging the gap between TradFi and Onchain Fi - one RWA at a time!
Singapore, Singapore, Asia
Number of Acquisitions 0
Total Funding Amount $5M
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