Alchemy

2024

Bank AI

Bitcoin ETF

<p class="is-style-lead">We analyzed some of the top cryptocurrency startups of 2024 and their achievements.</p> 
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 <h2 id="table-of-contents">Table of Contents</h2>
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  <ul>
   <li><a href="#alchemy">Alchemy</a></li>
   <li><a href="#chainalysis">Chainalysis</a></li>
   <li><a href="#fireblocks">Fireblocks</a></li>
   <li><a href="#mysten-labs">Mysten Labs</a></li>
   <li><a href="#aleo">Aleo</a></li>
  </ul>
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<p>In 2023, the crypto market saw a notable turnaround, with its market cap <a href="https://www.binance.com/en/research/analysis/full-year-2023-and-themes-for-2024" data-type="link" data-id="https://www.binance.com/en/research/analysis/full-year-2023-and-themes-for-2024" target="_blank" rel="noopener">increasing</a> by 109%. This surge was largely driven by the first and fourth quarters of the year, buoyed by the anticipation of <a href="https://crypto.news/learn/what-is-bitcoin-etf-and-which-companies-applied-for-it-in-the-us/">Bitcoin ETF</a> approvals and the upcoming <a href="https://crypto.news/bitcoin-halving-2024-a-blessing-or-a-curse/">Bitcoin halving</a>.</p> 
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<p>Amid this, the global economic environment, characterized by decent GDP growth and moderate inflation rates, further fostered a positive atmosphere for crypto investments.&nbsp;</p> 
<p><a href="https://crypto.news/learn/what-is-web3/">Web3</a> cryptocurrency startups gathered significant attention, attracting 1173 investments of $9 billion. Among these, infrastructure projects received a lion’s share of the investments, evidencing the sector’s robust development.</p> 
<p>Moreover, the resurgence of gaming activity and the rebound of the non-fungible tokens (<a href="https://crypto.news/learn/a-complete-guide-to-nfts/">NFTs</a>) market in the last quarter of 2023 were other key highlights.</p> 
<p>The NFT market, in particular, showed remarkable recovery, with Dec. 2023 volumes reaching $1.7 billion. <a href="https://crypto.news/nft-sales-on-bitcoin-hit-record-in-december-2023/">Bitcoin NFTs</a> emerged as a significant growth driver within this segment.</p> 
<p>Decentralized finance (<a href="https://crypto.news/what-is-happening-with-defi-once-the-market-mover/">defi</a>) also demonstrated strong growth, with its total value locked (<a href="https://crypto.news/learn/why-tvl-matters-in-defi-total-value-locked-explained/">TVL</a>) rising by 38.9% year-on-year by the end of 2023. This growth is attributed to the rise of liquid staking tokens (LSTs) and LSTfi.</p> 
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<p>With this backdrop, let’s delve deeper and discover a few cryptocurrency startup companies that are making their mark in the industry.</p> 
<h2 class="wp-block-heading" id="list-of-crypto-startups-making-strides-in-2024"><strong>List of crypto startups making strides in 2024</strong></h2> 
<h3 class="wp-block-heading" id="alchemy"><strong>Alchemy</strong></h3> 
<p><a href="https://crypto.news/alchemy-reports-deploying-over-1-million-smart-accounts/">Alchemy</a> has become one of the biggest <a href="https://crypto.news/learn/what-is-a-blockchain/">blockchain</a> startups in 2024.&nbsp;</p> 
<p>In February 2022, Alchemy <a href="https://www.alchemy.com/blog/alchemy-equity-investment" target="_blank" rel="noopener">announced</a> a $200 million equity investment, increasing its valuation to a staggering $10.2 billion.&nbsp;</p> 
<p>This investment round was led by Lightspeed Venture Partners and Silver Lake, with significant contributions from renowned investors like a16z, Coatue, Addition, Pantera, and DFJ.</p> 
<p> You might also like: <a href="https://crypto.news/alchemy-reports-deploying-over-1-million-smart-accounts/"> Alchemy reports deploying over 1 million smart accounts </a> </p> 
<p>Founded in 2017 and headquartered in San Francisco, Alchemy’s platform partnered with leading organizations such as <a href="https://crypto.news/tag/opensea/">OpenSea</a> and Adobe.</p> 
<p>According to Joe Lau, CTO and co-founder of Alchemy, the project’s mission is to make “web3 accessible to everyone” by supporting innovative developers in realizing their blockchain-based ideas.&nbsp;</p> 
<p> Alchemy, like many new crypto startups, faces the challenges of maintaining its expansion in the evolving web3 landscape despite rapid growth.</p> 
<h3 class="wp-block-heading" id="chainalysis"><strong>Chainalysis</strong></h3> 
<p>Chainalysis, a New York-based blockchain data platform company, is one of the biggest crypto startups as of 2024.&nbsp;</p> 
<p>The company raised a $170 million funding round, <a href="https://www.chainalysis.com/blog/series-f/" target="_blank" rel="noopener">reaching</a> a valuation of $8.6 billion. This funding round, led by Singapore’s sovereign wealth fund GIC, included contributions from notable investors like Blackstone and Bank of New York Mellon.</p> 
<p>Founded in 2014, Chainalysis specializes in blockchain data analysis, playing an important role in transforming finance towards cryptocurrency.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/illicit-crypto-addresses-received-over-24b-in-2023-chainalysis-says/"> Illicit crypto addresses received over $24b in 2023, Chainalysis says </a> </p> 
<p>Its services are in high demand for risk management and business intelligence, serving an expanding market that includes exchanges, defi platforms, and financial institutions entering the crypto space.</p> 
<p>Chainalysis’s growth is fueled by the increasing recognition of the importance of blockchain data and the rising demand for its services amid growing crypto adoption and regulatory scrutiny.</p> 
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   <p lang="en" dir="ltr">🎉 Celebrating our collective impact on the crypto ecosystem, we invite you to watch this 2023 highlight reel and join us in looking forward to an even more impactful 2024! 🎉 <a href="https://t.co/Zqi3VxlibB" target="_blank">pic.twitter.com/Zqi3VxlibB</a></p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1747390612708405542?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 16, 2024</a>
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<h3 class="wp-block-heading" id="fireblocks"><strong>Fireblocks</strong></h3> 
<p>Fireblocks, an institutional crypto custody provider, could also be labeled as one of the best blockchain startups in 2024.</p> 
<p>Fireblocks <a href="https://www.fireblocks.com/blog/550m-series-e-zero-to-crypto/" target="_blank" rel="noopener">raised</a> $550 million in a Series E funding round in Jan. 2022, bringing their total funding to over $1 billion. This funding elevated their valuation to $8 billion.</p> 
<p>Founded in 2018, Fireblocks provides an all-in-one platform that includes a range of crypto services such as custody, access to defi, <a href="https://crypto.news/tag/staking/">staking</a>, and tokenization.</p> 
<p>The company boasts of <a href="https://www.prnewswire.com/news-releases/fireblocks-raises-550-million-in-series-e-funding-to-become-the-highest-valued-digital-asset-infrastructure-provider-301469630.html" target="_blank" rel="noopener">having</a> $45 billion in assets under custody and has securely transferred over $2 trillion in crypto assets through its platform.</p> 
<p>Its clients include Bank of New York Mellon, Revolut, and Galaxy Digital, and its investors include prominent names like Sequoia Capital.</p> 
<p>According to the company, Fireblocks works with over 1,300 institutional clients, showcasing their capability to cater to diverse clients with varying needs in the digital asset space.</p> 
<h3 class="wp-block-heading" id="mysten-labs"><strong>Mysten Labs</strong></h3> 
<p>Another standout among cryptocurrency startups in 2024 is Mysten Labs.&nbsp;</p> 
<p>Founded in 2021, Mysten Labs, the developer of the Sui layer-1 blockchain, has emerged as a key player in the blockchain space, focusing on enhancing the security, safety, and usability of web3 applications.&nbsp;</p> 
<p>Mysten Labs <a href="https://www.businesswire.com/news/home/20220908005607/en/Mysten-Labs-Raises-300-Million-to-Onboard-Next-Billion-Users-to-Web3" target="_blank" rel="noopener">secured</a> a Series B funding of $300 million in 2022, taking its valuation to $2 billion. The investment was led by Andreessen Horowitz, indicating strong confidence from one of the most reputable venture capital firms in the tech and crypto space.</p> 
<p>The startup’s mission is to address the critical risks in areas like private keys, smart contract bugs, and the complexities of multi-chain operations.</p> 
<p>Mysten Labs aims to tackle the technical roadblocks to the mass adoption of blockchain technology by developing institutional-grade developer tools, auditing services, and decentralized identity protocols.</p> 
<p>The pros of Mysten Labs include its strong focus on security and usability, which are crucial for the wider acceptance and growth of web3 technologies.&nbsp;</p> 
<p>On the downside, Mysten Labs is challenged to keep pace with technological advancements and the changing web3 and blockchain trends.</p> 
<h3 class="wp-block-heading" id="aleo"><strong>Aleo</strong></h3> 
<p>Aleo, known for its contributions to web3 security and enabling users to develop privacy-focused applications, is one of the cryptocurrency startup companies achieving notable progress in 2024.</p> 
<p>Founded in 2019 and based in Reno, Nevada, Aleo <a href="https://www.businesswire.com/news/home/20220207005251/en/Aleo-Raises-200M-in-Series-B-to-Expand-Products-and-Services-Built-on-Private-by-Default-Blockchain-Based-Platform" target="_blank" rel="noopener">secured</a> a substantial Series B funding of $200 million in Feb. 2022, taking its valuation to $1.45 billion. The investors backing Aleo include renowned entities such as SoftBank Vision Fund, Andreessen Horowitz, and Tiger Global Management.</p> 
<p>The Aleo development team focuses on safeguarding user data through zero-knowledge cryptography and decentralized systems.&nbsp;It is used in various areas of the crypto world, including defi, AI, blockchain games, and other sectors where privacy plays a crucial role.</p> 
<p>The pros of Aleo include its strong investor backing, its focus on a critical and growing area of web3 security, and the ease of use it offers developers in creating private applications.</p> 
<p>On the con side, as with many emerging technologies, there could be challenges related to widespread adoption and the complexity of integrating new security technologies into existing systems.</p> 
<p>These features position Aleo as a major player among the top blockchain startups in 2024​.</p> 
<h2 class="wp-block-heading" id="evolution-and-challenges-ahead"><strong>Evolution and challenges ahead</strong></h2> 
<p>The road ahead for the cryptocurrency market and blockchain startups looks both exciting and challenging.&nbsp;</p> 
<p>As we move into 2024 and beyond, the sector is expected to evolve, driven by technological advancements, increasing regulatory clarity, and wider mainstream adoption.</p> 
<p>The growth seen in areas like defi, web3 applications, and NFTs could likely accelerate, with new innovations and applications emerging.&nbsp;</p> 
<p>However, this growth comes with challenges, including scalability issues, cybersecurity threats, and the need for improved user experiences.</p> 
<p>Blockchain startups like Alchemy, Chainalysis, Fireblocks, Mysten Labs, and Aleo, which have already demonstrated strong potential and growth, could be at the forefront of addressing these challenges.&nbsp;</p> 
<p>Moreover, as the crypto market matures, we may see a greater emphasis on sustainability and ethical considerations in blockchain technology, paving the way for new crypto startups.</p> 
<p>Overall, the road ahead for crypto and blockchain is filled with opportunities for growth, innovation, and the potential to profoundly impact various sectors, from finance to digital art and beyond.</p> 
<p> Read more: <a href="https://crypto.news/best-crypto-profit-calculator/"> Choosing the best crypto profit calculator apps in 2024 </a> </p>

Best plays in crypto: 5 startups making waves in 2024

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