Alchemy

2024

Bitcoin ETF

Bitcoin

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 <p class="is-style-lead">We analyzed some of the top <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="startup" href="https://thebittimes.com/tag/startup.html">startup</a>s of 2024 and their achievements.</p>
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  <h2 id="table-of-contents">Table of Contents</h2>
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    <li>Alchemy</li>
    <li>Chainalysis</li>
    <li>Fireblocks</li>
    <li>Mysten Labs</li>
    <li>Aleo</li>
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 <p>In 2023, the crypto market saw a notable turnaround, with its market cap increasing by 109%. This surge was largely driven by the first and fourth quarters of the year, buoyed by the anticipation of Bitcoin ETF approvals and the upcoming Bitcoin halving.</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>Web3 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 (NFTs) 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. Bitcoin NFTs emerged as a significant growth driver within this segment.</p>
 <p>Decentralized finance (defi) also demonstrated strong growth, with its total value locked (TVL) 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>Alchemy has become one of the biggest blockchain startups in 2024.&nbsp;</p>
 <p>In February 2022, Alchemy announced 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>
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 <p>Founded in 2017 and headquartered in San Francisco, Alchemy’s platform partnered with leading organizations such as OpenSea 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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="startup" href="https://thebittimes.com/tag/startup.html">startup</a>s as of 2024.&nbsp;</p>
 <p>The company raised a $170 million funding round, reaching 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>
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 <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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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! pic.twitter.com/Zqi3VxlibB</p>— Chainalysis (@chainalysis) January 16, 2024
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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 raised $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, staking, and tokenization.</p>
 <p>The company boasts of having $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 secured 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 secured 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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/best-plays-in-crypto-5-startups-making-waves-in-2024-tbt77583.html">https://thebittimes.com/best-plays-in-crypto-5-startups-making-waves-in-2024-tbt77583.html</a></p>

Best plays in crypto: 5 startups making waves in 2024

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