State of Blockchain

State Of
Blockchain
GLOBAL | 2021
Global data and analysis on dealmaking,
funding, and exits by private market
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STATE OF BLOCKCHAIN
Contents
Global Trends 21 Geographic Trends 115

Investment Trends 22 US 116
Unicorns & Valuations 48 New York 124
Exit Trends 56 Silicon Valley 128
Investors 62 Miami 132
Los Angeles 135
Collection Spotlights 70
Canada 139
Exchanges & Brokerages 71
Asia 147
Custody & Wallets 82
Europe 155
NFTs 93
LatAm 163
DeFi 104
8
STATE OF BLOCKCHAIN
What you need to know about

blockchain and crypto in 2021
$25.2B 1,247 $15.5B 47 56%

Global blockchain Blockchain deals. Mega-round Blockchain US share of global
funding in 2021. Up 88% growth. funding. 59 deals. unicorns. 40 born in funding.
713% YoY. The number of blockchain $100M+ mega-rounds 2021. US-based startups raked in
Venture funding to deals crossed 1,000 for the were the driving force The global blockchain $14.1B — more than half of
blockchain startups hit first time in 2021, almost behind blockchain’s record unicorn count jumped from all funding in 2021.
new heights every quarter doubling 2020’s 662. The funding year. 9 to 47 in 2021 with a 75% of deals were in early
of 2021, driven by growing 2021 total amounts to 5 The 59 mega-rounds in whopping 40 unicorn stages, suggesting the
consumer and institutional blockchain deals per 2021 accounted for just births (and 2 public exits). funding surge is still in its
demand for crypto. business day. 5% of total deals but 60% infancy.
Over half of blockchain
Blockchain funding 79% of deals were early- of total funding. unicorns are based in the US funding in Q4’21 grew
accounted for 4% of global stage, signaling a nascent The biggest mega-round US (26), followed by Asia 104% QoQ to hit $6.3B.
venture dollars, up from market of developing deals went to crypto (10) and Europe (5). Crypto There were 6 deals worth
just 1% in 2020. That share companies — and an even exchanges, brokerages, exchange FTX leads with a $400M+, and the majority
is likely to rise in 2022 healthier funding NFTs, gaming, and $25B valuation. NFT of these were Series A or B
thanks to emerging crypto, environment in 2022 as payments. marketplace OpenSea is – another signal of a still-
NFT, and Web3 startups. startups mature and find second at $13.3B. developing (but
product-market fit. enthusiastic) market.
9
STATE OF BLOCKCHAIN
What you need to know about

blockchain and crypto in 2021
$6.5B 68 $1 in $4 12,878% 94%

New York funding. Cos funded by Goes to exchanges NFT funding DeFi deal growth.
#1 US metro. Coinbase Ventures. and brokerages. growth. $4.8B total. 240 deals.
New York is the crypto Coinbase Ventures funded A quarter of all blockchain Funding to NFT startups Decentralized finance
capital of the US. NY- 68 blockchain startups in funding in 2021 went to grew an astounding 130x (DeFi) caught fire in 2021
based startups raised 46% 2021, the most of any crypto exchanges and vs. 2020 to reach $4.8B. as venture deals nearly
of US funding in 2021, led investor. Portfolio brokerages. The category’s Investors believe in the doubled YoY to hit 240.
by massive Q4 rounds companies span from total — $6.4B — represents promise of NFTs as Higher-than-average yield
from NYDIG ($1B) and crypto exchanges (FTX) to a 1,180% increase in collectible assets, drivers products, more efficient
Celsius Network ($750M). institutional services funding from 2020. of brand equity for transactions, surging
While Silicon Valley is #1 (Amber Group) to DeFi While the biggest deals companies, and playing a consumer demand, and
for overall VC funding, it is wallets (ConsenSys). went to global players like significant role in Web3 growing interest from
#2 for blockchain at $3.9B. China-based AU21 FTX, country-specific and the metaverse. institutions make DeFi an
Los Angeles and Miami are took the #2 spot with 51 exchanges are on the rise. Gaming, marketplaces, and attractive bet for investors.
tied for third, each seeing companies, followed The biggest Q4 deal in infrastructure are the 3 DeFi funding dollars grew
just over $760M in 2021. by Andreessen Horowitz Asia went to India-based NFT categories driving the 851% YoY to reach $3.4B.
at 46. exchange CoinSwitch funding craze.
Kuber ($260M).
10
STATE OF BLOCKCHAIN | GLOBAL TRENDS | INVESTMENT TRENDS
Global blockchain funding surges 713% YoY to reach $25.2B
$30. 0B
$25. 0B
$25.2B
2021
$20. 0B
$15. 0B
713%
increase
$10. 0B
$5.0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
11
Global blockchain deals surpass 1,000 for the first time
1,247 deals
2021
1,000
88% increase
2015 2016 2017 2018 2019 2020 2021
12
Blockchain mega-rounds (worth $100M+) account for $15.5B
$18,000M
$16,000M
$15.5B
2021
$14,000M
$12,000M
$10,000M
2,483%
$8,000M increase
$6,000M
$4,000M
$2,000M
$0M
2015 2016 2017 2018 2019 2020 2021
13
STATE OF BLOCKCHAIN | GLOBAL TRENDS | UNICORNS & VALUATIONS
Blockchain unicorn count soars to 47, up from just 9 a year ago
47 unicorns
2021
422%
increase
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021
14
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | US TRENDS
US blockchain funding grows more than 8x to $14.1B, 56% of global dollars
$16. 0B
$14. 0B
$14.1B
2021
$12. 0B
$10. 0B
$8.0B 729%
increase
$6.0B
$4.0B
$2.0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
15
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | NEW YORK
New York is the crypto capital of the US with $6.5B in total funding
US total funding in 2021

$14.1B
AllOther
All Other
$2.2B | 16%
$2.2B
New
NewYork
York Silicon Valley Los Angeles Miami
Silicon Valley Los Angeles Miami
$6.5B
$6.5B 46% $3.9B | 28%
$3.9B $0.8B | 5%
$0.8B $0.8B | 5%
$0.8B
16
STATE OF BLOCKCHAIN | GLOBAL TRENDS | INVESTORS
Coinbase Ventures is the top blockchain investor in 2021
Investor Company Count Investor Group Country
1 Coinbase Ventures 68 CVC United States
2 AU21 51 VC China
3 Andreessen Horowitz 46 VC United States
4 Animoca Brands 45 Corp Hong Kong
5 Alameda Research 44 Corp Hong Kong
6 LD Capital 36 Other China
7 Jump Capital 31 VC United States
8 ParaFi Capital 30 Asset/Investment Management United States
9 X21 29 VC United States
10 Pantera Capital 28 VC United States
17
STATE OF BLOCKCHAIN | COLLECTION SPOTLIGHTS | EXCHANGES & BROKERAGES
$6.4B, or $1 in $4, goes to crypto exchanges and brokerages
$7,000M
$6.4B
$6,000M 2021
$5,000M
$4,000M
1,180%
$3,000M
increase
$2,000M
$1,000M
$0M
2015 2016 2017 2018 2019 2020 2021
18
STATE OF BLOCKCHAIN | COLLECTION SPOTLIGHTS | NFTS
NFT funding explodes in 2021, up 130x to reach $4.8B
$6,000M
$5,000M
$4,802M
2021
$4,000M
$3,000M
12,878%
$2,000M
increase
$1,000M
$0M
2015 2016 2017 2018 2019 2020 2021
19
STATE OF BLOCKCHAIN | COLLECTION SPOTLIGHTS | DEFI
Global DeFi deals nearly double YoY to reach 240
300
250
240 deals
2021
94%
200
increase
150
100
50
0
2015 2016 2017 2018 2019 2020 2021
20
Global Trends
2021
21
Investment Trends
GLOBAL TRENDS | 2021
22
Global funding surges 713% YoY in 2021, deals nearly double
$30. 0B 1,500
Funding
$25.2B 1,300
$25. 0B
1,100
Deals
$20. 0B 890 878 1,247
900
662
$15. 0B 700
500
$10. 0B
332
300
190 187
$4.7B
$5.0B
$3.1B $3.1B 100
$1.3B
$0.6B $0.8B
$0.0B -100
2015 2016 2017 2018 2019 2020 2021
23
Global funding and deals soar to new records in Q4’21
$10,000M Funding450
$9,131M
$9,000M 400
Deals
$8,000M 392
350
305 304
$7,000M
300
262 264 $7,019M
$6,000M 246
$5,453M
225 250
218 214
$5,000M 208
196
188
181 200
170 166
$4,000M $3,570M
138
150
$3,000M 117
87
$1,481M 100
$2,000M 72
63 58 $1,415M
56
49 47 46 $1,117M $1,091M
38 40 36 $998M
$799M $814M $716M 50
$1,000M $568M $702M $625M $699M $482M
$234M $157M $180M $271M $292M
$71M $196M $357M $154M $127M $176M
$0M 0
2015 2016 2017 2018 2019 2020 2021
24
US leads Q4’21 funding and deals among global regions
Canada
$343M
16 Deals Asia
Europe $1,317M
$560M 108 Deals
US
74 Deals
$6,260M
157 Deals
All Other
Regions
LatAm $74M
23 Deals
$578M
14 Deals
25
US leads funding at $6.3B in Q4’21, followed by Asia and LatAm
US Asia Europe LatAm Canada All Other Regions
$6,260M
$3,072M
$578M
$560M $1,642M
$1,317M $343M
$1,154M
$547M
$491M
$520M
$74M
$148M $95M $140M
$1M $6M $17M
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
26
US leads in global deal share at 40% in Q4’21, followed by Asia and Europe
8% 5%
8% 5%
6% 7% 6%
5%
6% All Other Regions, 6%
5% 6%
5% 6%
7% Canada, 4%
8% 9%
14% 15% 19%
LatAm, 4%
8% 19% 16% 17%
20% 19% 22%
29% 20% 23% 17% 25% 25% 24% 23%
24% 23% 19% 24% 17%
Europe, 19%
34% 27%
18%
28%
13% 18% 39%

17% 22%
16% 21%
30% 47% 40% 36%
16%
25%
30%
34%
51% 46% 36% 30% Asia, 28%
52% 33% 34%
38% 35% 23%
21% 15%
55% 53%
51% 52% 50%
47% 48%
42%
36%
39% 40% 39% 42%
37% 39% 38% 39% US, 40%
34% 34% 33% 35% 34%
31% 30% 32%
28%
25%
2015 2016 2017 2018 2019 2020 2021
27
VCs continue to lead in investor deal share at 25% in Q4’21
18%
23% 23% 22% 22% 21% 21% 22% 23%
18% 17% 18% Other, 19%
24% 24% 27% 24%
29% 28% 29% 31% 27% 27% 28% 26% 28%
32% 31%
Private Equity, 3%
13% 9% 8% 6% 6% Incubator/Accelerator, 5%
5% 8% 5% 6%
9%
6%
9%
6% 7%
15% 5% 7%
6% 7%
6% 8% CVC, 8%
12% 7% 9%
24% 16% 17% 10% 8% 9% 9% 11%
11% 6% 11% 8% 9% 10% Angel, 9%
17% 8% 9% 8% 11%
17% 14% 8% 10% 7%
18% 7% 8% 7% 5%
10% 6% 11% 10% 10% 8%
8% 7% 9% 11%
5%
7%
9%
7% 6%
7% 9% 10% 9% 16% 12% 16% 15% 16%
Asset/Investment Management, 15%
7% 7%
14% 7% 9% 8% 10%
11% 9% 8% 9% 8%
12% 8% 12% 7%
15% 17%
12% 9%
6% 14% 12% 12% 14% 11%
13% 6% 13%
13% 14%
15% 14% 11% 14% 15% 14% Corp, 16%
9% 8% 13%
7% 17%
9%
6%
32% 34%
27% 26% 29% 29% 30% 29% 26% 30% 30% 29% 30% 26% 27%
26%
22%
25% 23%
22% 25% 23% 26% 26% 24% 25% VC, 25%
20%
2015 2016 2017 2018 2019 2020 2021
28
Average and median deal sizes reach all-time highs in 2021
$23M
$9M
$7M
$6M
$6M $6M
$4M $4M
$3M
$2M $2M
$1M $1M
$1M
2015 2016 2017 2018 2019 2020 2021

Average Size Median Size
29
Median deal size hits record highs in the US, Asia, and Europe in 2021
US Asia Europe
$5M
$4M
$3M
$3M
$3M
$2M
$1M
$1M
$0M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
30
Median deal size is up YoY across investor categories, CVC leads in 2021
Angel CVC Corp VC
$12M
$6M $6M
$5M $5M $5M
$4M $4M
$3M $3M $3M
$1M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
31
$100M+ mega-round deals and funding smash records in 2021
$18,000M 70
Funding
$16,000M $15,511M
60
$14,000M
Deals 50
$12,000M
59
40
$10,000M
$8,000M
30
$6,000M
20
$4,000M
10
$691M 10
$2,000M $207M
$111M $162M 4 4
2 $1,937M
1 1
$662M
$0M 0
2015 2016 2017 2018 2019 2020 2021
32
Mega-rounds account for a record $6B in Q4’21
$7,000M
Funding
$6,023M20
$6,000M 18
Deals
18
$5,000M $4,725M
15
13
$4,000M
10
10
$3,000M $2,765M
$2,000M
4 $1,998M 5
3 2
1
$1,000M 2 1 1 1 2
1 1 1 1 1 $303M
$114M $876M $300M $120M
$111M $162M $107M $100M $100M $288M
$603M
$344M $242M
$0M 0
2015 2016 2017 2018 2019 2020 2021
33
US sees nearly $5B in mega-round funding across 13 deals in Q4’21
Canada
$110M
1 Deal
Asia
Europe
$412M
$100M 2 Deals
US 1 Deal
$4,980M
13 Deals
LatAm
$421M
1 Deal
34
The US sees record 13 mega-rounds in Q4’21
US, 13
10
3 3
Asia, 2
2 2 2 Canada, 1
1 1
LatAm, 1
2
Europe, 1
2015 2016 2017 2018 2019 2020 2021
35
Mega-rounds make up just 5% of global deals in Q4’21
97% 100% 100% 100% 100% 97% 100% 100% 100% 98% 99% 100% 99% 99% 98% 99% 100% 100% 100% 99% 99% 100% 99% 99%
96% 96% 94% Non-mega-rounds, 95%
6% Mega-rounds, 5%
2015 2016 2017 2018 2019 2020 2021
36
Mega-rounds account for two-thirds of total funding dollars in Q4’21
33% Non-mega-rounds, 34%

41%
44%
49%
53% 55% 57%
60% 62% 63%
66%
69% 71%
78%
84% 86% 83%
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
67% Mega-rounds, 66%

59%
56%
51%
47% 45% 43%
40% 38% 37%
34%
31% 29%
22%
16% 14% 17%
2015 2016 2017 2018 2019 2020 2021
37
Global: Top equity deals in Q4'21

Round Round Round % of Total
Company Select Investors Country
Amount Date Valuation Funding
Growth Equity WestCap Group, Bessemer Venture Partners, FinTech
1 NYDIG $1.0B
2021-12-14
$7.0B
Collective, MassMutual, Morgan Stanley
United States 11.0%
Series B Kora Management, Sea Capital, Andreessen Horowitz,

2 Forte Labs $725M
2021-11-12
N/A
Animoca Brands, Big Bets
United States 7.9%
Series A Coatue Management, Tiger Global Management, New

3 MoonPay $555M
2021-11-22
$3.4B
Enterprise Associates, Blossom Capital, Paradigm
United States 6.1%
Series B Institutional Venture Partners, Lightspeed Venture

4 FTX $421M
2021-10-21
$25.0B
Partners, Sequoia Capital, Ribbit Capital, Temasek
Bahamas 4.6%
Series B Caisse de depot et placement du Quebec, WestCap

5 Celsius Network $400M
2021-10-12
$3.0B
Group
United States 4.4%
Series E
5 Fireblocks $400M
2021-12-02
$8.0B Sequoia Capital United States 4.4%
Series A Morgan Creek Digital, 10T Fund, Jane Street Group,

5 Gemini $400M
2021-11-19
$7.1B
K5 Global Technology, Marcy Venture Partners
United States 4.4%
Series D KKR, Andreessen Horowitz, Blockchain Capital, Elad

8 Anchorage Digital $350M
2021-12-15
$3.0B
Gil, Alameda Research
United States 3.8%
Series B - II
2021-12-14
$3.5B N/A United States 3.8%
Series C Andreessen Horowitz, Coinbase Ventures, Paradigm,

10 CoinSwitch Kuber $260M
2021-10-06
$1.9B
Ribbit Capital, Sequoia Capital India
India 2.8%
38
Early-stage deals inch up to 79% deal share in 2021
8% 10% 10% 11% 11%

Other, 7%
12%
Late-stage, 5%
6% 7% 7% 6%
6%
9% Mid-stage, 9%
6% 6%
83%
79% 77% 77% 78% 76% Early-stage, 79%
2015 2016 2017 2018 2019 2020 2021
39
US leads early- and mid-stage deal share in Q4’21, Asia tops late-stage
All Other Regions 7% 7% 6% 8%

Canada
10%
LatAm 12%
Europe 21% 12%
56%
33%
Asia 27%
68%
47%
US 37% 38%
Early-stage Mid-stage Late-stage Other
40
Median deal size leaps to $50M+ for mid- and late-stage deals in 2021
Early-stage Mid-stage Late-stage
$54M
$50M
$16M
$15M
$3M $5M
$1M $2M $2M
2017 2019 2021 2017 2019 2021 2017 2019 2021
41
Median months between stages drops from seed/angel to Series A, Series

A to Series B
Seed/Angel to Series A Series A to B
18
16
15
13
2017 2019 2021 2017 2019 2021
42
Global: Top seed/angel deals in Q4'21

Round
Company Round Amount Select Investors Country
Date
Seed VC
1 Mysten Labs $36M
2021-12-06
Andreessen Horowitz United States
Seed VC Sequoia Capital China, Circle, Coinbase Ventures,

2 DeBank $25M
2021-12-28 Crypto.com Capital, Dragonfly Captial
Singapore
Seed VC Axia8 Ventures, Bitscale Capital, Dimension, Formless

2 Whydah $25M
2021-12-07 Capital, Good Games Guild
Vietnam
Seed VC Paradigm, Lightspeed Venture Partners, FTX, Hack VC,

4 BetDex $21M
2021-11-17 Multicoin Capital
United States
Seed VC Coinko, GD10 Ventures, Polychain Capital, TABLE

5 ORIGYN Foundation $20M
2021-11-23 Management, Carter Reum
Switzerland
Seed VC
5 Structure $20M
2021-12-01
Polychain Capital, Ascensive Assets, Bixin Capital Virgin Islands (British)
Seed VC Tiger Global Management, Coatue Management, Courtside

7 Faze Technologies $17M
2021-11-03 Ventures, Dapper Labs, Samsung NEXT
United States
Seed
8 Particle $15M
2021-11-18
Atrum, Voyager Digital United States
Seed VC EQT Ventures, C3 Management, LA ROCA Capital, Porsche

9 Timeless $14M
2021-11-29 Ventures
Germany
Seed VC
10 Moralis Web3 Technology $13M
2021-10-28
EQT Ventures Sweden
43
Global: Top Series A deals in Q4'21

Round
Date
Series A Coatue Management, Tiger Global Management, New Enterprise
1 MoonPay $555M
2021-11-22 Associates, Blossom Capital, Paradigm
United States
Series A Morgan Creek Digital, 10T Fund, Jane Street Group, K5 Global
2 Gemini $400M
2021-11-19 Technology, Marcy Venture Partners
United States
Series A Huobi Ventures, Hyperchain Capital, Signum Capital, UOB Venture

3 Assembly $100M
2021-12-10 Management, Du Capital
Germany
Series A Accomplice, Agman Partners, Alphemy Capital, CMT Digital, Continue

3 CoinList $100M
2021-10-15 Capital
United States
Series A Insight Partners, SoftBank Group, Chaos Ventures, Com2uS, Connect

3 candy.com $100M
2021-10-21 Ventures
United States
Series A Andreessen Horowitz, Paradigm, Coinbase Ventures, Chainsmokers,

6 Royal $55M
2021-11-22 Kyrre Gorvell-Dahll
United States
Series A Jump Capital, Ethereal Ventures, Rockaway Blockchain, Solana Capital,

7 Neon Labs $40M
2021-11-09 Three Arrows Capital
Cyprus
Series A Alameda Ventures, Jump Capital, Digital Currency Group, Dragonfly

8 Paradigm $35M
2021-12-09 Capital, Vectr Ventures
United States
Series A Tiger Global Management, Arrington XRP Capital, Crossbeam Venture

8 QuikNode $35M
2021-10-26 Partners, Seven Seven Six, Soma Capital
United States
Series A Alameda Research, Mirana Ventures, Alumni Ventures Group, DRW

8 Stacked $35M
2021-12-06 Venture Capital, Fidelity International Strategic Ventures
United States
44
Global: Top Series B deals in Q4'21

Round
Date
Series B Kora Management, Sea Capital, Andreessen Horowitz, Animoca
1 Forte Labs $725M
2021-11-12 Brands, Big Bets
United States
Series B Institutional Venture Partners, Lightspeed Venture Partners, Sequoia

2 FTX $421M
2021-10-21 Capital, Ribbit Capital, Temasek
Bahamas
Series B
2021-10-12
Caisse de depot et placement du Quebec, WestCap Group United States
Series B - II
2021-12-14
N/A United States
Series B
5 Sky Mavis $152M
2021-10-04
Andreessen Horowitz, Accel, Fabric Ventures, FTX, Paradigm Vietnam
Series B Sequoia Capital China, Coatue Management, Hillhouse Capital

6 CertiK $80M
2021-12-01 Management, Shunwei Capital Partners, Tiger Global Management
United States
Series B
7 Nansen $75M
2021-12-16
Accel, Andreessen Horowitz, Skyfall Ventures, Amplify Partners, GIC Singapore
Series B
7 Rain Financial $75M
2021-11-12
Middle East Venture Partners, Paradigm Bahrain
Series B 10T Fund, Alan Howard, CMT Digital, Coinbase Ventures, Global
9 Ledn $70M
2021-12-15 Founders Capital
Canada
Series B Tiger Global Management, Jump Capital, PayPal Ventures, American

10 TRM Labs $60M
2021-12-07 Express Ventures, Block
United States
45
Global: Top Series C+ deals in Q4'21

Round
Date
Series E Sequoia Capital United States
1 Fireblocks $400M
2021-12-02
Series D KKR, Andreessen Horowitz, Blockchain Capital, Elad Gil, Alameda
2021-12-15 Research
United States
Series C Andreessen Horowitz, Coinbase Ventures, Paradigm, Ribbit Capital,

2021-10-06 Sequoia Capital India
India
Series C Andreessen Horowitz, Lightspeed Venture Partners, Redpoint

4 Alchemy $250M
2021-10-28 Ventures, Addition, Coatue Management
United States
Series C Andreessen Horowitz, 01 Advisors, Alumni Ventures Group, Javelin

5 Mythical Games $150M
2021-11-04 Venture Partners, Struck Capital
United States
Series C
6 Figment $110M
2021-12-20
Thoma Bravo, Avon Ventures, B Capital Group, Bitstamp, DTCP Canada
Series C Evolution Equity Partners, Digital Currency Group, Octopus

7 Elliptic $60M
2021-10-11 Ventures, Paladin Capital Group, SBI Group
United Kingdom
Series C
8 StarkWare $50M
2021-11-17
Sequoia Capital Israel
Series C Capstone Partners, Seoul Investment Partners, Kakao Ventures,

9 Uprise $20M
2021-12-08 KTB Network
South Korea
Series C
10 Xpansiv $11M
2021-10-11
Commonwealth Bank of Australia United States
46
Global: Top companies that raised funding by Mosaic score in Q4'21

Round Round
Company Mosaic Score Round Amount Select Investors Country
Date Valuation
Series A Morgan Creek Digital, 10T Fund, Jane Street Group, K5 Global
1 Gemini 980 $400M
2021-11-19
$7.1B
Technology, Marcy Venture Partners
United States
Series A Accomplice, Agman Partners, Alphemy Capital, CMT Digital,

2 CoinList 910 $100M
2021-10-15
$1.5B
Continue Capital
United States
Undisclosed
2 Dapper Labs 910 $23M
2021-12-15
N/A N/A Canada
Series B
2 Mercado Bitcoin 910 $50M
2021-11-30
N/A 10T Fund, Tribe Capital, PIPO Capital, TC, Endeavor Brazil
Growth Equity WestCap Group, Bessemer Venture Partners, FinTech Collective,

2 NYDIG 910 $1.0B
2021-12-14
$7.0B
MassMutual, Morgan Stanley
United States
Series C
2 StarkWare 910 $50M
2021-11-17
$2.0B Sequoia Capital Israel

7 MoonPay 900 $555M
2021-11-22
$3.4B
Associates, Blossom Capital, Paradigm
United States
Series B Sequoia Capital China, Coatue Management, Hillhouse Capital

8 CertiK 890 $80M
2021-12-01
$990M
Management, Shunwei Capital Partners, Tiger Global Management
United States
Series C Evolution Equity Partners, Digital Currency Group, Octopus

8 Elliptic 890 $60M
2021-10-11
N/A
Ventures, Paladin Capital Group, SBI Group
United Kingdom
Series E
8 Fireblocks 890 $400M
2021-12-02
$8.0B Sequoia Capital United States
47
Unicorns & Valuations
48
Unicorn count grows more than 5x YoY to reach 47 in Q4’21
Total Unicorns, 47
34
22
14
13
New Unicorns, 13
9 9
2015 2016 2017 2018 2019 2020 2021
49
US boasts 26 total unicorns with 9 additions in Q4’21
Canada
3
1 New Asia
Europe 10
5 3 New
US
0 New
26
9 New
LatAm
3
0 New
50
US leads unicorn births with 9 in Q4’21, followed by Asia with 3
US, 9
3
Asia, 3
2 2
1
2 2
1 1 1 Canada, 1
LatAm, 0
1 1
Europe, 0
2015 2016 2017 2018 2019 2020 2021
51
US leads in total unicorns at 26, followed by Asia and Europe
US, 26
17
11
8
Asia, 10
7
6
5 5 Europe, 5
3
3
Canada, 3
2
1 4
1
LatAm, 3
2
1 1 2
2015 2016 2017 2018 2019 2020 2021
52
Average time from first funding to unicorn status is 3 years, 2 months
35
Average Months, 38
Median Months, 36
30
2015 2016 2017 2018 2019 2020 2021
53
Global: Top unicorn births in Q4'21
Company Latest Valuation Country
1 Gemini $7.1B United States
2 Alchemy $3.5B United States
2 Celsius Network $3.5B United States
4 MoonPay $3.4B United States
5 ConsenSys $3.2B United States
6 Anchorage Digital $3.0B United States
6 Sky Mavis $3.0B Vietnam
8 StarkWare $2.0B Israel
9 CoinSwitch Kuber $1.9B India
10 CoinList $1.5B United States
10 candy.com $1.5B United States
54
Global: Top unicorns by valuation in Q4'21
Company Latest Valuation Country
1 FTX $25.0B Bahamas
2 OpenSea $13.3B United States
3 Bitmain Technologies $12.0B China
4 Ripple $10.0B United States
5 Fireblocks $8.0B United States
6 Dapper Labs $7.6B Canada
7 Gemini $7.1B United States
8 Blockchain.com $5.2B United Kingdom
9 Sorare $4.3B France
10 Chainalysis $4.2B United States
55
Exit Trends
56
STATE OF BLOCKCHAIN | GLOBAL TRENDS | EXIT TRENDS
Global M&A exits tick up YoY to 59, IPOs and SPACs total 8
M&A, 59
53
3 IPO, 7
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
57
M&A, IPO, and SPAC exits all inch up QoQ in Q4’21
M&A, 19
15
14
13
12
2 2 IPO, 3
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
58
US leads in share of global exits in Q4’21, followed by Europe and Asia
7% 7% 9% 8% 7% All Other Regions, 4%

10% 12% 12%
14% Canada, 8%
20% 20% 20% 7% 21%
25% 25% 25% 24% 8% 23%
29%
33%
6% LatAm, 4%
8%
14% 29%
28% 29% 24%
50% 50% 43% 35% 36%
20% 24% 33% 57% 14% Europe, 25%
67% 23%
14% 24% 33%
25% 25% 25% 31% 6%
40%
29%
7% 21%
100% 29% 33% 8%
10% 31% Asia, 21%
14% 29% 20% 26% 29%
40% 24% 43%
25% 25%
14% 23% 14%
59%
50% 50% 50%
47% 46%
43% 40% 43%
36% 33% 36% 33% 33%
US, 38%
29% 29% 31% 29% 30% 29% 29%
25% 25% 23%
20% 19%
2015 2016 2017 2018 2019 2020 2021
59
Global: Top M&A exits in Q4'21
Company Round Valuation Acquirer Country
1 Bitkub $1.1B Siam Commercial Bank Thailand
2 Mir Protocol $400M Polygon United States
3 bottlepay $300M NYDIG United Kingdom
4 GK8 $115M Celsius Network Israel
60
Global: IPOs & SPACs in Q4'21
Company Round Valuation Country
1 Bakkt $2.1B United States
$64M Norway
2 Norwegian Block Exchange
3 TradeWindow $55M New Zealand
4 Liquid Meta N/A Canada
61
Investors
62
Global: Top investors by company count in Q4'21
2 Jump Capital 17 VC United States
3 AU21 16 VC China
3 Andreessen Horowitz 16 VC United States
3 Coinbase Ventures 16 CVC United States
6 X21 15 VC United States
8 Basics Capital 10 VC Singapore
8 ExNetwork 10 Asset/Investment Management Philippines
8 Genblock 10 Asset/Investment Management United States
8 LD Capital 10 Other China
8 Shima Capital 10 VC United States
8 Tiger Global Management 10 Asset/Investment Management United States
63
Global: Top investors by median Mosaic score of companies in 2021

Median Momentum Median Management
Investor Median Mosaic Score Country Median Money Score Median Market Score
Score Score
1 Breyer Capital 900 United States 880 890 940 510
2 Coatue Management 890 United States 970 790 940 640
3 DST Global 870 Hong Kong 920 810 960 560
4 Sequoia Capital 860 United States 960 770 935 520
4 Valar Ventures 860 United States 910 750 960 385
6 Accel 850 United States 955 720 935 410
6 Bessemer Venture Partners 850 United States 955 750 960 570
6 Liberty City Ventures 850 United States 945 720 855 570
6 PayPal Ventures 850 United States 940 700 960 570
10 Senator Investment Group 840 United States 970 705 960 600
10 WestCap Group 840 United States 970 715 940 570
64
Global: Top VCs by company count in Q4'21
Investor Company Count Country
1 Jump Capital 17 United States
2 AU21 16 China
2 Andreessen Horowitz 16 United States
4 X21 15 United States
5 Basics Capital 10 Singapore
5 Shima Capital 10 United States
7 Electric Capital 9 United States
7 Fenbushi Capital 9 China
7 HashKey Capital 9 Hong Kong
10 Cadenza Ventures 8 United States
10 Magnus Capital 8 Netherlands
10 Paradigm 8 United States
10 ZBS Capital 8 Ukraine
65
Global: Top VCs by median Mosaic score of companies in 2021

Score Score
1 Breyer Capital 900 United States 880 890 940 510
2 DST Global 870 Hong Kong 920 810 960 560
3 Sequoia Capital 860 United States 960 770 935 520
3 Valar Ventures 860 United States 910 750 960 385
5 Accel 850 United States 955 720 935 410
5 Bessemer Venture Partners 850 United States 955 750 960 570
5 Liberty City Ventures 850 United States 945 720 855 570
8 WestCap Group 840 United States 970 715 940 570
9 10T Fund 830 United States 970 970 860 530
10 Blockchain Capital 815 United States 840 730 960 560
66
Global: Top CVCs by company count in Q4'21
Investor Company Count Country
1 Coinbase Ventures 16 United States
2 Huobi Ventures 9 Seychelles
3 Kardia Ventures 6 Vietnam
4 Crypto.com Capital 4 Hong Kong
4 HG Ventures 4 United States
4 Yield Guild Games Ventures 4 Philippines
7 Alameda Research Ventures 3 Hong Kong
7 Ethereal Ventures 3 United States
7 OK Blockchain Capital 3 Hong Kong
7 Samsung NEXT 3 United States
7 ViaBTC Capital 3 China
7 gumi Cryptos 3 Japan
67
Global: Top CVCs by median Mosaic score of companies in 2021

Score Score
1 PayPal Ventures 850 United States 940 700 960 570
2 Kraken Ventures 835 United States 860 715 950 570
3 SCB 10X 805 Thailand 860 665 960 510
4 Coinbase Ventures 745 United States 780 670 960 530
5 ViaBTC Capital 740 China 710 720 830 475
6 Crypto.com Capital 730 Hong Kong 690 670 960 480
7 gumi Cryptos 720 Japan 730 595 960 390
8 Huobi Ventures 715 Seychelles 690 690 960 420
9 Kardia Ventures 695 Vietnam 625 615 930 380
10 Ethereal Ventures 670 United States 730 720 960 425
10 Samsung NEXT 670 United States 745 690 870 570
68
Global: Top investor pairs by number of shared companies in 2021
Investor 1 Investor 2 2021 Shared Portfolio Companies Investor 1 Country Investor 2 Country
1 X21 AU21 16 United States China
2 Genblock AU21 12 United States China
3 AU21 Moonwhale Ventures 11 China Singapore
3 GBV Capital AU21 11 Hong Kong China
3 Shima Capital AU21 11 United States China
6 ParaFi Capital Coinbase Ventures 10 United States United States
7 Momentum 6 AU21 8 United States China
7 X21 Genblock 8 United States United States
69
Collection Spotlights
2021
70
Exchanges & Brokerages
COLLECTION SPOTLIGHTS | 2021
71
Global funding to crypto exchanges & brokerages surges to $6.4B in 2021
$7,000M Funding 120

$6,424M
103
$6,000M
100
Deals
108
$5,000M
80
73
$4,000M
60
50
$3,000M
43
36 40
$2,000M
26
$863M 20
$1,000M
$510M
$377M
$277M
$135M $83M
$0M 0
2015 2016 2017 2018 2019 2020 2021
72
Funding dollars hit new record in Q4’21, up 22% QoQ
$3,000M 50
45
Funding45
$2,500M $2,403M
40
$1,966M 35
$2,000M
30 30
30
24
$1,500M
22
23 Deals
25
21
20 24
$1,170M
20
17 17 17
$1,000M 15 15 15
$884M
13 13 15
11 11
10
8 10
7 7
$500M 6 6 6 $396M
5 $316M $351M
$159M 5
$150M $148M $131M
$80M $62M 1 $67M $84M
$37M $11M $14M $35M $45M $20M $21M $46M $51M
$7M $7M $8M
$0M 0
2015 2016 2017 2018 2019 2020 2021
73
US leads funding in Q4’21, followed by LatAm and Asia
$1,513M
$484M
$1,211M
$306M
$352M $29M
$265M
$183M
$8M $16M
$0M $5M $0M $1M $0M $0M $0M $3M
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
74
Asia overtakes US in share of global deals in Q4’21
7% 7% 8% 6% 7% All Other Regions, 8%

9% 10% 12% 10%
15% 14% 13% 14% 15%
18% 17% 17%
20%
24%
20% 19%
8% 12%
7%
17%
Canada, 4%
29% 13% 13% 11% 17%
10% 10%
33%
18% 13%
18%
9%
10% LatAm, 13%
9% 14%
15% 7% 7% 15%
17% 10% 23%
6% 13% 9% 13%
19% 13%
8% 14% 14% 12%

29% Europe, 17%
18%
18%
27% 40% 40%
8% 50% 17% 35%
38% 30%
40% 31% 22% 25%
9% 100% 47% 27%
71%
29% Asia, 33%
9% 24% 43% 55%
29%
60%
67%
9%
57% 59% 20% 20%
54%
17% 50%
45% 31% 43%
40% 40% 42%
38% 37%
33%
27% 29% 29% 27%
24% US, 25%
19% 20% 20%
17%
14%
7% 9% 8%
2015 2016 2017 2018 2019 2020 2021
75
Average and median deal sizes climb to all-time highs in 2021
$68M
$26M
$14M
$10M $10M
$5M $6M
$5M $4M $3M $3M $3M
$1M $1M
2015 2016 2017 2018 2019 2020 2021

76
Mid- and late stages gain share of total deals in 2021
6% 8% 7% Other, 5%
10%
15%
12%
11% 9% 8% Late-stage, 15%
7%
12% 22%
14%
Mid-stage, 18%
6%
83%
80% 78%
73%
70%
62% Early-stage, 63%
2015 2016 2017 2018 2019 2020 2021
77
Exchanges & Brokerages: Top equity deals in Q4'21

Round Round % of Total
Date Valuation Funding
Growth Equity WestCap Group, Bessemer Venture Partners,
1 NYDIG $1.0B
2021-12-14
$7.0B
FinTech Collective, MassMutual, Morgan Stanley
United States 41.6%

2 FTX $421M
2021-10-21
$25.0B
Bahamas 17.5%
Series A Morgan Creek Digital, 10T Fund, Jane Street Group,

3 Gemini $400M
2021-11-19
$7.1B
K5 Global Technology, Marcy Venture Partners
United States 16.6%
Series C Andreessen Horowitz, Coinbase Ventures,

2021-10-06
$1.9B
Paradigm, Ribbit Capital, Sequoia Capital India
India 10.8%
Series A Accomplice, Agman Partners, Alphemy Capital, CMT

5 CoinList $100M
2021-10-15
$1.5B
Digital, Continue Capital
United States 4.2%
Series B
2021-11-12
N/A Middle East Venture Partners, Paradigm Bahrain 3.1%
Series B
7 Mercado Bitcoin $50M
2021-11-30
N/A 10T Fund, Tribe Capital, PIPO Capital, TC, Endeavor Brazil 2.1%
Series A
8 BitMart $14M
2021-11-24
N/A N/A Cayman Islands 0.6%
Series A Framework Venture Partners, Placeholder Capital,

9 Futureswap $12M
2021-10-11
N/A
Ribbit Capital, True
United States 0.5%
Series A Nuance Capital, Alvarium, Even Capital, GDP

9 Easy Crypto $12M
2021-10-06
N/A
Venture, Hutt Capital
New Zealand 0.5%
78
3 unicorns born in Q4’21 as total count hits 14
Total Unicorns, 14
11
3 3
2
New Unicorns, 3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017 2018 2019 2020 2021
79
M&A and IPO exits rise slightly in 2021
M&A, 6
5
IPO, 2
2015 2016 2017 2018 2019 2020 2021
80
Q4’21 sees 4 M&A exits and 1 IPO
M&A, 4
1 1 1
IPO, 1
2015 2016 2017 2018 2019 2020 2021
81
Custody & Wallets
82
STATE OF BLOCKCHAIN | COLLECTION SPOTLIGHTS | CUSTODY & WALLETS
Global funding to custody and wallet providers grows to $6.3B in 2021
$7,000M Funding 90
$6,319M
80
$6,000M
70
Deals
$5,000M 77
57 60
$4,000M
50
42
39
40
$3,000M
26 30
$2,000M
20
20
11 $1,017M
$910M
$1,000M
10
$337M $357M
$125M $87M
$0M 0
2015 2016 2017 2018 2019 2020 2021
83
Funding reaches new record in Q4’21 at $2.4B, while deals are down QoQ
$3,000M 25
23
21 Funding
$2,500M 20 $2,413M
19 20
$2,000M
15
14 14
Deals
15
13
$1,552M
15
$1,500M
11 11
10 $1,263M
9 $1,091M 10
7 8 8 8
$1,000M
6 6 6
5 5
4 4 4 $561M
5
$500M 3 $368M
2 $306M
1 $117M
$168M $156M $195M $119M $109M
$175M
$79M $73M $105M $106M
$61M
$25M $17M $4M $2M $11M $11M $41M $23M
$2M
$0M 0
2015 2016 2017 2018 2019 2020 2021
84
US leads in funding with a huge Q4’21, Asia a distant second
$2,357M
$543M
$9M
$330M
$0M
$45M $271M
$0M $210M $2M
$17M $51M $21M $16M
$0M $0M $0M $0M
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
85
US continues to lead in deal share in Q4’21, Asia grows share
7% 5% All Other Regions, 7%

9%
17% 17%
13% 13%
5% LatAm, 0%
25% 25%
20%
25%
21% 23% Canada, 0%
29% 19% 27%
33%
38% 16%
Europe, 13%
40%
27% 44% 45%
17% 50% 50% 25% 50%
20% 43%
63% 48%
33% 23%
25% 25% 47% 21% Asia, 33%
36% 33%
36%
100% 50% 43%
15%
38% 38% 10%
40% 33%
13%
67% 67% 33%
64% 13%
60%
54% 53%
50% 50% 50% 50% 50%
43% 43%
US, 47%
40% 40% 40%
36%
29% 30%
25% 22% 25% 25% 25%
20%
17%
2015 2016 2017 2018 2019 2020 2021
86
Average deal size skyrockets to $92M in 2021
$92M
$33M
$25M
$20M
$17M $17M
$13M
$10M
$8M
$6M
$4M
$3M
$1M $2M
2015 2016 2017 2018 2019 2020 2021

87
Late-stage deals gain share of total deals in 2021
5% Other, 3%
10% 9% 12% 10% 10%
11% Late-stage, 17%
8% 10% 8%
18%
9%
14%
19%
26% Mid-stage, 23%
90%
73% 75%
67%
62%
2015 2016 2017 2018 2019 2020 2021
88
Custody & Wallets: Top equity deals in Q4'21

Company Round Valuation Select Investors Country
Amount Date Funding
1 NYDIG $1.0B
2021-12-14
$7.0B
United States 41.4%
Series E
2 Fireblocks $400M
2021-12-02
$8.0B Sequoia Capital United States 16.6%
Series A Morgan Creek Digital, 10T Fund, Jane Street Group, K5

2 Gemini $400M
2021-11-19
$7.1B
Global Technology, Marcy Venture Partners
United States 16.6%
Series D KKR, Andreessen Horowitz, Blockchain Capital, Elad Gil,

2021-12-15
$3.0B
Alameda Research
United States 14.5%
Venture Capital Animoca Brands, Coinbase Ventures, DeFiance Capital,

5 ConsenSys $200M
2021-11-17
$3.2B
Dragonfly Capital Partners, Electric Capital
United States 8.3%
Series B Jump Capital, Wamda Capital, Digital Currency Group, United Arab
6 BitOasis $30M
2021-10-05
N/A
Pantera Capital, Alameda Research Emirates
1.2%
Series A Animoca Brands, Borderless Capital, Cell Rising, Kenetic

7 Hex Trust $10M
2021-10-04
N/A
Capital, QBN Capital
Hong Kong 0.4%
Seed VC
8 Parfin $6M
2021-12-08
N/A Valor Capital Group, Alexia Ventures United Kingdom 0.3%
Series B
8 Polysign $6M
2021-11-19
N/A Blockchain.com, Cowen, Ian McKinnon, Race Capital United States 0.2%
Series A
10 Ginco $5M
2021-11-30
N/A DBJ Capital, Mitsubishi UFJ Capital, Miyako Capital Japan 0.2%
89
3 unicorns born in Q4’21, total reaches 11
Total Unicorns, 11
3 3
New Unicorns, 3
2 2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017 2018 2019 2020 2021
90
M&A, IPO, and SPAC exits all tick up in 2021
M&A, 7
SPAC, 1
IPO, 1
2015 2016 2017 2018 2019 2020 2021
91
Only 1 M&A and 1 SPAC exit in Q4’21
2 2 2
1 SPAC, 1
M&A, 1
IPO, 0
2015 2016 2017 2018 2019 2020 2021
92
NFTs
93
Global funding to NFT startups explodes in 2021, up 130x to reach $4.8B
$6,000M 350
Funding
300
$5,000M $4,802M
250
$4,000M
200
Deals
$3,000M 259
150
$2,000M
100
$1,000M
50
$56M $64M
$7M 21
$2M $3M 11
10
2 1 2 $37M
$0M 0
2015 2016 2017 2018 2019 2020 2021
94
Deals and dollars to NFT companies reach new heights in Q4’21
$2,500M Funding140
$2,276M
Deals
120
$2,000M
126
100
$1,500M
$1,367M 80
57
54 60
$1,000M
40
$677M
$500M 22
12 20
5 4
3 4 3 $482M
1 1 1 1 1 2 1 3
$12M 3 2 $20M
$6M $0M $2M $0M $3M $12M $31M $0M $28M $13M $22M $1M $7M $9M
$0M 0
2015 2016 2017 2018 2019 2020 2021
95
US funding jumps to $1.8B in Q4’21, followed by Asia and Europe
$1,814M
$80M
$689M
$324M
$39M
$326M
$252M
$74M $10M $7M
$1M $0M $0M $0M $2M $0M $0M $25M
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
96
Asia and Europe gain deal share on the US in Q4’21
All Other Regions, 3%

9%
Canada, 6%
20% LatAm, 2%
25% 25%
12%
33% 33% 33% 33% 33% 26%
Europe, 14%
18%
50%
18%
25% 14%
Asia, 31%
31%
100% 100% 100% 100% 100% 100% 33% 100% 50%
50%
80%
25%
67% 67% 67%
61%
55%
50%
39%
US, 44%
33%
25% 25%
17%
2015 2016 2017 2018 2019 2020 2021
97
Average deal size jumps to $22M in 2021
$22M
$7M
$6M $6M
$4M
$3M
$2M $2M
2018 2019 2020 2021

98
Early-stage deal share continues to dominate
10% 9% Other, 6%
19% Late-stage, 2%
9%
10% Mid-stage, 3%
100% 100% 100%
Early-stage, 89%
80% 82%
76%
2015 2016 2017 2018 2019 2020 2021
99
NFTs: Top equity deals in Q4'21

Series B Kora Management, Sea Capital, Andreessen Horowitz, Animoca
1 Forte Labs $725M
2021-11-12
N/A
Brands, Big Bets
United States 31.9%

2 MoonPay $555M
2021-11-22
$3.4B
Associates, Blossom Capital, Paradigm
United States 24.4%
Series B
3 Sky Mavis $152M
2021-10-04
$3.0B Andreessen Horowitz, Accel, Fabric Ventures, FTX, Paradigm Vietnam 6.7%
Series C Andreessen Horowitz, 01 Advisors, Alumni Ventures Group,

2021-11-04
$1.2B
Javelin Venture Partners, Struck Capital
United States 6.6%
Series A Insight Partners, SoftBank Group, Chaos Ventures, Com2uS,

5 candy.com $100M
2021-10-21
$1.5B
Connect Ventures
United States 4.4%
Private Equity Liberty City Ventures, Com2uS, Dragonfly Capital, Sequoia

6 Animoca Brands $65M
2021-10-20
$2.3B
Capital China, Summer Capital
Hong Kong 2.9%
Series A Andreessen Horowitz, Paradigm, Coinbase Ventures,

7 Royal $55M
2021-11-22
N/A
Chainsmokers, Kyrre Gorvell-Dahll
United States 2.4%
Series B
8 Palm $27M
2021-12-10
N/A M12, Griffin Gaming Partners, RRE Ventures, Sfermion, The LAO United States 1.2%
Undisclosed
9 Dapper Labs $23M
2021-12-15
N/A N/A Canada 1.0%
Series A Future Perfect Ventures, Ancient, CMT Digital, Connect Ventures,

10 Mojito $20M
2021-10-22
$100M
Moore Strategic Ventures
United States 0.9%
Seed VC Coinko, GD10 Ventures, Polychain Capital, TABLE Management,

2021-11-23
$300M
Carter Reum
Switzerland 0.9%
100
Q4’21 sees 4 unicorn births, doubling the total count
Total Unicorns, 8
4
New Unicorns, 4
2 2
1
1 1
Q1 Q2 Q3 Q4
2021
101
M&A exits reach record high in 2021
M&A, 6
IPO, 0
2015 2016 2017 2018 2019 2020 2021
102
Q4’21 sees 1 M&A exit
2 2
1
M&A, 1
IPO, 0
2015 2016 2017 2018 2019 2020 2021
103
DeFi
104
Global funding to DeFi startups reaches $3.4B in 2021, up nearly 10x YoY
$4,000M 300
Funding
$3,500M $3,376M
250
$3,000M
Deals
240 200
$2,500M
$2,000M 150
124
$1,500M
100
$1,000M 65
57
50
$500M $634M
5 $351M $355M
4 14
$61M $71M
$10M
$0M 0
2015 2016 2017 2018 2019 2020 2021
105
Dollars to DeFi startups hit new record in Q4’21, deals down QoQ
$1,800M 80
72
Funding
$1,600M
$1,571M
70
64
$1,400M
56 60
$1,200M 50
Deals
50
44
$1,000M
$968M 48
40
$800M
30
$600M 24
20
$425M $412M
16 16 20
$400M 15 14 14
13 12
$221M 8
$200M 3 6 $326M $157M $146M $148M 10
2 2 5
1 1 2
$59M $60M $1M $59M $72M $76M $46M
1 $29M $25M $37M
$2M $6M $6M $7M
$2M
$0M 0
2015 2016 2017 2018 2019 2020 2021
106
US extends lead in funding in Q4’21 with a $1.3B quarter
$1,277M
$242M
$206M
$26M
$20M $36M $6M
$77M $67M
$4M $2M $18M $0M $14M $0M $1M $0M $12M
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
107
Asia overtakes US in global DeFi deal share in Q4’21
7% 6% 7% 8%
10% 8% 6% All Other Regions, 10%
17% 15% 11% 7%
20% 21% 13% 19% 11%
13% 25% 6% Canada, 4%
10%
17% 18% LatAm, 4%
17%
7% 17%
50% 50% 17% 38% 36% 18%
21% Europe, 17%
20% 31% 32%
67%
30%
25% 38%
43% 33%
40% 33% 25%
100% 100% 100% 100% 30%
Asia, 33%
20%
31%
73%
67%
60% 63%
57%
54%
50% 50% 50% 50%
44% 42% 42%
36% 36% 38%
34% 34%
33% US, 31%
25%
2015 2016 2017 2018 2019 2020 2021
108
Average DeFi deal size quadruples YoY, median deal size doubles
$16M
$14M
$7M
$4M
$3M
$4M $4M
$2M
$1M $1M
2017 2018 2019 2020 2021

109
Early-stage deal share continues to dominate
7% 6% 7% Other, 5%
14% Late-stage, 4%
20%
Mid-stage, 7%
50%
40%
89% 91% 89%

50%
40%
2015 2016 2017 2018 2019 2020 2021
110
DeFi: Top equity deals in Q4'21

Date Valuation Funding
Series B
2021-10-12
$3.0B Caisse de depot et placement du Quebec, WestCap Group United States 25.5%
Series B - II
2021-12-14
$3.5B N/A United States 22.3%
Series C Andreessen Horowitz, Lightspeed Venture Partners,

3 Alchemy $250M
2021-10-28
$3.5B
Redpoint Ventures, Addition, Coatue Management
United States 15.9%

4 ConsenSys $200M
2021-11-17
$3.2B
United States 12.7%
Series B Woori Technology Investment, BOKWANG Venture Capital,

5 Lambda 256 $59M
2021-12-13
N/A
DSC Investment, Hanwha Systems, KB Investment
South Korea 3.8%
Series C
6 StarkWare $50M
2021-11-17
$2.0B Sequoia Capital Israel 3.2%
Series A Polychain Capital, Andreessen Horowitz, Advanced

7 Element Finance $32M
2021-10-19
$320M
Blockchain, Rarestone Capital, Republic
United States 2.0%
Series A
7 Uberstate $32M
2021-12-06
N/A Raises.com Canada 2.0%
Series A 3Commas, AntAlpha, AscendEX, Avalanche Asia Star Fund,

9 WOO Network $30M
2021-11-09
N/A
BitMart
Taiwan 1.9%
Seed VC Sequoia Capital China, Circle, Coinbase Ventures,

10 DeBank $25M
2021-12-28
$200M
Crypto.com Capital, Dragonfly Captial
Singapore 1.6%
111
4 new DeFi unicorns in Q4’21 bring the total count to 7
Total Unicorns, 7
New Unicorns, 4
3
1 1 1 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2019 2020 2021
112
M&A exits heat up to new high of 14
M&A, 14
IPO, 2
2019 2020 2021
113
Q4’21 sees 3 M&A deals and 1 IPO
4 4
M&A, 3
1
IPO, 1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021
114
Geographic Trends
2021
115
US Trends
GEOGRAPHIC TRENDS | 2021
116
US funding grows 729% YoY to reach $14.1B, deals more than double
$16. 0B 600
Funding
$14.1B
$14. 0B
500
$12. 0B Deals
515
400
$10. 0B
311
$8.0B 272 300
221
$6.0B
200
139
$4.0B
98
80 $2.2B 100
$2.0B $1.5B $1.7B
$0.5B $0.7B
$0.4B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
117
US funding doubles QoQ, soaring to an all-time high of $6.3B in Q4’21
$7,000M Funding180
$6,260M
147
Deals
160
$6,000M
157
140
$5,000M 118
120
$4,000M 93 100
88 87 $3,072M
82
79 $3,070M
80
$3,000M
64 66
62 63
58 58
55 54 60
46
$2,000M $1,731M
32 30 30 40
29
26
22 22
$1,000M 18 17 18 $835M
15 $602M $547M $653M
$482M $531M 20
$326M $336M $408M
$294M
$205M $134M
$96M $53M $105M $113M $87M $77M $62M $142M $136M
$227M $187M $277M
$0M 0
2015 2016 2017 2018 2019 2020 2021
118
Early-stage deal share ticks up to 75% in 2021
10%
14% 13%
Other, 10%
17% 15% 16%
Late-stage, 6%
8% 5%
8% 7% 5% Mid-stage, 10%
6%
10%
79%
75% 76% 74% 74% Early-stage, 75%
69%
2015 2016 2017 2018 2019 2020 2021
119
US: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
1 NYDIG $1.0B
2021-12-14
$7.0B
16.0%

2 Forte Labs $725M
2021-11-12
N/A
11.6%

3 MoonPay $555M
2021-11-22
$3.4B
8.9%
Series B Caisse de depot et placement du Quebec, WestCap

2021-10-12
$3.0B
Group
6.4%
Series E
4 Fireblocks $400M
2021-12-02
$8.0B Sequoia Capital 6.4%
Series A Morgan Creek Digital, 10T Fund, Jane Street Group, K5

4 Gemini $400M
2021-11-19
$7.1B
Global Technology, Marcy Venture Partners
6.4%

2021-12-15
$3.0B
Alameda Research
5.6%
Series B - II
2021-12-14
$3.5B N/A 5.6%

9 Alchemy $250M
2021-10-28
$3.5B
4.0%

10 ConsenSys $200M
2021-11-17
$3.2B
3.2%
120
US blockchain companies see record exit activity in 2021
M&A, 27
16
1 SPAC, 1
IPO, 1
2015 2016 2017 2018 2019 2020 2021
121
US sees first blockchain SPAC exit in Q4'21, M&A deals remain elevated
10
M&A, 8
4
3
1
SPAC, 1
IPO, 0
2015 2016 2017 2018 2019 2020 2021
122
US: Top investors by company count in Q4'21
Investor Company Count Investor Group
1 Jump Capital 17 VC
2 Andreessen Horowitz 16 VC
2 Coinbase Ventures 16 CVC
4 X21 15 VC
5 Genblock 10 Asset/Investment Management
5 Shima Capital 10 VC
5 Tiger Global Management 10 Asset/Investment Management
8 CMT Digital 9 Asset/Investment Management
8 Electric Capital 9 VC
8 Momentum 6 9 Corp
8 Sfermion 9 Asset/Investment Management
123
New York
124
New York blockchain funding soars to record $3.2B in Q4’21
$3,500M Funding40
$3,158M
$3,000M 33 Deals
35
35
27 30
$2,500M
25
25
$2,000M 21 21
18 18 20
17
16
$1,500M 15
$1,243M 15
12 $1,184M
12 12
11
$1,000M $936M
9
8 8 8 10
7
6
5 5 5
$500M 4 4 4 $386M $428M
3 5
$124M $140M $108M $78M $131M
$72M $87M $106M $48M $78M $56M $59M
$0M $27M $1M $21M $20M $3M $21M $7M $7M $30M
$0M 0
2015 2016 2017 2018 2019 2020 2021
125
Early-stage deal share down to 57%
5%
12% 11%
5%
17% 17% 17% Other, 18%
7% 9%
6%
13% 7%
7% Late-stage, 13%
22%
Mid-stage, 12%
90%
78%
75%
71% 71%
2015 2016 2017 2018 2019 2020 2021
126
New York: Top equity deals in Q4'21
Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date
WestCap Group, Bessemer

Growth Equity Venture Partners, FinTech
1 NYDIG $1.0B
2021-12-14
$7.0B
Collective, MassMutual, Morgan
31.7%
Stanley
Series B Caisse de depot et placement du

2021-10-12
$3.0B
Quebec, WestCap Group
12.7%
Series E
2 Fireblocks $400M
2021-12-02
$8.0B Sequoia Capital 12.7%
Morgan Creek Digital, 10T Fund,

Series A Jane Street Group, K5 Global
2 Gemini $400M
2021-11-19
$7.1B
Technology, Marcy Venture
12.7%
Partners
Series B - II
2021-12-14
$3.5B N/A 11.1%
127
Silicon Valley
128
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | SILICON VALLEY
Silicon Valley funding jumps to $1.7B in Q4’21 even as deals dip QoQ
$2,000M 45
Funding
$1,800M 39 $1,733M40
$1,600M Deals
35
31 35
$1,400M 30
29 29
30
27
$1,200M
24
25
22 $996M
$1,000M 21 21
$913M
18 20
17
$800M 15 16
15
14 14
15
$600M 12 12 12
10 $474M
$418M
10
$400M 7 7 7 10
5 $274M
$192M 4 $198M
$200M $146M 5
$87M $74M
$109M $109M
$63M $85M $111M $79M $53M $73M $64M
$47M $24M $25M $33M $28M $48M
$8M $9M
$0M 0
2015 2016 2017 2018 2019 2020 2021
129
Mid-stage deal share ticks up to 18% in 2021
7% 6% 7%
Other, 3%
8%
9% 11% Late-stage, 5%
5%
8% 12% 6%
14%
13%
5% Mid-stage, 18%
11%
83% 81% 80%

77% 75%
2015 2016 2017 2018 2019 2020 2021
130
Silicon Valley: Top equity deals in Q4'21
Round % of Total
Date Funding

1 Forte Labs $725M
2021-11-12
N/A
41.8%

2021-12-15
$3.0B
Alameda Research
20.2%

3 Alchemy $250M
2021-10-28
$3.5B
14.4%
Series A Accomplice, Agman Partners, Alphemy Capital, CMT

4 CoinList $100M
2021-10-15
$1.5B
Digital, Continue Capital
5.8%
Series B Tiger Global Management, Jump Capital, PayPal

5 TRM Labs $60M
2021-12-07
N/A
Ventures, American Express Ventures, Block
3.5%
131
Miami
132
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | MIAMI
Funding to Miami blockchain startups reaches record-high $624M in Q4’21
$700M 10
Funding
$624M
9
$600M
Deals
8
8
$500M 7
6
$400M
5
5
4
$300M
4
$200M 3
2
$120M 2
$100M 1 1 1 1 1
1
$18M
$1M $5M $1M $0M
$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2019 2020 2021
133
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | MIAMI
Miami: Top equity deals in Q4'21
Round % of Total
Date Funding

1 MoonPay $555M
2021-11-22
$3.4B
89.0%
Tiger Global Management, Arrington XRP Capital,

Series A
2 QuikNode $35M
2021-10-26
N/A Crossbeam Venture Partners, Seven Seven Six, Soma 5.6%
Capital
Series A FTX, Lightspeed Venture Partners, Andreessen Horowitz,

3 Faraway $21M
2021-11-04
N/A
Sequoia Capital, Jump Capital
3.4%
Seed VC Acrylic, Castle Island Ventures, Coinbase Ventures,

4 Meow $5M
2021-11-08
N/A
Gemini, Jump Capital
0.8%
Seed VC SoftBank Group, DeFiance Capital, Gate.io, Gerstenbrot

5 Mean DAO $4M
2021-11-29
N/A
Capital, MEXC
0.6%
134
Los Angeles
135
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | LOS ANGELES
Los Angeles blockchain funding hits $221M in Q4’21
$350M 20
18 Deals
$308M 17 18
$300M
16
Funding
$250M
13 $221M 14
$217M
12
$200M
10
$157M
$150M
7 7 7 8
6 6
$100M 5 5 6
4 4 4 4 4
3 3 3 4
$50M 2 $43M 2
$30M
1 1 $22M 1 2
$18M $14M $16M $13M $17M
$8M $6M $7M $10M
$22M $1M $1M $4M
$0M $0M $3M
$0M 0
2015 2016 2017 2018 2019 2020 2021
136
Mid-stage deals appear on the board, nabbing 11% deal share in 2021
Other, 2%
13% Late-stage, 4%
19%
Mid-stage, 11%
30%
40% 40%
10%
100%
87%
Early-stage, 84%
71% 70%
60% 60%
2015 2016 2017 2018 2019 2020 2021
137
Los Angeles: Top equity deals in Q4'21
Round % of Total
Date Funding
Series C Andreessen Horowitz, 01 Advisors, Alumni Ventures

2021-11-04
$1.2B
Group, Javelin Venture Partners, Struck Capital
67.8%
Series A Multicoin Capital, Alameda Research Ventures,

2 RNDR $30M
2021-12-21
N/A
Sfermion, Bill Lee, Solana Foundation
13.6%
Seed VC Bertelsmann Digital Media Investments, Greycroft,

3 Danvas $7M
2021-12-14
N/A
Lerer Hippeau, UTA Ventures, Vaynerfund
3.2%
Series A Mimesis Capital, Ten31, HCM Capital, Lightning

4 Swan Bitcoin $6M
2021-11-22
N/A
Ventures, Plan B Ventures
2.7%
Seed VC Animoca Brands, Alameda Research, Alumni Ventures

5 PIXELYNX $5M
2021-12-06
N/A
Group, HyperEdge, Republic Realm
2.0%
138
Canada Trends
139
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | CANADA TRENDS
Canada blockchain funding grows over 50x YoY to top $1.3B
$1,600M 56
Funding
$1,400M $1,340M
46
$1,200M
Deals
46 36
$1,000M
$800M 26
22
21
17
$600M
16
12
$400M
7
6
6
$200M
$86M $73M
$51M $34M $52M
$25M
$0M -4
2015 2016 2017 2018 2019 2020 2021
140
Canada deals reach new high, funding remains elevated despite QoQ dip
$600M Deals 18
16
$520M 16
15
$500M
14
$400M Funding
12
10 $343M
9 9 10
$300M $423M
8
7 7 8
6
6
$200M 5 6
4 4 4
3 3 3 3 3 4
$100M 2 1 2
$50M $51M $54M 2
1
$31M $34M $28M
$55M $15M $22M
$6M $6M $14M
$1M $0M $0M $0M $1M $2M $3M $3M
$0M 0
2015 2016 2017 2018 2019 2020 2021
141
Mid- and late stages gain share of total deals in 2021
10% 12% Other, 11%

18%
6%
33% 33% Late-stage, 11%
43%
9% Mid-stage, 9%
8%
17%
8%
14%
81% 82%
50% 50%
43%
2015 2016 2017 2018 2019 2020 2021
142
Canada: Top equity deals in Q4'21

Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date
Series C Thoma Bravo, Avon Ventures, B Capital Group,
1 Figment $110M
2021-12-20
$1.4B
Bitstamp, DTCP
32.1%
Series B 10T Fund, Alan Howard, CMT Digital, Coinbase

2 Ledn $70M
2021-12-15
$540M
Ventures, Global Founders Capital
20.4%
Unattributed VC
3 Parallel $50M
2021-10-21
$500M Paradigm 14.6%
Series A
4 Uberstate $32M
2021-12-06
N/A Raises.com 9.3%
Undisclosed
5 Dapper Labs $23M
2021-12-15
N/A N/A 6.7%
Series A
6 Shakepay $20M
2021-12-22
N/A QED Investors 5.8%
Seed VC Ascensive Assets, Bitcoin.com, GFS Ventures,

7 OP Games $9M
2021-10-07
N/A
Mechanism Capital, Mentha Capital
2.5%
Seed VC
8 Bootes $8M
2021-12-18
N/A GE Capital, KMMT Capital 2.3%
Undisclosed
9 Dapper Labs $6M
2021-12-09
N/A N/A 1.9%
Seed VC Paradigm Capital Investment Company, Framework

10 ArenaX Labs $5M
2021-10-27
N/A
Venture Partners
1.5%
143
M&A and IPO exits see slight uptick in 2021
M&A, 5
4
IPO, 3
2015 2016 2017 2018 2019 2020 2021
144
Exits remain flat QoQ in Q4'21
3 3
1 1 M&A, 1
IPO, 1
1
2015 2016 2017 2018 2019 2020 2021
145
Canada: Top investors by company count in Q4'21
Investor Company Count Investor Group
1 Dapper Labs 9 Corp
2 Contango Digital Assets 2 VC
2 David Hoffman 2 Angel
2 Framework Venture Partners 2 VC
2 Tendermint Ventures 2 CVC
146
Asia Trends
147
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | ASIA TRENDS
Asia blockchain funding increases more than 4x YoY to reach $2.9B
$3,500M 379 400

377
Funding
$3,000M $2,926M 350
300
$2,500M Deals
319
228 250
$2,000M
200
$1,580M
$1,500M
150
$992M
$1,000M
91
100
$719M
$500M 41
30 $341M 50
$301M
$30M
$0M 0
2015 2016 2017 2018 2019 2020 2021
148
Asia dollars reach all-time quarterly high of $1.3B
137 Funding
$1,400M
$1,317M140
122
$1,200M 112 120
Deals
108
$1,000M 100
90
85 83
81
78
$800M 65 80
$670M
63
59 60 $699M
58 56
$600M 60
$493M $504M $491M
46
$420M
$400M 40
30
26 $280M
$247M
$224M $221M
18 17
$200M 14 $166M $158M 20
10 9 10 10 $114M $128M
$137M $137M $129M $148M
6 5 7 $70M
$29M
$4M $6M $13M $10M $56M $11M
$0M $7M 0
2015 2016 2017 2018 2019 2020 2021
149
Early-stage deal share inches up to 80%, mid-stage grows share
7% 8%
Other, 4%
11% 9%
7% Late-stage, 6%
7% 13% 8%
6% 8%
Mid-stage, 11%
7%
8%
90%
78%
75%
81% 82% 79% Early-stage, 80%
2015 2016 2017 2018 2019 2020 2021
150
Asia: Top equity deals in Q4'21

Series C Andreessen Horowitz, Coinbase Ventures, Paradigm, Ribbit
2021-10-06
$1.9B
Capital, Sequoia Capital India
India 19.7%
Series B
2 Sky Mavis $152M
2021-10-04
$3.0B Andreessen Horowitz, Accel, Fabric Ventures, FTX, Paradigm Vietnam 11.5%
Series B Accel, Andreessen Horowitz, Skyfall Ventures, Amplify

3 Nansen $75M
2021-12-16
$750M
Partners, GIC
Singapore 5.7%
Series B
2021-11-12
N/A Middle East Venture Partners, Paradigm Bahrain 5.7%
Private Equity Liberty City Ventures, Com2uS, Dragonfly Capital, Sequoia

5 Animoca Brands $65M
2021-10-20
$2.3B
Capital China, Summer Capital
Hong Kong 4.9%
Series B Woori Technology Investment, BOKWANG Venture Capital,

6 Lambda 256 $59M
2021-12-13
N/A
DSC Investment, Hanwha Systems, KB Investment
South Korea 4.5%
Series B Hack VC, Polychain Capital, AcheronTrading, Alameda

7 AscendEX $50M
2021-11-04
N/A
Research, Eterna Capital
Singapore 3.8%
Series C
7 StarkWare $50M
2021-11-17
$2.0B Sequoia Capital Israel 3.8%
Series B
9 Lightnet $48M
2021-11-02
N/A N/A Thailand 3.6%
Corporate Minority
10 Bamboo $33M
2021-12-27
$126M Majic Malaysia 2.5%
151
M&A exits remain flat at 11
11
M&A, 11
IPO, 0
2015 2016 2017 2018 2019 2020 2021
152
Q4’21 sees M&A rebound
M&A, 5
4
1
1
IPO, 0
2015 2016 2017 2018 2019 2020 2021
153
Asia: Top investors by company count in Q4'21
2 AU21 16 VC China
4 Basics Capital 10 VC Singapore
4 ExNetwork 10 Asset/Investment Management Philippines
6 DeFiance Capital 9 Asset/Investment Management Singapore
6 Fenbushi Capital 9 VC China
6 HashKey Capital 9 VC Hong Kong
9 Polygon 8 Corp India
154
Europe Trends
155
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | EUROPE TRENDS
Funding to blockchain startups in Europe hits record $3.4B in 2021
$4,000M 320
Funding
$3,500M
$3,442M
270
$3,000M
Deals 220
264
$2,500M
167
159 170
148
$2,000M
120
$1,500M
72
70
$1,000M 41 43
$808M
$570M
$439M 20
$500M
$253M
$67M $40M
$0M -30
2015 2016 2017 2018 2019 2020 2021
156
Europe deals reach all-time high in Q4'21, funding drops QoQ to $560M
$1,400M Deals 80
74
70
67 70
$1,200M $1,154M
53 60
$1,000M
51 $915M
46 $812M 50
$800M 42 43 43
40
38 37 37
Funding40
33 33
$600M 31 $560M
30
21 20 20
$400M
16 20
15 $264M $268M
13
10 11 11
9 $170M $190M
$200M $158M $165M
7 $130M 10
$105M $102M $120M
$80M $78M $95M
3 $58M
$38M $50M
$20M $16M $27M $20M $10M $7M
$3M
$2M
$0M 0
2015 2016 2017 2018 2019 2020 2021
157
Early-stage deal share inches up to 85%
8% 9%
6% 8% Other, 6%
7%
Late-stage, 5%
11% 6% Mid-stage, 5%
15%
95%
86% 83% 81%
Early-stage, 85%
78%
74%
2015 2016 2017 2018 2019 2020 2021
158
Europe: Top equity deals in Q4'21

Series A Huobi Ventures, Hyperchain Capital, Signum Capital,
1 Assembly $100M
2021-12-10
N/A
UOB Venture Management, Du Capital
Germany 17.8%
Series C Evolution Equity Partners, Digital Currency Group,

2 Elliptic $60M
2021-10-11
N/A
Octopus Ventures, Paladin Capital Group, SBI Group
United Kingdom 10.7%
Series A Jump Capital, Ethereal Ventures, Rockaway

3 Neon Labs $40M
2021-11-09
N/A
Blockchain, Solana Capital, Three Arrows Capital
Cyprus 7.1%
Series A
4 Ramp Instant $30M
2021-10-04
$300M Balderton Capital Poland 5.4%
Series A
5 Anoma $26M
2021-11-17
$260M Polychain Capital, Electric Capital, Maven 11 Capital Switzerland 4.6%
Series A - II Galaxy Digital, NFX, Firstminute Capital, Seedcamp,

6 Ramp Instant $23M
2021-12-15
N/A
Francesco Simoneschi
Poland 4.1%
Seed VC Coinko, GD10 Ventures, Polychain Capital, TABLE

2021-11-23
$300M
Management, Carter Reum
Switzerland 3.6%
Series A Paradigm, Ethereal Ventures, Stani Kulechov, Vitalik

8 Aztec $17M
2021-12-16
N/A
Buterin
United Kingdom 3.0%
Seed VC EQT Ventures, C3 Management, LA ROCA Capital,

9 Timeless $14M
2021-11-29
N/A
Porsche Ventures
Germany 2.4%
Seed VC
10 Moralis Web3 Technology $13M
2021-10-28
N/A EQT Ventures Sweden 2.4%
159
M&A exits down slightly YoY, IPOs inch up
17
M&A, 15
1 IPO, 2
2015 2016 2017 2018 2019 2020 2021
160
Q4’21 sees 4 M&A exits and 1 IPO
M&A, 4
3 3 3
1
IPO, 1
2015 2016 2017 2018 2019 2020 2021
161
Europe: Top investors by company count in Q4'21
1 Magnus Capital 8 VC Netherlands
1 ZBS Capital 8 VC Ukraine
3 OKEx 6 Corp Malta
4 BITKRAFT Esports Ventures 5 VC Germany
4 Outlier Ventures 5 VC United Kingdom
6 CV VC 4 VC Switzerland
6 Dutch Crypto Investors 4 VC Netherlands
6 Fabric Ventures 4 VC United Kingdom
162
LatAm Trends
163
STATE OF BLOCKCHAIN | GEOGRAPHIC TRENDS | LATAM TRENDS
Funding to LatAm blockchain startups surges 3,433% YoY to top $3B
$3,500M 60
Funding
$3,074M
$3,000M
50
$2,500M
Deals
40
49
$2,000M
30
$1,500M
19
20
$1,000M
13 13
8 10
$500M
4 4
$45M $87M
$2M $23M $3M $12M
$0M 0
2015 2016 2017 2018 2019 2020 2021
164
LatAm deals and dollars remain elevated in Q4’21 despite QoQ funding dip
$1,800M
15 Deals 16
$1,642M
14
$1,600M 14
13
$1,400M
12
$1,200M
10
9
$1,000M
7 8
$790M
$800M
Funding
5 5 5 $578M 6
$600M
4
4
$400M 3 3 3 3 3
2 2 2 2 2
$200M 2
1 1 1 1 1 1 1 1
$80M $64M
$18M $34M $8M $8M
$2M $0M $4M $1M $0M $2M $0M $1M $3M $4M $0M $0M $1M $6M
$0M 0
2015 2016 2017 2018 2019 2020 2021
165
Early-stage deal share ticks up to 78%, mid-stage gains share
Other, 0%
8% Late-stage, 2%
13%
16%
23% Mid-stage, 20%
15%
11%
50%
15%
100%
88%
77%
74%
Early-stage, 78%
62%
50%
2015 2016 2017 2018 2019 2020 2021
166
LatAm: Top equity deals in Q4'21

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding
1 FTX $421M
2021-10-21
$25.0B
Bahamas 72.8%
Series B
2 2TM $50M
2021-11-30
N/A 10T Fund, Endeavor, PIPO Capital, TC, Tribe Capital Brazil 8.7%
Series B
3 Mercado Bitcoin $50M
2021-11-30
N/A 10T Fund, Tribe Capital, PIPO Capital, TC, Endeavor Brazil 8.7%
Seed VC Virgin Islands

4 Structure $20M
2021-12-01
$150M Polychain Capital, Ascensive Assets, Bixin Capital
(British)
3.5%
Series A
5 BitMart $14M
2021-11-24
N/A N/A Cayman Islands 2.4%
Seed VC Konvoy Ventures, Alameda Research, Old Fashion Virgin Islands

6 Genopets $8M
2021-10-19
N/A
Research, Pantera Capital, Solana Capital (British)
1.4%
Seed
7 Z.ro Bank $5M
2021-11-05
N/A N/A Brazil 0.8%
Seed VC Arca, Ascensive Assets, BITKRAFT Esports Ventures,

8 BAYZ $4M
2021-12-09
N/A
Delphi Digital, Fabric Ventures
Brazil 0.7%
Series A Borderless Capital, Algorand, Dash Investment

9 Bitfy $3M
2021-12-16
$21M
Foundation
Brazil 0.4%
Seed VC
10 Tropix $2M
2021-10-08
N/A 2TM, Mago Capital Brazil 0.3%
167
LatAm blockchain companies see one exit in 2021
1
M&A, 1
IPO, 0
2015 2016 2017 2018 2019 2020 2021
168
LatAm: Top investors by company count in Q4'21
1 FTX 5 Corp Bahamas
1 Gate.io 5 Corp Cayman Islands
1 SkyVision Capital 5 VC Virgin Islands (British)
1 Youbi Capital 5 Private Equity Cayman Islands
5 Krypital Group 4 Corp Cayman Islands
5 Solar Eco Fund 4 Asset/Investment Management Virgin Islands (British)
7 OP Crypto Venture Capital 3 VC Virgin Islands (British)
7 mgnr 3 VC Cayman Islands
169
STATE OF BLOCKCHAIN
Report Methodology disclosed in credible media sources. The list is maintained
publicly and updated in real time at
equity financing nor is it from venture capital firms. As a result, it
is not included.
You can download the underlying data found in https://www.cbinsights.com/research-unicorn-companies. No buyouts, consolidations, or recapitalizations. All three of
Geography notes: Israel funding figures are classified in Asia; these transaction types are commonly employed by private
this report here: Caribbean region figures included in Latin America, or “LatAm”; equity firms and are tracked by CB Insights. However, they are
https://www.cbinsights.com/reports/CB- funding to Australia and Africa is included in global figures but excluded for the purposes of this report.
Insights_Blockchain-Trends-2021.xlsx. not spotlighted in this report. No private placements. These investments, also known as PIPEs
Rounds to private companies that may be majority- or minority- (Private Investment in Public Equities), are not included even if
If you have questions about the definitions or methodologic owned subsidiaries of other private companies. made by a venture capital firm.
al principles used, or if you feel that your firm has been un Valuation data includes estimates to calibrate median and No debt/loans of any kind (except convertible notes). Venture
derrepresented, please reach out to info@cbinsights.com. average valuations based on current and previous quarter debt or any kind of debt/loan issued to emerging, startup
disclosed valuations gathered from the aforementioned 4 companies, even if included as an additional part of an equity
sources. The estimating method will control for the over- financing, is not included. If a company receives $3M with $2M
What is included: sampling of large rounds that are reported quickly versus a from venture investors and $1M in debt, only the $2M is included
Equity financings into private companies only. Funding rounds comparative lag in valuations obtained from other sources. in these statistics.
raised by public companies of any kind on any exchange Exits include IPO, SPACs, M&A, and other liquidity events; only No non-equity government funding. Grants or loans by the
(including Pink Sheets) are excluded from our numbers, even if first exits are counted. federal government, state agencies, or public-private
they received investment from a venture firm. Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
Only includes the investment made in the quarter for tranched including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
investments. If a company does a second closing of its Series B and press releases. that subsidiary is a private entity and meets other criteria for
round for $5M and previously had closed $2M in a prior quarter, All figures in the report are in USD. inclusion.
only the $5M is reflected. Accelerators, incubators, business-plan competitions, economic-
US financing trends follow the combined statistical area (CSA)
Round numbers reflect what has closed, not what is intended. If methodology. Silicon Valley refers to the San Jose-San development entities are excluded from rankings of most active
a company indicates the closing of $5M out of a desired raise of Francisco-Oakland CSA. investors, even if making equity financings.
$15M, our numbers reflect only the amount which has closed. Rankings for top investors are calculated according to “company
Only verifiable fundings are included. Fundings are verified via count,” or the number of unique companies an investor funds in
(1) various federal and state regulatory filings; (2) direct What is excluded: a quarter, and so excludes follow-on deals.
confirmation with firm or investor; (3) press release; or (4)
credible media sources. No contingent funding. If a company receives a commitment for
$20M subject to hitting certain milestones but first gets $8M,
Equity fundings to joint ventures and spinoffs/spinouts are only the $8M is included in our data.
included.
No business development/R&D arrangements, whether
Unicorn data includes private companies valued at $1B or more transferable into equity now, later, or never. If a company signs a
in the private markets globally, per the same 4 sources listed $300M R&D partnership with a larger corporation, this is not
above and relied on for funding events, which include valuations
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State of Blockchain

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State Of

Our Technology Insights Platform provides

The TL;DR Live:

State Of Blockchain Spotlight: NFTs Gone Wild

Our Most Popular The Future According To Andreessen Horowitz

Coinbase Strategy Teardown: How Coinbase Grew Into The

Blockchain King Midas Of Crypto

Blockchain Funding Hit An All-Time High In H1’21. Here’s

Research Where The Top Investors Are Placing Their Bets

Blockchain Funding Is At An All-Time High — Here’s What’s

80+ Companies Shaping The Blockchain Landscape

Exchanges & Brokerages

Custody & Wallets

Global Trends 21 Geographic Trends 115

What you need to know about

$25.2B 1,247 $15.5B 47 56%

What you need to know about

$6.5B 68 $1 in $4 12,878% 94%

Global blockchain funding surges 713% YoY to reach $25.2B

Global blockchain deals surpass 1,000 for the first time

2015 2016 2017 2018 2019 2020 2021

Blockchain mega-rounds (worth $100M+) account for $15.5B

Blockchain unicorn count soars to 47, up from just 9 a year ago

US blockchain funding grows more than 8x to $14.1B, 56% of global dollars

US total funding in 2021

Coinbase Ventures is the top blockchain investor in 2021

Investor Company Count Investor Group Country

1 Coinbase Ventures 68 CVC United States

3 Andreessen Horowitz 46 VC United States

4 Animoca Brands 45 Corp Hong Kong

5 Alameda Research 44 Corp Hong Kong

6 LD Capital 36 Other China

7 Jump Capital 31 VC United States

8 ParaFi Capital 30 Asset/Investment Management United States

9 X21 29 VC United States

10 Pantera Capital 28 VC United States

$6.4B, or $1 in $4, goes to crypto exchanges and brokerages

NFT funding explodes in 2021, up 130x to reach $4.8B

Global DeFi deals nearly double YoY to reach 240

Global funding surges 713% YoY in 2021, deals nearly double

Global funding and deals soar to new records in Q4’21

US leads Q4’21 funding and deals among global regions

US leads funding at $6.3B in Q4’21, followed by Asia and LatAm

US Asia Europe LatAm Canada All Other Regions

13% 18% 39%

VCs continue to lead in investor deal share at 25% in Q4’21

Average and median deal sizes reach all-time highs in 2021

2015 2016 2017 2018 2019 2020 2021

Angel CVC Corp VC

$100M+ mega-round deals and funding smash records in 2021

Mega-rounds account for a record $6B in Q4’21

US sees nearly $5B in mega-round funding across 13 deals in Q4’21

The US sees record 13 mega-rounds in Q4’21

Mega-rounds make up just 5% of global deals in Q4’21

Mega-rounds account for two-thirds of total funding dollars in Q4’21

33% Non-mega-rounds, 34%

67% Mega-rounds, 66%

Global: Top equity deals in Q4'21

Series B Kora Management, Sea Capital, Andreessen Horowitz,

Series A Coatue Management, Tiger Global Management, New

Series B Institutional Venture Partners, Lightspeed Venture

Series B Caisse de depot et placement du Quebec, WestCap

Series A Morgan Creek Digital, 10T Fund, Jane Street Group,