Global Blockchain 2022

State of
Blockchain
Global | Q1 2022
Global data and analysis on dealmaking, funding,
and exits by private market blockchain companies
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State of Blockchain
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State of Blockchain
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State of Blockchain
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State of Blockchain
The top 50 blockchain What are stablecoins?

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6
State of Blockchain
What you need to know about

blockchain and crypto in Q1’22
$9.2B 461 $5.8B 28 62

Global blockchain Blockchain deals. US funding. 63% Global mega- Blockchain
funding. Record 7+ deals per share of the global rounds ($100M+). unicorns. Record
quarter. business day. total. Record quarter. 14 added in Q1’22.
Venture funding to Q1’22 saw a record US blockchain startups Q1’22 was the biggest The blockchain unicorn
blockchain startups grew number of equity deals to raised over $5B in funding quarter in history for count reached 62, with
for the 7th straight quarter. blockchain startups. The for the 2nd quarter in a row blockchain mega-rounds. double-digit unicorn births
While most other sectors count of 461 was up 15% — representing nearly two- $100M+ deals accounted for the 4th straight quarter.
saw Q1’22 declines due to QoQ and 84% YoY. thirds of global funding. for just 6% of all deals but The 2 most valuable new
lackluster public markets 80% of global blockchain The US government began 63% of total funding. unicorns came from the
and an unsteady economy, deals were early-stage — assessing the benefits and Eight of the top 12 largest NFT category: Yuga Labs
VCs doubled down on the same share as 2021 — risks of crypto, moving the mega-rounds went to and Immutable. The next 2
blockchain and crypto. indicating the sector is far needle toward clearer Web3 startups. DeFi, NFTs, were Web3 blockchains:
Web3, including NFTs and from mature and bigger regulation in the US. and Dapp infrastructure Optimism, an Ethereum
DeFi, was the biggest deals are still to come. Regulation could be the and development were the scaling solution; and
driver of growth. key to broader institutional most common themes. Aptos, a Layer 1
adoption. blockchain.
7
State of Blockchain
What you need to know about

blockchain and crypto in Q1’22
34 26% 425% $2.1B 275%

Deals by Animoca Of funding went to DeFi funding growth New York funding. Asia funding
Brands. Most active NFT startups. #1 YoY. Record #1 US metro for the growth YoY.
investor. category. quarter. 3rd straight quarter. Record quarter.
Animoca Brands funded For the first time ever, DeFi startups raised a New York was once again Asia blockchain funding
the most blockchain more venture funding record-shattering $2.1B the top US metro for hit a record high of $1.5B —
startups for the 2nd ($2.4B) went to NFT this quarter (excluding blockchain funding. Silicon up 275% compared to Q1’21.
consecutive quarter. startups than any other token sales by DAOs). Valley was #2 at $1.6B. 85% of deals were early-
The Hong Kong-based blockchain category. That’s more than 5x As a global financial hub, stage, signaling a still-
company’s investments These include NFT growth vs. Q1’21. New York has given crypto nascent market ripe with
were focused on gaming, marketplaces, games, and Most of the funding went startups the proximity to opportunity.
NFTs, and the metaverse. infrastructure providers. to DeFi infrastructure & clients, partners, and talent The top geographies by
Coinbase Ventures was VC dollars are shifting development providers. needed for growth. dollars raised were Hong
the 2nd most active from centralized crypto The biggest deal was a Over half of New York Kong, Singapore, and South
investor, followed by exchanges and custody $450M Series D raised by funding went to just 3 Korea. China saw very little
Pantera Capital. providers to burgeoning ConsenSys, whose DeFi companies: Fireblocks, investment after banning
Web3 categories: NFTs wallet MetaMask has over ConsenSys, and OpenSea. crypto trading and mining
and DeFi. 30M monthly active users. last year. 8
State of Blockchain | Global Trends | Investment Trends
Global blockchain funding up for the seventh consecutive quarter
$10. 0B
$9.2B
New record
$9.0B
$8.0B
$7.0B
$6.0B
$5.0B
$4.0B
$3.0B
$2.0B
$1.0B
$0.7B $1.1B $1.5B $1.4B $0.6B $0.7B $1.0B $0.8B $0.8B $0.5B $0.7B $1.1B $3.6B $5.4B $7.1B $8.8B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020 2021 2022
9
Global blockchain deals continue to climb, reaching a new quarterly high
461
500
deals
450
401
400
350
312 313
300 84%
251 since Q1’21
250
189
200 170 167
138
150
100
50
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022
10
State of Blockchain | Geographic Trends | US Trends
US blockchain funding has its second $5B+ quarter in a row
2
$6.0B $5.8B consecutive
$5B+ quarters
$5B
$5.0B
$4.0B
$3.0B
$2.0B
$1.0B
$0.2B $0.3B
$0.5B $0.7B $1.7B $3.0B $3.1B $5.9B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022
11
Blockchain mega-rounds ($100M+) surge to 28, a new record
28
30 mega-rounds
25
65%
20
18
QoQ
17
15
13
10
10
5
2
1 1
0
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022
12
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
The blockchain unicorn club continues to grow, now at 62
62
unicorns
49
35
23
14
8 8 8 8 9
7 7
4 5 5
2 3
2018 2019 2020 2021 2022
13
State of Blockchain | Global Trends | Investors
Animoca Brands is the top blockchain investor for second straight quarter
Investor Company Count Investor Group Country
1 Animoca Brands New record 34 Corp Hong Kong
2 Coinbase Ventures 30 CVC United States
3 Pantera Capital 16 VC United States
3 Shima Capital 16 VC United States
5 Alameda Research Ventures 14 CVC Hong Kong
5 Jump Capital 14 VC United States
5 Tiger Global Management 14 Asset/investment management United States
8 Andreessen Horowitz 13 VC United States
8 Multicoin Capital 13 VC United States
8 Solana Ventures 13 VC United States
14
State of Blockchain | Collection Spotlights | NFTs
One-fourth of blockchain funding goes to NFT startups 2 quarters in a row
$10. 0B Total funding,

$9.2B
$9.0B $8.8B
$8.0B
$7.1B
$7.0B
$6.0B
$5.4B
$5.0B
$4.0B
26%
$3.6B of funding
26% to NFT startups
$3.0B
$2.3B $2.4B
$2.0B
20%, $1.4B
$1.1B
$1.0B $0.8B $0.7B 13%, $0.7B
$0.5B 14%, $0.5B
0%, $0.0B 3%, $0.0B 3%, $0.0B 1%, $0.0B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022
15
State of Blockchain | Collection Spotlights | DeFi
DeFi funding reaches an all-time high of $2.1B, up more than 5x YoY
$2.1B
$2.0B Q1 2022
$1.5B
425%
increase YoY
$1.0B
$0.5B
$0.4B
Q1 2021
$0.1B $0.1B $0.1B $0.0B

$0.0B $0.0B $0.0B
$0.2B $0.3B $0.2B $0.1B $0.1B $0.4B $1.0B $0.4B $1.6B
$0.0B
2018 2019 2020 2021 2022
16
New York continues to beat out Silicon Valley for blockchain funding
NY > SV
3 consecutive
$2.5B
quarters
$2.1B
NY
$2.0B
$1.6B
SV
$1.5B
$1.0B
$0.5B
$0.1B
$0.1B $0.1B $0.1B $0.1B $0.1B $0.1B
$0.4B $1.2B $0.3B $0.9B $0.9B $1.3B $0.9B $2.8B $1.7B
$0.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022
New York Silicon Valley
17
Asia funding reaches a record high of $1.5B, up 275% YoY
$1.6B
$1.5B
Q1 2022
$1.4B
$1.2B
$1.0B
275%
$0.8B
increase YoY
$0.6B
$0.4B
$0.4B
Q1 2021
$0.2B
$0.1B $0.5B $0.7B $0.3B $0.2B $0.1B $0.5B $0.1B $0.1B $0.2B $0.2B $0.2B $0.7B $0.5B $1.3B
$0.0B
2018 2019 2020 2021 2022
18
State of Blockchain
Contents
Global Trends 20 Asia 136

Investment Trends 21 Hong Kong 144
Singapore 148
Unicorns, Valuations, & Multiples 48
India 152
Exit Trends 59
Europe 156
Investors 63 United Kingdom 164
Collection Spotlights 71 LatAm & Caribbean 168

NFTs 72
DeFi 82
Custody & Wallets 93
Exchanges & Brokerages 104
Geographic Trends 115

US 116
New York 124
Silicon Valley 128
Los Angeles 132
19
Global Trends
20
Investment Trends
21
Global funding and deals are on pace for a record year
$30. 0B 2,000
1,800
$25. 0B
1,600
1,400
1,277
$20. 0B
1,200
$15. 0B 892 1,000

880
664
Funding 800
$10. 0B $9.2B
600
400
$5.0B Deals
461 200
$4.7B $3.1B $3.1B $24.8B

$0.0B 0
2018 2019 2020 2021 2022
YTD
22
Global funding and deals reach all-time quarterly highs
$10. 0B Funding
$9.2B
600
$9.0B
$8.0B
500
Deals
$7.0B
401 461
400
$6.0B
312 313
$5.0B
262 264 300
251
$4.0B 226
219 215 209
196 189
181
$3.0B 170 167 200
138
$2.0B
100
$1.0B
$0.5B
$0.7B $1.1B $1.5B $1.4B $0.6B $0.7B $1.0B $0.8B $0.8B $0.7B $1.1B $3.6B $5.4B $7.1B $8.8B
$0.0B 0
2018 2019 2020 2021 2022
23
The US leads Q1’22 funding and deals
Canada
$44M
9 Deals Asia
Europe $1,517M
US
$1,016M 135 Deals
84 Deals
$5,830M
198 Deals
Africa
$64M
5 Deals
LatAm &
Caribbean
$482M
19 Deals Australia
$218M
11 Deals
24
Asia and Europe see funding gains in Q1’22
US Asia Europe
$1,517M
$5,830M
$1,016M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
LatAm & Caribbean All Other Regions
$325M
$482M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
25
The US leads global deal share in Q1’22, followed by Asia and Europe
7% 5% 5% 6% 6% 7% 7% All Other Regions, 5%

10% 8% 10%
5%
LatAm & Caribbean, 4%
14% 15% 19%
19% 16% 17%
19% 24%
25%
22%
24% 22% Europe, 18%
24% 18%
19%
27%
22%
30% 47% 40% 36% Asia, 29%
51% 46% 36% 30% 28%
37% 52% 33% 33%
35% 22%
48%
42%
38% 38% 38% 40% US, 43%
37% 35%
34% 32% 34% 34%
28% 31% 30%
25%
2018 2019 2020 2021 2022
26
VCs hold steady as leader in investor deal share in Q1’22
5%
Private Equity, 2%
5% 6%
9% 6%
7% 8%
14%
7% 8% 9%
8% 6% 6% 5% Incubator/Accelerator, 8%
6% 9% 9% 7% 9% 7% 8% 8%
8%
11%
8% 9% 11% 7% CVC, 9%
8% 10% 10% 9%
10% 11% 7% 9%
7% 8% 7% 8% 10% 11%
7% 9%
5% Angel, 10%
7%
9% 8% 12%
9% 10% 10% 9% 8% 16%
15%
16% 15%
17%
12%
9%
7%
16% Asset/Investment Management, 14%
13% 14% 13% 11%
14% 12% 14%
11%
13%
14% 14% 15% 16%
14% Corp, 16%
28%
23% 21% 23%
26% 27% 24% 21% 22%
28%
22% 18% 17%
22% 18%
18% Other, 17%
30% 29% 30% 30% 29% 30%

26% 25% 26% 26% 24% 26% 27% 25% 25% VC, 24%
23%
2018 2019 2020 2021 2022
27
Average and median deal sizes remain flat in 2022 YTD vs. last year
Average Size
$23M
$22M
$9M
$7M
$6M Median Size
$4M $4M
$3M
$2M $2M
2018 2019 2020 2021 2022

YTD
28
Median deal size hits record highs in the US and Europe
US Asia Europe
$6M $4M
$3M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
29
Private equity leads median deal size among investor categories this year
Angel Asset/Investment CVC Corp Private Equity VC

Management
$12M
$12M
$9M
$8M
$7M $6M
$6M $6M $6M
$6M $6M $6M
$5M $5M
$5M
$5M
$4M
$3M
2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022 2018 2020 2022
YTD YTD YTD YTD YTD YTD
30
$100M+ mega-round funding and deals are on pace for a record year
100
$14. 0B 90
80
$12. 0B
70
$10. 0B
58
60
$8.0B
50
Funding
$5.8B 40
$6.0B
30
$4.0B
Deals 20
10
28
$2.0B
10
4 4
$1.9B $0.7B $0.7B $15.1B
$0.0B 0
2018 2019 2020 2021 2022
YTD
31
Mega-round funding and deals hit quarterly highs
$7,000M
35
Funding
$6,000M $5,780M
30
Deals
28
$5,000M
25
$4,000M
18 20
17
$3,000M 15
13
10
$2,000M 10
4
$1,000M 3 5
2
1 $344M 1 $288M $303M $300M $242M
$114M $100M 1 1 $120M
2 $876M $603M 2 $1,998M $2,765M $4,725M $5,623M
$0M 1 0
2018 2019 2020 2021 2022
32
The US accounts for two-thirds of mega-round funding and deals in Q1’22
Asia
Europe $800M
$369M 4 Deals
US
3 Deals
$4,011M
19 Deals
LatAm &
Caribbean
$400M
1 Deal Australia
$200M
1 Deal
33
US mega-round deal count skyrockets above other regions
US, 19
12
10
7
6
4
3 3 2 Asia, 4
2
2 2
1 Europe, 3
1
1
1
All Other Regions, 1
1 LatAm & Caribbean, 1
2018 2019 2020 2021 2022
34
Mega-rounds account for 6% of global deals in Q1’22
98% 99% 99% 96% 96% 94% 96% Non-mega-rounds, 94%

99% 99% 100% 100% 100% 99% 100% 99% 99%
6% Mega-rounds, 6%
2018 2019 2020 2021 2022
35
In Q1’22, 63% of global funding dollars are from mega-rounds
33%
41%
36% Non-mega-rounds, 37%
44%
49%
57%
62% 63%
69% 71%
78%
84% 86% 83%
100% 100%
67%
59%
64% Mega-rounds, 63%
56%
51%
43%
38% 37%
31% 29%
22%
16% 14% 17%
2018 2019 2020 2021 2022
36
Global: Top equity deals in Q1'22

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding
Series E D1 Capital Partners, Spark Capital, Index Ventures, Sequoia Capital, BNY
1 Fireblocks $550M 2022-01-27
$8.0B
Mellon
United States 6.0%
Series D ParaFi Capital, Marshall Wace Asset Management, Third Point, Anthos
2 ConsenSys $450M 2022-03-11
$7.0B
Capital, C Ventures
United States 4.9%
Seed VC Andreessen Horowitz, Animoca Brands, FTX Ventures, MoonPay, Sound

2 Yuga Labs $450M 2022-03-22
$4.0B
Ventures
United States 4.9%
Series C Insight Partners, Institutional Venture Partners, Lightspeed Venture

4 FTX $400M 2022-01-31
$32.0B
Partners, New Enterprise Associates, Ontario Teachers' Pension Plan
Bahamas 4.4%
Venture Capital Liberty City Ventures, Gobi Partners, Kingsway Capital Partners, Sequoia
5 Animoca Brands $359M 2022-01-18
$5.0B
Capital China, 10T Fund
Hong Kong 3.9%
Series C
6 OpenSea $300M 2022-01-04
$13.3B Coatue Management, Paradigm, KRH United States 3.3%
Series C Sapphire Ventures, Tiger Global Management, BOLDstart Ventures, Lerer

7 Blockdaemon $207M 2022-01-26
$3.3B
Hippeau, Matrix Capital Management
United States 2.3%
Seed VC Digital Currency Group, Multicoin Capital, Reciprocal Ventures, HashKey

8 The Graph $205M 2022-02-17
N/A
Capital, gumi Cryptos
United States 2.2%
Series D Lightspeed Venture Partners, Silver Lake, Andreessen Horowitz, Addition,

9 Alchemy $200M 2022-02-08
$10.2B
Coatue Management
United States 2.2%
Series B Kora Management, SoftBank Group, Andreessen Horowitz, Slow Ventures,

9 Aleo $200M 2022-02-07
$1.5B
Samsung NEXT
United States 2.2%
Series B Temasek, Coinbase Ventures, Pantera Capital, Tiger Global Management,

9 Amber Group $200M 2022-02-21
$3.0B
Tru Arrow Partners
Hong Kong 2.2%
Series A Andreessen Horowitz, BlockTower Capital, Coinbase Ventures, FTX

9 Aptos $200M 2022-03-15
$1.0B
Ventures, Irongrey
United States 2.2%
Series C Temasek, AirTree Ventures, Fabric Ventures, King River Capital, Prosus
9 Immutable $200M 2022-03-07
$2.5B
Ventures
Australia 2.2%
37
Early-stage deal share holds steady at 80% in 2022 so far
12% 11% 11%

6% Other, 7%
5% Late-stage, 6%
7% 6%
9% 9% Mid-stage, 8%
6%
76% 79% 76%

80% Early-stage, 80%
2018 2019 2020 2021 2022

YTD
38
The US leads in deal share across all stages in Q1’22
US Asia Europe LatAm & Caribbean All Other Regions
Early-stage 40% 31% 19% 5%
Mid-stage 49% 27% 14% 8%
Late-stage 35% 23% 31% 8%
Other 77% 13% 6%
39
Median deal size falls for mid- and late-stage deals in 2022 YTD
Early-stage Mid-stage Late-stage
$53M
$50M
$42M
$15M
$12M
$3M $4M $3M

$2M
2018 2020 2022 2018 2020 2022 2018 2020 2022

YTD YTD YTD
40
Median months between rounds drops across stages
Seed/Angel to Series A Series A to B
15
13
11 11
2018 2020 2022 2018 2020 2022

YTD YTD
41
Global: Top seed/angel deals in Q1'22

Round
Company Round Amount Select Investors Country
Date
Seed VC Andreessen Horowitz, Animoca Brands, FTX Ventures, MoonPay, Sound

1 Yuga Labs $450M 2022-03-22 Ventures
United States
Seed VC Digital Currency Group, Multicoin Capital, Reciprocal Ventures, HashKey

2 The Graph $205M 2022-02-17 Capital, gumi Cryptos
United States
Seed VC Union Square Ventures, Breyer Capital, Hivemind Capital, Digital Currency
3 Trust Machines $150M 2022-02-03 Group, GoldenTree Asset Management
United States
Angel
4 Alliance DAO $50M 2022-01-13
N/A United States
Seed VC Aetna Ventures, Anthem, Health Care Service, Sentara Healthcare,

4 Avaneer Health $50M 2022-01-13 Cleveland Clinic
United States
Seed VC Bessemer Venture Partners, Maveron, RRE Ventures, SV Angel, Elisha

6 Domain Money $33M 2022-01-25 Wiesel
United States
Seed VC
6 FlyCoin $33M 2022-02-08
Josh Jones, 8VC, Liquid 2 Ventures, TenOneTen Ventures, Bill Foley United States
Seed VC Polychain Capital, Alameda Research Ventures, Alchemy Ventures,

8 Astar Network $22M 2022-01-28 Crypto.com Capital, Gavin Wood
Singapore
Seed VC
9 Phi Labs $21M 2022-03-24
CoinFund, Hashed, Blockchain Capital, Chorus One, Cosmostation United States
Seed VC Algorand, Banter Capital, Black Edge Capital, Kenetic Capital, Morningstar
10 Ethernity Chain $20M 2022-02-10 Ventures
Cayman Islands
42
Global: Top Series A deals in Q1'22

Round
Date

1 Aptos $200M 2022-03-15 Ventures, Irongrey
United States
Series A Andreessen Horowitz, FTX Ventures, Sequoia Capital, Coinbase

2 LayerZero Labs $135M 2022-03-30 Ventures, PayPal Ventures
United States
Series A
3 iTrustCapital $125M 2022-01-11
Left Lane Capital, Walden Venture Capital United States
Series A
4 5ire $100M 2022-02-15
Global Emerging Markets United Kingdom
Series A Accel, General Catalyst, Initialized Capital, Y Combinator, Coinbase

4 CoinTracker $100M 2022-01-27 Ventures
United States
Series A B Capital Group, Insight Partners, Coatue Management, Courtside

4 FanCraze $100M 2022-03-18 Ventures, Sequoia Capital India
United States
Series A
4 Pixel Vault $100M 2022-02-02
01 Advisors, Velvet Sea Ventures United States
Series A 10T Fund, AVA Labs, Coinbase Ventures, HOF Capital, Kingsway Capital
8 Qredo $80M 2022-02-04 Partners
United Kingdom
Series A
9 Lido Finance $70M 2022-03-03
Andreessen Horowitz United Kingdom
Series A
10 BCB Group $60M 2022-01-25
Foundation Capital, North Island Ventures, Backed VC, Circle Ventures United Kingdom
Series A Andreessen Horowitz, Lightspeed Venture Partners, NGC Ventures,

10 Everyrealm $60M 2022-02-11 Animoca Brands, Coinbase Ventures
United States
43
Global: Top Series B deals in Q1'22

Round
Date
Series B Kora Management, SoftBank Group, Andreessen Horowitz, Slow Ventures, Samsung
1 Aleo $200M 2022-02-07 NEXT
United States
Series B Temasek, Coinbase Ventures, Pantera Capital, Tiger Global Management, Tru Arrow
1 Amber Group $200M 2022-02-21 Partners
Hong Kong
Series B
3 Autograph $170M 2022-01-20
Andreessen Horowitz, Kleiner Perkins Caufield & Byers, 01 Advisors, KRH, Nicole Quinn United States
Series B Three Arrows Capital, Andreessen Horowitz, Dragonfly Captial, Alameda Research
4 NEAR Protocol $150M 2022-01-13 Ventures, Mechanism Capital
Switzerland
Series B
4 Optimism $150M 2022-03-17
Andreessen Horowitz, Paradigm United States
Series B
6 Phantom $109M 2022-01-31
Paradigm, Andreessen Horowitz, Jump Capital, Variant Fund, Solana Ventures United States
Series B
7 Dune Analytics $69M 2022-02-02
Coatue Management, Dragonfly Captial, Multicoin Capital Norway
Series B
8 Hex Trust $61M 2022-03-16
Animoca Brands, Liberty City Ventures, Cell Rising, Fenbushi Capital, HashKey Capital Hong Kong
Series B SoftBank Latin America Fund, BECO Capital, QED Investors, Rising Tide, Coinbase
9 Tribal Credit $60M 2022-02-03 Ventures
United States
Series B
10 Philippine Digital Asset Exchange $50M 2022-02-10
Tiger Global Management, Ripple, UBX, DG Daiwa Ventures, Draper Dragon Philippines
Series B
10 VALR $50M 2022-03-01
Pantera Capital, 4Di Capital, Bittrex, Alameda Research, Avon Ventures South Africa
44
Global: Top Series C deals in Q1'22
Round
Date
Series C Insight Partners, Institutional Venture Partners, Lightspeed Venture Partners,

1 FTX $400M 2022-01-31 New Enterprise Associates, Ontario Teachers' Pension Plan
Bahamas
Series C
2 OpenSea $300M 2022-01-04
Coatue Management, Paradigm, KRH United States
Series C Sapphire Ventures, Tiger Global Management, BOLDstart Ventures, Lerer

3 Blockdaemon $207M 2022-01-26 Hippeau, Matrix Capital Management
United States
Series C Temasek, AirTree Ventures, Fabric Ventures, King River Capital, Prosus
4 Immutable $200M 2022-03-07 Ventures
Australia
Series C Ordway Selections, Summer Capital, Julius Baer Group, Alameda Research
5 SEBA Bank $119M 2022-01-12 Ventures, Altive
Switzerland
Series C
6 Uprise $8M 2022-01-27
Hashed, KB Investment, Crit Ventures South Korea
45
Global: Top Series D+ deals in Q1'22
Round
Date
Series E D1 Capital Partners, Spark Capital, Index Ventures, Sequoia Capital,

1 Fireblocks $550M 2022-01-27
$8.0B
BNY Mellon
United States
Series D ParaFi Capital, Marshall Wace Asset Management, Third Point,

2 ConsenSys $450M 2022-03-11
$7.0B
Anthos Capital, C Ventures
United States
Series D Lightspeed Venture Partners, Silver Lake, Andreessen Horowitz,

3 Alchemy $200M 2022-02-08
$10.2B
Addition, Coatue Management
United States
Series E Marshall Wace Asset Management, Liberty City Ventures, S&P

4 Lukka $110M 2022-01-14
$1.3B
Global, Soros Fund Management, MIAX Options
United States
Series D
5 Nova Labs $89M 2022-02-22
$1.2B Tiger Global Management, FTX Ventures, Goodyear Ventures United States
46
Global: Top companies that raised funding in Q1'22 by Mosaic score

Round
Company Mosaic Score Round Amount Round Valuation Select Investors Country
Date
Series A Accel, General Catalyst, Initialized Capital, Y Combinator,

1 CoinTracker 940 $100M
2022-01-27
$1.3B
Coinbase Ventures
United States
Series E D1 Capital Partners, Spark Capital, Index Ventures, Sequoia

1 Fireblocks 940 $550M
2022-01-27
$8.0B
Capital, BNY Mellon
United States
Series C Temasek, AirTree Ventures, Fabric Ventures, King River

1 Immutable 940 $200M
2022-03-07
$2.5B
Capital, Prosus Ventures
Australia
Series C
1 OpenSea 940 $300M
2022-01-04
$13.3B Coatue Management, Paradigm, KRH United States
Series B Temasek, Coinbase Ventures, Pantera Capital, Tiger Global

5 Amber Group 930 $200M
2022-02-21
$3.0B
Management, Tru Arrow Partners
Hong Kong
Series D ParaFi Capital, Marshall Wace Asset Management, Third

5 ConsenSys 930 $450M
2022-03-11
$7.0B
Point, Anthos Capital, C Ventures
United States
Series B Three Arrows Capital, Andreessen Horowitz, Dragonfly

5 NEAR Protocol 930 $150M
2022-01-13
N/A
Captial, Alameda Research Ventures, Mechanism Capital
Switzerland
Series E Marshall Wace Asset Management, Liberty City Ventures,

8 Lukka 920 $110M
2022-01-14
$1.3B
S&P Global, Soros Fund Management, MIAX Options
United States
Series B SoftBank Latin America Fund, BECO Capital, QED Investors,

8 Tribal Credit 920 $60M
2022-02-03
N/A
Rising Tide, Coinbase Ventures
United States
Series D Lightspeed Venture Partners, Silver Lake, Andreessen

10 Alchemy 910 $200M
2022-02-08
$10.2B
Horowitz, Addition, Coatue Management
United States
47
Unicorns, Valuations,
& Multiples
48
Unicorn count continues to climb, reaching 62 in Q1’22
Total Unicorns, 62
49
35
23
14 13 14
10 New Unicorns, 14
5
2018 2019 2020 2021 2022
49
The US dominates in new and total unicorns in Q1’22
Canada
3
0 New Asia
Europe 9
0 New
US
6
1 New
40
12 New
LatAm &
Caribbean
3
0 New Australia
1
1 New
50
The US accounts for 86% of new unicorns in Q1’22
US, 12
10
3 3
2 2
2 2 Europe, 1
1 1
1
1 1 1 LatAm & Caribbean, 0
Asia, 0
2018 2019 2020 2021 2022
51
The US unicorn count continues to grow as other regions flatten
US, 40
28
18
12
10
8 7 Asia, 9
3 5 5 5 Europe, 6
2 3 3
1
4
1
2 3
1 LatAm & Caribbean, 3
2018 2019 2020 2021 2022
52
Average time from first funding to unicorn status is now 3 years, 1 month
38
36
Average Months, 37
Median Months, 29
2018 2019 2020 2021 2022

YTD
53
Global: Top unicorn births in Q1'22
Company Latest Valuation Country
1 Yuga Labs $4.0B United States
2 Immutable $2.5B Australia
3 Optimism $1.7B United States
4 Aleo $1.5B United States
5 CoinTracker $1.3B United States
5 Lukka $1.3B United States
5 iTrustCapital $1.3B United States
8 Nova Labs $1.2B United States
8 Phantom $1.2B United States
54
Global: Top unicorns in Q1'22 by valuation

Company Latest Valuation Country
1 FTX $32.0B Bahamas
2 Ripple $15.0B United States
3 Blockchain.com $14.0B United Kingdom
4 OpenSea $13.3B United States
5 Bitmain Technologies $12.0B China
6 Alchemy $10.2B United States
7 Digital Currency Group $10.0B United States
8 Circle $9.0B United States
9 Fireblocks $8.0B United States
10 Dapper Labs $7.6B Canada
55
Median early-stage valuation falls to $90M in Q1’22
Top Quartile, $294M
$110M
Median Valuation, $90M

$56M
$46M
$40M
Bottom Quartile, $50M
Q1 Q2 Q3 Q4 Q1
2021 2022
56
Median mid-stage valuation down to $1.3B in Q1’22
Top Quartile, $3.1B
$1.8B
$1.5B
Median Valuation, $1.3B
$0.5B $0.5B
Bottom Quartile, $0.3B
Q1 Q2 Q3 Q4 Q1
2021 2022
57
Median valuation step-up between rounds is 2.9x — down slightly from

2021’s 3.8x
3.8x
Median
Step Up
2.9x
2021 2022
YTD
58
Exit Trends
59
State of Blockchain | Global Trends | Exit Trends
Global M&A and IPO exits are off to a slow start compared to last year
59
7
M&A, 9
1 IPO, 1
SPAC, 0
2018 2019 2020 2021 2022
YTD
60
M&A exits see lowest quarter since Q3’20, IPOs and SPACs are down QoQ
19
15
13
12
M&A, 9
3
2 2
1 IPO, 1
SPAC, 0
2018 2019 2020 2021 2022
61
The US leads global exit share in Q1’22, followed by Europe
All Other Regions, 0%

7% 6% 7%
10%
13%
8%
12% 13% LatAm & Caribbean, 10%
15%
20% 21%
13% 23%
33%
8%
29%
48% 29% 24%
28% 33% 36% Europe, 30%
33% 57% 14% 25%
25%
23%
33%
31% 6%
21%
10%
29% 33% 8%
21%
Asia, 20%
31% 25%
20% 29%
31% 43%
14% 23% 14%
59%
47% 46%
43%
36% 38% US, 40%
31% 33% 33% 33%
29% 29% 29%
25% 23%
19%
2018 2019 2020 2021 2022
62
Investors
63
Global: Top investors in Q1'22 by company count

1 Animoca Brands 34 Corp Hong Kong
5 Tiger Global Management 14 Asset/investment management United States
64
Global: Top investors YTD by median Mosaic score

Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 Coatue Management 910 United States 970 935 900 730
2 Sequoia Capital China 880 China 980 810 860 555
3 Lightspeed Venture Partners 830 United States 960 785 860 460
4 Andreessen Horowitz 800 United States 970 715 840 510
4 ParaFi Capital 800 United States 945 890 860 570
6 Digital Currency Group 790 United States 880 700 630 600
7 GoldenTree Asset Management 780 United States 840 680 900 565
7 Paradigm 780 United States 940 820 900 550
7 Tiger Global Management 780 United States 970 870 900 600
10 Alameda Research Ventures 760 Hong Kong 755 680 900 465
65
Global: Top VCs in Q1'22 by company count

Investor Company Count Country
1 Pantera Capital 16 United States
1 Shima Capital 16 United States
3 Jump Capital 14 United States
4 Andreessen Horowitz 13 United States
4 Multicoin Capital 13 United States
4 Solana Ventures 13 United States
7 GSR Ventures 10 United States
7 Mechanism Capital 10 United States
7 Paradigm 10 United States
10 GBV Capital 9 Hong Kong
10 Infinity Ventures Crypto 9 Japan
66
Global: Top VCs YTD by median Mosaic score

Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 Sequoia Capital China 880 China 980 810 860 555
2 Lightspeed Venture Partners 830 United States 960 785 860 460
3 Andreessen Horowitz 800 United States 970 715 840 510
4 Paradigm 780 United States 940 820 900 550
5 Sequoia Capital 740 United States 900 600 690 420
6 Jump Capital 725 United States 805 650 860 550
7 Mechanism Capital 710 United States 730 730 860 345
8 Dragonfly Captial 685 United States 730 670 900 610
8 Sequoia Capital India 685 India 750 680 880 720
10 Blockchain Capital 680 United States 860 640 900 455
10 Kenetic Capital 680 China 735 730 900 500
67
Global: Top CVCs in Q1'22 by company count

Investor Company Count Country
1 Coinbase Ventures 30 United States
2 Alameda Research Ventures 14 Hong Kong
3 OKEx Blockdream Ventures 10 Malta
4 Circle Ventures 6 United States
5 FTX Ventures 5 Bahamas
5 Huobi Ventures 5 Seychelles
7 gumi Cryptos 4 Japan
8 ArkStream Capital 3 China
8 Crypto.com Capital 3 Hong Kong
8 Figment Capital 3 Canada
8 KB Investment 3 South Korea
8 Yield Guild Games Ventures 3 Philippines
68
Global: Top CVCs YTD by median Mosaic score
Investor Median Mosaic Score Country Median Management Score Median Money Score Median Momentum Score Median Market Score
1 Alameda Research Ventures 760 Hong Kong 465 755 680 900
2 FTX Ventures 740 Bahamas 450 980 735 630
3 OKEx Blockdream Ventures 690 Malta 440 690 690 860
4 Coinbase Ventures 675 United States 580 855 715 860
5 Circle Ventures 670 United States 460 750 575 860
5 Huobi Ventures 670 Seychelles 430 750 660 860
69
Global: Top investor pairs YTD by number of shared companies in 2022
Investor 1 Investor 2 2022 Shared Portfolio Companies Investor 1 Country Investor 2 Country
1 Coinbase Ventures Pantera Capital 8 United States United States
2 Alameda Research Ventures Animoca Brands 5 Hong Kong Hong Kong
2 Andreessen Horowitz Coinbase Ventures 5 United States United States
2 DeFiance Capital Three Arrows Capital 5 Singapore Singapore
70
Collection Spotlights
71
NFTs
72
Global funding to NFT startups hits $2.4B, on pace for a record year
$6,000M 400
350
$5,000M
300
271
$4,000M
250
$3,000M Funding 200
$2,404M
150
$2,000M
Deals 100
131
$1,000M
50
23
10 11
$56M $64M $44M $4,876M
$0M 0
2018 2019 2020 2021 2022
YTD
73
NFT funding reaches a new quarterly high, up almost 5x YoY
$3,000M 200
Funding 180
$2,500M $2,404M
160
130 140
$2,000M Deals
131
120
$1,500M 100
80
$1,000M 60
57
60
40
$500M 24
12 20
5 2 3 1 3 4 3 4 5
$31M $28M 2
$12M $12M $0M $13M $22M $1M $14M $20M $9M $492M $670M $1,368M $2,346M
$0M 0
2018 2019 2020 2021 2022
74
US funding for NFT startups is down QoQ, Asia and LatAm are on the rise
US Asia Europe
$1,647M $633M
$78M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022

$27M
$20M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
75
The US leads NFT global deal share, followed by Asia
8% 7% 8% All Other Regions, 5%

20% 20% LatAm & Caribbean, 4%
25% 25%
12%
33% 33% 33% 33% 25%
15%
Europe, 15%
17%
50%
20% 18%
25% 17%
31%
Asia, 31%
32%
100% 33% 100% 50% 20%
50%
80%
67% 67%
20% 62%
54%
50% 50%
44% US, 46%
40%
33%
25%
20%
17%
2018 2019 2020 2021 2022
76
Average and median NFT deal sizes remain flat in Q1’22
$21M Average Size

$20M
$7M
$6M $6M
Median Size
$3M $4M
$4M
$3M
$2M
2018 2019 2020 2021 2022

YTD
77
Early-stage deal share continues to dominate at 87%
10% 9%
6% Other, 6%
22%
Late-stage, 4%
10% 9% Mid-stage, 3%

80% 82%
74%
2018 2019 2020 2021 2022

YTD
78
NFTs: Top equity deals in Q1'22

Round % of Total
Date Funding
Seed VC Andreessen Horowitz, Animoca Brands, FTX Ventures, MoonPay,

1 Yuga Labs $450M 2022-03-22
$4.0B
Sound Ventures
United States 18.7%
Venture Capital Liberty City Ventures, Gobi Partners, Kingsway Capital Partners,
$5.0B
Sequoia Capital China, 10T Fund
Hong Kong 14.9%
Series C
3 OpenSea $300M 2022-01-04
Series B Andreessen Horowitz, Kleiner Perkins Caufield & Byers, 01

4 Autograph $170M 2022-01-20
$3.7B
Advisors, KRH, Nicole Quinn
United States 7.1%
Private Equity
$5.0B KKR Hong Kong 5.9%
Series B Paradigm, Andreessen Horowitz, Jump Capital, Variant Fund,

6 Phantom $109M 2022-01-31
$1.2B
Solana Ventures
United States 4.5%
Series A B Capital Group, Insight Partners, Coatue Management, Courtside

7 FanCraze $100M 2022-03-18
N/A
Ventures, Sequoia Capital India
United States 4.2%
Series A
7 Pixel Vault $100M 2022-02-02
N/A 01 Advisors, Velvet Sea Ventures United States 4.2%
Series A Andreessen Horowitz, Lightspeed Venture Partners, NGC

9 Everyrealm $60M 2022-02-11
$154M
Ventures, Animoca Brands, Coinbase Ventures
United States 2.5%
Series A CoinFund, Foxhaven Asset Management, Collab+Currency, Dapper

10 Metaversal $50M 2022-01-04
N/A
Labs, Franklin Templeton
United States 2.1%
79
Q1’22 sees 2 new NFT unicorns, bringing the total to 10
Total Unicorns, 10
4 4
2 2
New Unicorns, 2
1 1
1
Q1 Q2 Q3 Q4 Q1
2021 2022
80
No quarterly M&A exits for the first time in over a year
2 2
1 1
Q1 Q2 Q3 Q4 Q1
2021 2022
81
DeFi
82
Funding and deals for DeFi startups are on pace for a record year
$4,000M 450
$3,500M 400
350
$3,000M
300
$2,500M
250
Funding
$2,118M 250
$2,000M
200
$1,500M
125 150
$1,000M
100
66
59
$500M
Deals 50
$642M $359M $355M $3,443M 71

$0M 0
2018 2019 2020 2021 2022
YTD
83
DeFi funding reaches an all-time high in Q1’22
$2,500M
Funding
100
$2,118M
$2,000M
75 80
67 Deals
$1,500M 71
56 60
52
50
44
$1,000M
40
24
21
$500M 16 17
15 14 14 14 20
12
9
$67M $80M $76M $46M

$29M $221M $326M $157M $25M $37M $146M $148M $425M $981M $439M $1,598M
$0M 0
2018 2019 2020 2021 2022
84
The US, Asia, and Europe all see funding gains in Q1’22
US Asia Europe
$1,515M
$241M $341M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
$10M
$11M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
85
The US and Asia lead in global DeFi deal share
7% 8% 6% 7% 5% All Other Regions, 3%

10% 6% 9%
14% 14% 13%
22% 21% 13% 19% 11% 8% LatAm & Caribbean, 6%
13% 6%
10%
17% 18% Europe, 18%
16%
7% 35% 16%
36% 18% 17%
21%
29%
32%
33%
33% 38%
33%
43%
40%
25% Asia, 34%
35%
30%
35%
20%
35%
73%
63%
57% 57%
48%
44% 44% 43%
36%
42%
36% 36% US, 39%
34% 34%
31%
24%
2018 2019 2020 2021 2022
86
Average and median deal sizes are pacing at 2x last year’s totals
Average Size
$33M
$16M
$14M
Median Size
$8M
$7M
$4M $3M $4M $4M

$2M
2018 2019 2020 2021 2022

YTD
87
DeFi deals mature as mid-stage deal share grows
7% 6% 7% Other, 8%
7% Late-stage, 4%
Mid-stage, 11%
90% 91% 89%

84%
Early-stage, 76%
2018 2019 2020 2021 2022

YTD
88
DeFi: Top equity deals in Q1'22

Round % of Total
Date Funding

1 ConsenSys $450M 2022-03-11
$7.0B
United States 21.3%
Seed VC Digital Currency Group, Multicoin Capital, Reciprocal Ventures,

2 The Graph $205M 2022-02-17
N/A
HashKey Capital, gumi Cryptos
United States 9.7%

3 Alchemy $200M 2022-02-08
$10.2B
United States 9.4%
Series B
4 Optimism $150M 2022-03-17
$1.7B Andreessen Horowitz, Paradigm United States 7.1%
Series A Andreessen Horowitz, FTX Ventures, Sequoia Capital,

5 LayerZero Labs $135M 2022-03-30
$1.0B
Coinbase Ventures, PayPal Ventures
United States 6.4%
Series B Paradigm, Andreessen Horowitz, Jump Capital, Variant Fund,

6 Phantom $109M 2022-01-31
$1.2B
Solana Ventures
United States 5.1%
Undisclosed
7 Serum $100M 2022-01-07
N/A Commonwealth Group, Tiger Global Management Hong Kong 4.7%
Series A 10T Fund, AVA Labs, Coinbase Ventures, HOF Capital,

8 Qredo $80M 2022-02-04
$460M
Kingsway Capital Partners
United Kingdom 3.8%
Series A
N/A Andreessen Horowitz United Kingdom 3.3%
Series B
$1.0B Coatue Management, Dragonfly Captial, Multicoin Capital Norway 3.3%
89
Q1’22 sees 4 new DeFi unicorns, bringing the total to 11
Total Unicorns, 11
4
New Unicorns, 4
3
1 1 1
2018 2019 2020 2021 2022
90
Exits lose steam in 2022 so far compared to full-year 2021
14
2
M&A, 2
IPO, 0
2020 2021 2022
YTD
91
M&A and IPO exits fall QoQ
2
M&A, 2
1 1
IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022
92
Custody & Wallets
93
State of Blockchain | Collection Spotlights | Custody & Wallets
Funding to custody & wallet providers pacing slightly under 2021’s total
$7.0B
100
$6.0B
76 80
$5.0B
$4.0B 57
60
$3.0B 42
39
40
$2.0B Funding
$1.3B
20
$1.0B
Deals
$1.0B $0.4B $0.9B $5.9B
18
$0.0B 0
2018 2019 2020 2021 2022
YTD
94
Funding declines 33%, deals rise 29% QoQ
$2,500M 40
35
$2,000M
30
23 Funding 25
$1,500M
21 $1,341M
20
19
20
Deals
$1,000M
15
14 14 14
18
13 15
11
10
9
8 8 8 10
7
$500M
5
$105M $106M $119M $109M
$61M
$156M $195M $561M $23M $368M $175M $306M $1,552M $1,263M $1,091M $2,013M
$0M 0
2018 2019 2020 2021 2022
95
US funding falls in Q1’22 but still leads, followed by Europe and Asia
US Asia Europe
$66M
$1,147M
$127M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
$0.0B $0.0B
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
96
The US dominates the global deal share at 61%

5%
13%
7%
13%
7% LatAm & Caribbean, 0%
5%
21% 23%
29% 19% 27% 14% Europe, 28%
38% 16%
44% 45%
25% 50%
43%
63%
23%
48% Asia, 11%
47% 21%
36% 33% 36%
36%
43%
15%
38% 38% 10%
33%
13%
13% US, 61%
54% 53%
50%
40% 43% 43% 40% 40% 43%
36%
29% 30%
22% 25% 25% 25%
2018 2019 2020 2021 2022
97
The 2022 YTD average deal size already exceeds 2021’s average
Average Size
$89M
$87M
$33M
$25M
$17M $18M
$13M Median Size
$8M
$4M $3M
2018 2019 2020 2021 2022

YTD
98
Early- and mid-stage deal shares tick down this year from 2021’s total
Other, 0%
5%
10% 10%
11% 16%
10% 8% Late-stage, 28%
9%
14%
26% 25%
Mid-stage, 17%
75%
67%
56% 58% Early-stage, 56%
2018 2019 2020 2021 2022

YTD
99
Custody & Wallets: Top equity deals in Q1'22

Round % of Total
Date Funding

1 Fireblocks $550M 2022-01-27
$8.0B
Capital, BNY Mellon
United States 41.0%

2 ConsenSys $450M 2022-03-11
$7.0B
United States 33.6%
Series C Ordway Selections, Summer Capital, Julius Baer Group,

3 SEBA Bank $119M 2022-01-12
N/A
Alameda Research Ventures, Altive
Switzerland 8.9%
Series B Paradigm, Andreessen Horowitz, Jump Capital, Variant

4 Phantom $109M 2022-01-31
$1.2B
Fund, Solana Ventures
United States 8.1%
Series B Animoca Brands, Liberty City Ventures, Cell Rising,

5 Hex Trust $61M 2022-03-16
$300M
Fenbushi Capital, HashKey Capital
Hong Kong 4.6%
Series A
6 Rainbow $18M 2022-02-15
N/A Seven Seven Six United States 1.3%
Series A 1kx, Union Square Ventures, Coinbase Ventures, Semantic

7 WalletConnect $11M 2022-03-08
N/A
Ventures, Zerion
United States 0.8%
Series A Jump Crypto, Solana Ventures, Circle Ventures, Genesis

8 Slope Finance $8M 2022-02-25
N/A
Global Trading, Huobi Ventures
United States 0.6%
Seed VC
9 NGRAVE $6M 2022-01-21
N/A Morningstar Ventures, Woodstock Fund Belgium 0.4%
Series A
10 Hexlant $5M 2022-03-30
N/A A Ventures, Kakao Investment, Mirae Asset Capital South Korea 0.4%
100
Only 1 new unicorn in Q1’22 brings the total count to 12
Total Unicorns, 12
11
3 3 3
New Unicorns, 1
2018 2019 2020 2021 2022
101
Q1’22 sees 2 M&A exits but no IPOs or SPACs
M&A, 2
1
1
SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
YTD
102
M&A exits increase QoQ, IPOs and SPACs fall to 0
2 2 2
M&A, 2
1 1
1
SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
103
Exchanges & Brokerages
104
State of Blockchain | Collection Spotlights | Exchanges & Brokerages
In 2022 YTD, global funding is only 13% of 2021’s record total
180
$6,000M 160
140
$5,000M
110 120
104
$4,000M
100
$3,000M 73 80
51 60
$2,000M
Funding 40
$801M Deals
$1,000M 25
20
$277M
$863M $510M $6,428M
$0M 0
2018 2019 2020 2021 2022
YTD
105
Funding drops 67% QoQ, deals flatten at 25
$3,000M
50
45
$2,500M
40
$2,000M
31
30
Deals 30
$1,500M 25 25
24
23
22
21
20
17 17 Funding 20
$1,000M 16
15 $801M
13
11
8 10
$500M
$131M
$46M $51M $67M $84M
$20M $316M $396M $21M $159M $8M $351M $1,173M $884M $1,966M $2,404M
$0M 0
2018 2019 2020 2021 2022
106
Funding is down QoQ across most regions
US Asia Europe
$167M
$115M $24M
Q1 Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022 2021 2022
$70M
$426M
Q1 Q3 Q1 Q1 Q3 Q1
2021 2022 2021 2022
107
The US takes the top spot for deal share back from Asia
7%
13% 12%
6% 7%
12%
14% 15% 15%
18% 19% 19% 19% 7%
12% 17% 17%
13% 11%
9% 12%
LatAm & Caribbean, 16%
13% 10%
18%
7% 9% 15% 10%
13% 23%
9% 13% 13%
19%
29% 16% Europe, 16%
12%
38% 35% 29%

36% 31% 22% 25%
47% 27%
71% Asia, 28%
55% 36%
43%
63% 29%
59% 20% 23%
31% 43% 42%

38% 36% 37%
US, 32%
27% 24%
24%
19% 20% 19%
14%
6% 9% 8%
2018 2019 2020 2021 2022
108
In 2022 YTD, average deal size shrinks and median deal size grows
compared to 2021’s totals
$68M
Average Size
$36M
$26M
Median Size
$14M
$10M $10M
$5M $6M
$3M $3M
2018 2019 2020 2021 2022

YTD
109
Early-stage deal share continues to decline in 2022 YTD
10% 8% 7% Other, 8%
8% 8% 15% Late-stage, 8%
7%
24%
17%
Mid-stage, 28%
6%
81% 78%
65%
61%
Early-stage, 56%
2018 2019 2020 2021 2022

YTD
110
Exchanges & Brokerages: Top equity deals in Q1'22

Round % of Total
Date Funding
Insight Partners, Institutional Venture Partners,

Series C
1 FTX $400M 2022-01-31
$32.0B Lightspeed Venture Partners, New Enterprise Bahamas 49.9%
Associates, Ontario Teachers' Pension Plan
Series B Tiger Global Management, Ripple, UBX, DG Daiwa

N/A
Ventures, Draper Dragon
Philippines 6.2%
Series B Pantera Capital, 4Di Capital, Bittrex, Alameda

2 VALR $50M 2022-03-01
$240M
Research, Avon Ventures
South Africa 6.2%
Series A
2 Zignaly $50M 2022-03-03
N/A Global Emerging Markets Singapore 6.2%
Venture Capital Intercontinental Exchange, Medici Ventures,

5 tZERO $41M 2022-02-23
N/A
Overstock.com, Pelion Venture Partners
United States 5.1%
Kleiner Perkins Caufield & Byers, Paradigm, CMT

Series B
6 Rain Financial $37M 2022-01-12
N/A Digital, Middle East Venture Partners, Cadenza Bahrain 4.6%
Ventures
Undisclosed
7 Slingshot $23M 2022-03-09
N/A N/A United States 2.9%
Series A
8 FoxBit $22M 2022-02-22
N/A OK Group Brazil 2.7%
Series B DV Chain, CI Financial, Singh Capital Partners,

9 Newton $20M 2022-02-09
$200M
Snowdevil Capital, Anthony Pompliano
Canada 2.5%
Seed Three Arrows Capital, Deribit, Jump Crypto, QCP

10 Thetanuts Finance $18M 2022-03-01
N/A
Capital
United States 2.2%
111
The unicorn count falls to 13 due to an exit and no new unicorns
14
Total Unicorns, 13
11
3 3
New Unicorns, 0
2018 2019 2020 2021 2022
112
In 2022 YTD, M&A exits are already at 50% of 2021’s total
M&A, 3
2
IPO, 0
2018 2019 2020 2021 2022
YTD
113
M&A exits and IPOs both decrease QoQ
M&A, 3
1 1 1 1
IPO, 0
2018 2019 2020 2021 2022
114
Geographic Trends
115
US Trends
116
US blockchain funding and deals are already at around 40% of 2021’s totals
$16. 0B 900
$14. 0B 800
700
$12. 0B
600
$10. 0B 525
500
$8.0B
Funding 400
312 $5.8B
$6.0B
273
300
223
$4.0B
200
Deals
$2.0B
198 100
$2.2B $1.5B $1.7B $13.7B

$0.0B 0
2018 2019 2020 2021 2022
YTD
117
Funding sees a minimal decrease QoQ, deals hit a new record
$7,000M
Funding
250
$6,000M $5,830M
$5,000M
Deals
200
198
160
$4,000M 150
150
119
$3,000M
96
88 87 100
82 80
$2,000M 65 66 64
62 58
55 54
47
50
$1,000M
$336M $294M $277M

$220M $187M
$482M $531M $837M $416M $602M $547M $653M $1,732M $3,023M $3,087M $5,894M
$0M 0
2018 2019 2020 2021 2022
118
In 2022 YTD, early-stage deal share ticks down compared to 2021’s total
9%
17% 15% 16%
Other, 12%
6%
Late-stage, 5%
5% 10%
5% Mid-stage, 9%
10%
74% 74% 76% Early-stage, 74%

69%
2018 2019 2020 2021 2022

YTD
119
US: Top equity deals in Q1'22

Round % of Total
Date Funding

1 Fireblocks $550M 2022-01-27
$8.0B
Capital, BNY Mellon
United States 9.4%

2 ConsenSys $450M 2022-03-11
$7.0B
United States 7.7%
Seed VC Andreessen Horowitz, Animoca Brands, FTX Ventures,

2 Yuga Labs $450M 2022-03-22
$4.0B
MoonPay, Sound Ventures
United States 7.7%
Series C
4 OpenSea $300M 2022-01-04
Series C Sapphire Ventures, Tiger Global Management, BOLDstart

$3.3B
Ventures, Lerer Hippeau, Matrix Capital Management
United States 3.6%
Seed VC Digital Currency Group, Multicoin Capital, Reciprocal

6 The Graph $205M 2022-02-17
N/A
Ventures, HashKey Capital, gumi Cryptos
United States 3.5%

7 Alchemy $200M 2022-02-08
$10.2B
United States 3.4%
Series B Kora Management, SoftBank Group, Andreessen Horowitz,

7 Aleo $200M 2022-02-07
$1.5B
Slow Ventures, Samsung NEXT
United States 3.4%
Series A Andreessen Horowitz, BlockTower Capital, Coinbase

7 Aptos $200M 2022-03-15
$1.0B
Ventures, FTX Ventures, Irongrey
United States 3.4%

10 Autograph $170M 2022-01-20
$3.7B
United States 2.9%
120
Exits slow down in 2022 YTD compared to full-year 2021
27
M&A, 4
1
1 SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
YTD
121
M&A exits and SPACs both down QoQ
10
M&A, 4
3
1 1
SPAC, 0
IPO, 0
2018 2019 2020 2021 2022
122
US: Top investors in Q1’22 by company count

4 Tiger Global Management 14 Asset/Investment Management United States
9 Jump Crypto 12 Corp United States
10 GSR Ventures 10 VC United States
10 Mechanism Capital 10 VC United States
10 ParaFi Capital 10 Asset/Investment Management United States
10 Paradigm 10 VC United States
123
New York
124
State of Blockchain | Geographic Trends | New York
New York funding decreases QoQ, deals hit a new high
$3,000M 60
$2,500M 50
Funding
$2,145M
Deals
$2,000M 40
35 40
33
$1,500M 28 30
25
22
21
$1,000M 18 18 20
17
16 16
12 12
11 11
9
$500M 10
$87M $106M $108M $86M $131M

$41M $78M $56M $59M
$386M $30M $428M $1,184M $923M $1,263M $2,778M
$0M 0
2018 2019 2020 2021 2022
125
Early-stage deal share remains at 58% in Q1’22
12% 11%
17% 17%
Other, 20%
7% 9%
6%
7% 12%
7% Late-stage, 13%
22%
14%
Mid-stage, 10%
75%
71%
58% 58% Early-stage, 58%
2018 2019 2020 2021 2022

YTD
126
New York: Top equity deals in Q1'22
Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date

1 Fireblocks $550M 2022-01-27
$8.0B
Capital, BNY Mellon
25.6%

2 ConsenSys $450M 2022-03-11
$7.0B
21.0%
Series C
3 OpenSea $300M 2022-01-04
$13.3B Coatue Management, Paradigm, KRH 14.0%
Seed VC Union Square Ventures, Breyer Capital, Hivemind Capital, Digital

4 Trust Machines $150M 2022-02-03
N/A
Currency Group, GoldenTree Asset Management
7.0%
Series E Marshall Wace Asset Management, Liberty City Ventures, S&P

5 Lukka $110M 2022-01-14
$1.3B
Global, Soros Fund Management, MIAX Options
5.1%
127
Silicon Valley
128
State of Blockchain | Geographic Trends | Silicon Valley
Funding ticks down QoQ, deals reach a record of 61
$2,000M 100
$1,800M Funding 90
$1,626M
$1,600M 80
$1,400M 70
Deals
$1,200M 60
61
$1,000M 50
38 37
$800M 40
31 30 30
29
$600M 26 30
24
21 21
18 18
$400M 15 16 20
12
10
$200M 10
$63M $85M $79M $73M $64M
$48M $53M
$198M $418M $146M $111M $474M $275M $935M $903M $1,746M
$0M 0
2018 2019 2020 2021 2022
129
Early-stage deal share sees a slight increase in Q1’22
8% 7%
11% Other, 8%
5% Late-stage, 3%
12% 6%
5% 18% Mid-stage, 11%
11%
81% 81%
72%
2018 2019 2020 2021 2022

YTD
130
Silicon Valley: Top equity deals in Q1'22
Round
Date
Seed VC Digital Currency Group, Multicoin Capital, Reciprocal Ventures,

1 The Graph $205M 2022-02-17
N/A
HashKey Capital, gumi Cryptos
12.6%
Series D Lightspeed Venture Partners, Silver Lake, Andreessen Horowitz,

2 Alchemy $200M 2022-02-08
$10.2B
Addition, Coatue Management
12.3%

2 Aptos $200M 2022-03-15
$1.0B
Ventures, Irongrey
12.3%
Series B
4 Optimism $150M 2022-03-17
$1.7B Andreessen Horowitz, Paradigm 9.2%
Series B Paradigm, Andreessen Horowitz, Jump Capital, Variant Fund, Solana

5 Phantom $109M 2022-01-31
$1.2B
Ventures
6.7%
131
Los Angeles
132
State of Blockchain | Geographic Trends | Los Angeles
Funding soars to a record high in Q1’22
$700M
Funding 25
$607M
$600M
19 20
$500M 17
Deals
18
$400M 15
13
$300M
10
7 7 7 7
$200M 6
5 5
4 4 4 5
3
$100M
2
$31M 1
$18M $14M $16M $22M $13M $17M
$43M $1M $157M $10M $4M $308M $217M $221M
$3M
$0M 0
2018 2019 2020 2021 2022
133
Early-stage deal share dominates in 2022 YTD
Other, 6%
13%
19% 11% Late-stage, 0%
30% Mid-stage, 11%
10%
88%
71% 70%
2018 2019 2020 2021 2022

YTD
134
Los Angeles: Top equity deals in Q1'22
Round
Date
Series C Sapphire Ventures, Tiger Global Management, BOLDstart Ventures,

$3.3B
Lerer Hippeau, Matrix Capital Management
34.1%

2 Autograph $170M 2022-01-20
$3.7B
28.0%
Series A
3 iTrustCapital $125M 2022-01-11
$1.3B Left Lane Capital, Walden Venture Capital 20.6%
Seed VC Josh Jones, 8VC, Liquid 2 Ventures, TenOneTen Ventures, Bill

4 FlyCoin $33M 2022-02-08
$65M
Foley
5.4%
Series A Andreessen Horowitz, BlockTower Capital, Coinbase Ventures,

5 Goldfinch $25M 2022-01-06
$203M
Helicap, SV Angel
4.1%
135
Asia Trends
136
State of Blockchain | Geographic Trends | Asia Trends
In 2022 YTD, blockchain funding already reaches 52% and deals reach 41%
of 2021’s totals
$3.5B
500
$3.0B
377 380 400

$2.5B
331
$2.0B
300
Funding
227 $1.5B
$1.5B
200
$1.0B
Deals 100
$0.5B 135
$1.6B $1.0B $0.7B $2.9B

$0.0B 0
2018 2019 2020 2021 2022
YTD
137
Funding surges to a record high in Q1’22
Funding
$1,600M $1,517M 200
$1,400M
$1,200M
137 150
Deals
122
$1,000M 135
112 111
$800M 95
100
85 82 83
78
$600M 69
60 63
58 59 56
45
$400M 50
$200M
$137M $493M $670M $280M $221M $137M $511M $129M $148M $166M $247M $158M $420M $709M $489M $1,314M
$0M 0
2018 2019 2020 2021 2022
138
Early-stage deal share grows, mid- and late-stage shares tick down
8% 11% 9% Other, 3%
6%
Late-stage, 4%
8% 6% 8%
10% Mid-stage, 7%
81% 82%
Early-stage, 85%
79% 80%
2018 2019 2020 2021 2022

YTD
139
Asia: Top equity deals in Q1'22

Round % of Total
Date Funding
Venture Capital Liberty City Ventures, Gobi Partners, Kingsway

$5.0B
Capital Partners, Sequoia Capital China, 10T Fund
Hong Kong 23.7%
Series B Temasek, Coinbase Ventures, Pantera Capital, Tiger

2 Amber Group $200M 2022-02-21
$3.0B
Global Management, Tru Arrow Partners
Hong Kong 13.2%
Private Equity
$5.0B KKR Hong Kong 9.3%
Undisclosed
4 Serum $100M 2022-01-07
N/A Commonwealth Group, Tiger Global Management Hong Kong 6.6%
Series B Animoca Brands, Liberty City Ventures, Cell Rising,

5 Hex Trust $61M 2022-03-16
$300M
Fenbushi Capital, HashKey Capital
Hong Kong 4.0%
Series B Tiger Global Management, Ripple, UBX, DG Daiwa

N/A
Ventures, Draper Dragon
Philippines 3.3%
Series A
6 Zignaly $50M 2022-03-03
N/A Global Emerging Markets Singapore 3.3%
Kleiner Perkins Caufield & Byers, Paradigm, CMT

Series B
8 Rain Financial $37M 2022-01-12
N/A Digital, Middle East Venture Partners, Cadenza Bahrain 2.4%
Ventures
Seed VC Polychain Capital, Alameda Research Ventures,

9 Astar Network $22M 2022-01-28
N/A
Alchemy Ventures, Crypto.com Capital, Gavin Wood
Singapore 1.5%
Seed VC Lightspeed Venture Partners, AlphaLab Capital,

10 Treehouse Finance $18M 2022-03-16
N/A
Berioza Associates, Binance, Bitpanda
Singapore 1.2%
140
Asia sees 2 M&A exits in Q1’22
11
M&A, 2
IPO, 0
2018 2019 2020 2021 2022
YTD
141
M&A exits fall QoQ, IPOs remain at 0
M&A, 2
1 1
IPO, 0
2018 2019 2020 2021 2022
142
Asia: Top investors in Q1’22 by company count

1 Animoca Brands 34 Corp Hong Kong
3 Three Arrows Capital 11 Asset/Investment Management Singapore
4 DeFiance Capital 10 Asset/Investment Management Singapore
5 Double Peak Group 9 Asset/Investment Management Hong Kong
5 GBV Capital 9 VC Hong Kong
5 Infinity Ventures Crypto 9 VC Japan
5 Sandeep Nailwal 9 Angel India
5 Spartan Group 9 Asset/Investment Management Singapore
10 NGC Ventures 8 VC Singapore
10 Sequoia Capital India 8 VC India
143
Hong Kong
144
State of Blockchain | Geographic Trends | Hong Kong
Hong Kong funding and deals soar to record highs in Q1’22
$1,000M Funding 20
$911M
$900M 18
$800M 16
Deals
$700M
15
14
12
$600M 12
$500M 10
$400M 8
6 6 6
$300M 6
$243M
4 4 4
$200M 3 3 3 4
2 2
1 $68M $77M
$100M 1 2
$30M $35M $28M
$7M $7M $10M $6M $17M
$0M $2M
$0M 0
2018 2019 2020 2021 2022
145
Early-stage deal share falls 15 percentage points
8%
11%
14% Other, 20%
25% 8%
7%
Late-stage, 7%
Mid-stage, 13%
89%
85%
75% 75%
Early-stage, 60%
2018 2019 2020 2021 2022

YTD
146
Hong Kong: Top equity deals in Q1'22
Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
Venture Capital Liberty City Ventures, Gobi Partners, Kingsway Capital Partners,
$5.0B
Sequoia Capital China, 10T Fund
39.4%
Series B Temasek, Coinbase Ventures, Pantera Capital, Tiger Global

2 Amber Group $200M 2022-02-21
$3.0B
Management, Tru Arrow Partners
22.0%
Private Equity
$5.0B KKR 15.5%
Undisclosed
4 Serum $100M 2022-01-07
N/A Commonwealth Group, Tiger Global Management 11.0%
Series B Animoca Brands, Liberty City Ventures, Cell Rising, Fenbushi Capital,
5 Hex Trust $61M 2022-03-16
$300M
HashKey Capital
6.7%
147
Singapore
148
State of Blockchain | Geographic Trends | Singapore
Singapore funding ticks down QoQ, deals hit a record high
$300M 60
Funding
$246M
$250M 50
Deals
$200M 40
41
30
$150M 30
25 25
$100M 18 20
17 17
16
15 15
12 12
10 10
$50M 8 8 10
4
$11M
$34M $22M $92M $64M $69M $34M $20M $23M $3M $25M $67M $102M $205M $124M $251M
$0M 0
2018 2019 2020 2021 2022
149
In Q1’22, all of Singapore’s 41 deals are early-stage
Other, 0%
6% 8% 9% Late-stage, 0%
5%
7% 9% Mid-stage, 0%
22%
Early-stage, 100%
87% 84%
80%
69%
2018 2019 2020 2021 2022

YTD
150
Singapore: Top equity deals in Q1'22
Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
Series A
1 Zignaly $50M 2022-03-03
N/A Global Emerging Markets 20.4%
Seed VC Polychain Capital, Alameda Research Ventures, Alchemy Ventures,

2 Astar Network $22M 2022-01-28
N/A
Crypto.com Capital, Gavin Wood
9.0%
Seed VC Lightspeed Venture Partners, AlphaLab Capital, Berioza Associates,

3 Treehouse Finance $18M 2022-03-16
N/A
Binance, Bitpanda
7.3%
Series A Sequoia Capital India, Union Square Ventures, Multicoin Capital,

4 Web3Auth $13M 2022-01-12
N/A
Bitcoin.com, Chainstry
5.3%
Seed VC Three Arrows Capital, Accel, Accomplice, Amber Group,

4 Stader Labs $13M 2022-01-20
$450M
Blockchain.com Ventures
5.1%
151
India
152
State of Blockchain | Geographic Trends | India
Funding plummets 93% QoQ
$350M
25
$300M
Deals 20
18
$250M 17
$200M 15
12
$150M
10
7
$100M 6 6
5
$50M
3 3 Funding
2 2 2
1 1 1
$23M
$2M $6M $5M $3M $4M
$0M $3M $19M $19M $52M $105M $313M
$0M 0
2018 2019 2020 2021 2022
153
In Q1’22, all of India’s 17 deals are early-stage
Late-stage, 0%
11% 8% 10% Mid-stage, 0%

89% 92% 90%
2018 2019 2020 2021 2022

YTD
154
India: Top equity deals in Q1'22
Round
Date
Seed VC Lightspeed Venture Partners, Animoca Brands, Dune

1 IndiGG $6M 2022-01-18
N/A
Ventures, Jump Capital, Play Ventures
25.6%
Seed VC Global Founders Capital, Sequoia Capital India, Better

2 Flint $5M 2022-01-25
N/A
Capital, Coinbase Ventures, IOSG
21.8%
Seed VC Framework Ventures, Blizzard, FinLink Partners, GSR

3 Hubble Exchange $3M 2022-03-10
N/A
Ventures, Lemniscap VC
14.1%
Seed VC Dutch Crypto Investors, GDA Capital, IBC Group,

3 OneTo11 $3M 2022-02-03
N/A
Magnus Capital, Maximus Capital
10.7%
Seed VC Banter Capital, Contango Digital Assets, Digital

5 NeoFi $2M 2022-03-21
N/A
Strategies, GDA Capital, Ghaf Capital
9.0%
155
Europe Trends
156
State of Blockchain | Geographic Trends | Europe Trends
In 2022 YTD, Europe funding already reaches 29% and deals reach 31% of
2021’s total
$4,000M 450
$3,500M 400
350
$3,000M
300
270
$2,500M
250
$2,000M
200
167
159
$1,500M 148
Funding 150
$1,016M
$1,000M
100
$500M Deals 50
84
$808M $439M $570M $3,477M
$0M 0
2018 2019 2020 2021 2022
YTD
157
Funding jumps 77% QoQ, deals hit a record high
$1,400M 120
$1,200M
Funding 100
$1,016M
$1,000M Deals
77
84
80
70
68
$800M
55 60
51
$600M 46
42 43 43
40
38 37 37
33 33 40
31
$400M
20
$200M
$50M
$170M $105M $264M $268M $102M $130M $158M $95M $120M $165M $190M $919M $812M $1,173M $573M
$0M 0
2018 2019 2020 2021 2022
158
Early-stage deal share dominates in Q1’22
6% 5%
Other, 1%
9% 8%
Late-stage, 10%
11% 6%
Mid-stage, 6%
15%

81%
78%
74%
2018 2019 2020 2021 2022

YTD
159
Europe: Top equity deals in Q1'22

Round % of Total
Date Funding
Three Arrows Capital, Andreessen Horowitz,

Series B
1 NEAR Protocol $150M 2022-01-13
N/A Dragonfly Captial, Alameda Research Ventures, Switzerland 14.8%
Mechanism Capital
Series C Ordway Selections, Summer Capital, Julius Baer

2 SEBA Bank $119M 2022-01-12
N/A
Group, Alameda Research Ventures, Altive
Switzerland 11.7%
Series A
3 5ire $100M 2022-02-15
N/A Global Emerging Markets United Kingdom 9.8%
Series A 10T Fund, AVA Labs, Coinbase Ventures, HOF

4 Qredo $80M 2022-02-04
$460M
Capital, Kingsway Capital Partners
United Kingdom 7.9%
Series A
N/A Andreessen Horowitz United Kingdom 6.9%
Series B Coatue Management, Dragonfly Captial, Multicoin

$1.0B
Capital
Norway 6.8%
Series A Foundation Capital, North Island Ventures, Backed

7 BCB Group $60M 2022-01-25
N/A
VC, Circle Ventures
United Kingdom 5.9%
Venture Capital
8 Qredo $47M 2022-02-28
N/A 10T Fund United Kingdom 4.6%
Series B Spark Capital, Accel, Guillermo Rauch, Point Nine

9 Tenderly $40M 2022-03-02
N/A
Capital, Abstract Ventures
Serbia, Republic of 3.9%
Series A Blockchain Capital, LongHash Ventures, New Form

10 Composable Finance $32M 2022-03-31
N/A
Capital, SOSV, Spartan Group
Romania 3.2%
160
M&A exits slow in 2022 YTD compared to 2021’s total
15
2
M&A, 2
IPO, 1
2018 2019 2020 2021 2022
YTD
161
M&A exits down QoQ, IPOs remain flat
3 3
M&A, 2
1 1
IPO, 1
2018 2019 2020 2021 2022
162
Europe: Top investors in Q1'22 by company count
1 OKEx Blockdream Ventures 10 CVC Malta
2 Global Founders Capital 8 VC Germany
3 ZBS Capital 7 VC Ukraine
4 A&T Capital 5 VC Germany
4 Maven Capital 5 VC Sweden
6 Kingsway Capital Partners 4 Asset/Investment Management United Kingdom
6 Sebastien Borget 4 Angel France
6 Stani Kulechov 4 Angel United Kingdom
6 Wintermute Trading 4 Corp United Kingdom
163
United Kingdom
164
State of Blockchain | Geographic Trends | United Kingdom
Funding triples QoQ, deals increase 37%
$600M 50
45
$500M
Funding 40
$420M
35
$400M 31
30
25 Deals
$300M 22 2526
20
19
17 20
$200M 15 15
13 13 15
12
10 10 10
9
10
$100M
5
5
$21M $27M
$11M $12M $17M
$32M $49M $79M $48M $67M $32M $65M $569M $183M $112M $139M
$0M 0
2018 2019 2020 2021 2022
165
In 2022 YTD, early- and mid-stage deal shares decrease
6% Other, 4%
10%
14% 6%
7% Late-stage, 15%
14%
10%
Mid-stage, 0%
87% 85%
76%
Early-stage, 81%
74%
2018 2019 2020 2021 2022

YTD
166
United Kingdom: Top equity deals in Q1'22
Round
Date
Series A
1 5ire $100M 2022-02-15
N/A Global Emerging Markets 23.8%
Series A 10T Fund, AVA Labs, Coinbase Ventures, HOF Capital,

2 Qredo $80M 2022-02-04
$460M
Kingsway Capital Partners
19.1%
Series A
N/A Andreessen Horowitz 16.7%
Series A Foundation Capital, North Island Ventures, Backed VC,

4 BCB Group $60M 2022-01-25
N/A
Circle Ventures
14.3%
Venture Capital
5 Qredo $47M 2022-02-28
N/A 10T Fund 11.2%
167
LatAm & Caribbean
Trends
168
State of Blockchain | Geographic Trends | LatAm & Caribbean Trends
In 2022 YTD, funding is only 16% of 2021’s total, while deals are on pace to
set a record
$3,500M 70
$3,000M 60
50
$2,500M 50
$2,000M 40
$1,500M 30
Deals
20 19
$1,000M 20
13 13 Funding
$482M
$500M 10
$45M $87M
$12M $3,081M
$0M 0
2018 2019 2020 2021 2022
YTD
169
Funding dips for the third straight quarter, while deals reach new high
$1,800M
25
$1,600M
Deals
$1,400M 19 20
$1,200M 16
14 15
$1,000M 13
$800M
9 10
Funding
$600M
7 $482M
6
5 5
$400M
4 5
3 3 3 3
$200M 2 2
1 $80M $64M
$34M $8M $8M $6M
$3M $4M $0M $0M $1M $797M $1,642M $578M
$0M 0
2018 2019 2020 2021 2022
170
Early-stage deal share ticks up 6 percentage points in 2022 YTD
Other, 0%
8%
Late-stage, 11%
20%
23% 20%
15%
Mid-stage, 5%
10%
15%
Early-stage, 84%
77% 78%
70%
62%
2018 2019 2020 2021 2022

YTD
171
LatAm & Caribbean: Top equity deals in Q1'22

Round % of Total
Date Funding
Insight Partners, Institutional Venture Partners, Lightspeed

Series C
1 FTX $400M 2022-01-31
$32.0B Venture Partners, New Enterprise Associates, Ontario Bahamas 83.0%
Teachers' Pension Plan
Series A
2 FoxBit $22M 2022-02-22
N/A OK Group Brazil 4.5%
Seed VC Algorand, Banter Capital, Black Edge Capital, Kenetic Capital,

3 Ethernity Chain $20M 2022-02-10
N/A
Morningstar Ventures
Cayman Islands 4.2%
Seed VC Alter Global, Distributed Global, 4DX Ventures, A&T Capital,

4 Nestcoin $6M 2022-02-01
N/A
Alameda Research Ventures
Virgin Islands (British) 1.3%
Seed Daman Investments, Fiducia Capital, Gargash Group, Planet

5 MContent $5M 2022-01-29
$10M
N Group
Seed VC Multicoin Capital, Collab+Currency, Delphi Digital, Jump

5 Squads $5M 2022-03-04
N/A
Capital, Reciprocal Ventures
Series A Itau Corporate Venture Capital, Honey Island Capital, Kinea

5 Liqi Digital Assets $5M 2022-01-13
N/A
Investimentos, Oliveira Trust
Brazil 1.0%
Seed
5 WingRiders $5M 2022-02-10
N/A cFund, COTI Group, Spartan Group, LongHash Ventures Virgin Islands (British) 0.9%
Convertible Note
9 Umee $4M 2022-03-10
N/A N/A Cayman Islands 0.9%
Seed VC
9 Gavea Marketplace $4M 2022-01-12
N/A Astella Investimentos, Domo Invest, 2TM Brazil 0.9%
172
1 M&A exit in Q1’22 ties 2021’s total
1
M&A, 1
IPO, 0
2020 2021 2022
YTD
173
One M&A exit for the second straight quarter, no IPOs since Q2’20
1
M&A, 1
IPO, 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022
174
LatAm & Caribbean: Top investors in Q1’22 by company count

1 FTX Ventures 5 CVC Bahamas
2 Gate.io 3 Corp Cayman Islands
2 SkyVision Capital 3 VC Virgin Islands (British)
2 Solar Eco Fund 3 Asset/investment management Virgin Islands (British)
5 Bitcoin.com 2 Corp Saint Kitts And Nevis
5 Coin98 Ventures 2 VC Virgin Islands (British)
5 Deribit 2 Corp Panama
5 FTX 2 Corp Bahamas
5 Patricio Worthalter 2 Angel Argentina
5 Youbi Capital 2 Private equity Cayman Islands
175
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.
The State of Blockchain covers private-market dealmaking, https://www.cbinsights.com/research-unicorn-companies. No buyouts, consolidations, or recapitalizations. All three of
funding, and exits by companies and organizations leveraging Geography notes: Israel funding figures are classified in Asia; these transaction types are commonly employed by private
blockchain technology. Categories include crypto, NFTs, DeFi, funding to Australia and Africa is included in global figures but equity firms and are tracked by CB Insights. However, they are
and enterprise blockchain. Public and private token sales are not spotlighted in this report. excluded for the purposes of this report.
excluded. Rounds to private companies that may be majority- or minority- No private placements. These investments, also known as PIPEs
You can download the underlying data found in this report here: owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
https://www.cbinsights.com/reports/CB-Insights_Blockchain- made by a venture capital firm.
Valuation data includes estimates to calibrate median and
Report-Q1-2022.xlsx.
average valuations based on current and previous quarter No debt/loans of any kind (except convertible notes). Venture
If you have questions about the definitions or methodological disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
principles used, or if you feel that your firm has been sources. The estimating method will control for the over- companies, even if included as an additional part of an equity
underrepresented, please reach out to info@cbinsights.com. sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
What is included: comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
Equity financings into private companies only. Funding rounds Valuation data reflects post-money valuations. in these statistics.
raised by public companies of any kind on any exchange Exits include IPOs, SPACs, publicly announced M&A deals and No non-equity government funding. Grants or loans by the
(including Pink Sheets) are excluded from our numbers, even if other liquidity events; only 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. US financing trends follow the combined statistical area (CSA) Accelerators, incubators, business-plan competitions, economic-
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)
No contingent funding. If a company receives a commitment for
credible media sources. $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

Our Technology Insights Platform provides

We use CB Insights in almost every deal somewhere

Custody & Wallets

The top 50 blockchain What are stablecoins?

3 ways blockchain is building

The Blockchain 50: The top

What you need to know about

$9.2B 461 $5.8B 28 62

What you need to know about

34 26% 425% $2.1B 275%

Global blockchain funding up for the seventh consecutive quarter

Global blockchain deals continue to climb, reaching a new quarterly high

US blockchain funding has its second $5B+ quarter in a row

Blockchain mega-rounds ($100M+) surge to 28, a new record

The blockchain unicorn club continues to grow, now at 62

1 Animoca Brands New record 34 Corp Hong Kong

2 Coinbase Ventures 30 CVC United States

3 Pantera Capital 16 VC United States

3 Shima Capital 16 VC United States

5 Alameda Research Ventures 14 CVC Hong Kong

5 Jump Capital 14 VC United States

5 Tiger Global Management 14 Asset/investment management United States

8 Andreessen Horowitz 13 VC United States

8 Multicoin Capital 13 VC United States

8 Solana Ventures 13 VC United States

One-fourth of blockchain funding goes to NFT startups 2 quarters in a row

$10. 0B Total funding,

DeFi funding reaches an all-time high of $2.1B, up more than 5x YoY

$0.1B $0.1B $0.1B $0.0B

New York Silicon Valley

Global Trends 20 Asia 136

Collection Spotlights 71 LatAm & Caribbean 168

Geographic Trends 115

Global funding and deals are on pace for a record year

$15. 0B 892 1,000

$4.7B $3.1B $3.1B $24.8B

Global funding and deals reach all-time quarterly highs

The US leads Q1’22 funding and deals

Asia and Europe see funding gains in Q1’22

LatAm & Caribbean All Other Regions

7% 5% 5% 6% 6% 7% 7% All Other Regions, 5%

VCs hold steady as leader in investor deal share in Q1’22

30% 29% 30% 30% 29% 30%

2018 2019 2020 2021 2022

Median deal size hits record highs in the US and Europe

2018 2020 2022 2018 2020 2022 2018 2020 2022

Angel Asset/Investment CVC Corp Private Equity VC

Mega-round funding and deals hit quarterly highs

The US accounts for two-thirds of mega-round funding and deals in Q1’22

US mega-round deal count skyrockets above other regions

Mega-rounds account for 6% of global deals in Q1’22

98% 99% 99% 96% 96% 94% 96% Non-mega-rounds, 94%

In Q1’22, 63% of global funding dollars are from mega-rounds

Global: Top equity deals in Q1'22

Seed VC Andreessen Horowitz, Animoca Brands, FTX Ventures, MoonPay, Sound

Series C Insight Partners, Institutional Venture Partners, Lightspeed Venture

Series C Sapphire Ventures, Tiger Global Management, BOLDstart Ventures, Lerer

Seed VC Digital Currency Group, Multicoin Capital, Reciprocal Ventures, HashKey

Series D Lightspeed Venture Partners, Silver Lake, Andreessen Horowitz, Addition,

Series B Kora Management, SoftBank Group, Andreessen Horowitz, Slow Ventures,

Series B Temasek, Coinbase Ventures, Pantera Capital, Tiger Global Management,

Series A Andreessen Horowitz, BlockTower Capital, Coinbase Ventures, FTX

Early-stage deal share holds steady at 80% in 2022 so far