SV Angel is a San Francisco-based venture fund. Their experience spans helping companies like Airbnb, Coinbase, Databricks, DoorDash, Faire, Flexport, GitHub, Notion, Pinterest, Snap, Square, and Stripe Scale. Over the last 30 years of investing, their core values of trust, loyalty, and integrity along with a founder-first approach have driven our strategy. They are a service organization, investing in founders who share these values. They support entrepreneurs in building lasting companies by assisting at key inflection points and leveraging networks to help them propel their businesses forward.

SV Angel

Union Square Ventures is a private equity and venture capital firm focused on early-stage, growth capital, late-stage, and startup financing. The USV portfolio companies create services that have the potential to fundamentally transform important markets.  It exclusively invests in the internet world, focusing on the applications layer of the web, internet services, and web services that create large networks as well as the mobile sector. Some of its invested companies are based in New York, San Francisco, London, Berlin, and places in between. It typically makes a starting investment in portfolio companies of $1 million. In certain Series Around cases, the firm may make a starting investment between $2.5 million to $3 million. It typically invests up to $20 million in any single company. Union Square Ventures was founded in 2003 and is based in New York, United States.

Union Square Ventures

Marc Bell Ventures is a venture capital firm that offers early-stage and private equity investment services to firms in the finance, hospitality, and entertainment industries. It was founded in 2000 by Marc Bell and is based in Florida.

Marc Bell Ventures

Digital Currency Group builds and supports bitcoin and blockchain companies by leveraging insights, network, and access to capital. Based in Stamford, Connecticut, DCG has been an active seed investor in the digital currency industry with 150+ investments in over 30 countries. In addition, DCG owns and operates CoinDesk, the top media and events platform in the blockchain space, Genesis Trading, the industry's leading bitcoin brokerage firm, and Grayscale Investments, the largest digital currency asset management firm.

Digital Currency Group

Y Combinator is a startup accelerator that invests in a large number of startups twice a year. It created a new model for funding startups. Twice a year, the company invests a small amount of money ($150k) in a large number of startups. The startup accelerator works intensively with the companies for three months, to get them into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day when the startups present their companies to a carefully selected, invite-only audience.

Y Combinator

Dorm Room Fund is the strongest community of entrepreneurial students in the nation. Built by students and powered by First Round, we provide founders with a strong network of investors, world-class mentors, and a $20,000 check.

Dorm Room Fund

Compound is a venture capital firm that invests in bleeding-edge technology built by outliers. They have partnered with elite operators that understand the intricacies of many different industries and various components of businesses, that help them navigate the complex systems in which each startup lives by removing roadblocks and compounding growth. Compound is based in New York City.

Compound

Lux Capital manages over $5 billion in assets focused on founding, seed, early-stage, and growth investments at the intersection of technology and the sciences. Lux takes an active role in helping entrepreneurs build successful businesses in high-growth sectors. Its investment team has built over 20 companies from scratch. Lux's investment strategy ensures portfolio companies are better connected, have a deeper insight, and command industry leadership faster than their competitors.

Lux Capital

Version One Ventures backs mission-driven founders at the earliest stages. Full thesis here: https://versionone.vc/updated-thesis/

Version One Ventures

Rising Tide their technological advancements in big data analytics, computer-aided design, optical sensors, mobile applications in vertical markets, community-connected networks, and services.

Rising Tide

Founded in 2015, CSC Upshot Ventures is an early-stage venture fund focusing on providing seed capital to technology companies at scale. The firm seeks to invest in companies operating in the enterprise, artificial intelligence, healthcare, Fintech, and the marketplace. In close partnership with AngelList, CSC Upshot Ventures built a new model of venture investing based on the needs of founders, investors, and startup communities.

CSC Upshot

Fantail Ventures invests in and advises early-stage companies in the fields of data and analytics, digital media, e-commerce, fintech, and wellness.

Fantail Ventures

Stacks

Giving creators the power of content monetization and audience engagement.

Creator Economy

OpenSea claims to be the third largest online marketplace for crypto collectibles and NFTs secured on Ethereum, Polygon, Klaytn, and Solana blockchains. Users can purchase NFTs on OpenSea using cryptocurrencies, credit/debit cards, Apple Pay, and Google Pay enabled by its <a href="https://sp-edge.com/updates/9539">partnership </a>with MoonPay.In 2021, OpenSea’s transaction volume increased by over 600x year-over-year, with monthly Ethereum transaction volume reaching nearly USD 2.5 billion in March 2022. As of January 2022, the platform had over 80 million+ NFTs. However, in <a href="https://sp-edge.com/updates/11664">July 2022, </a>the company laid off over 40 employees (~20% of its staff) citing the recent crypto downturn and broad macroeconomic instability, while recording its lowest monthly trading volumes in June 2022 (since July 2021).OpeanSea launched OpenSea Ventures <a href="https://sp-edge.com/updates/8465">(February 2022), </a>a corporate investment arm led by OpenSea’s co-founder Alex Atallah to support emerging protocols, companies, and ideas that plan to improve the web3 ecosystem through NFTs, decentralized systems, and new blockchain applications. The company also announced its Ecosystem Grants program to support developers, creators, and members to fund community ideas to expand the web3 ecosystem.Driven by OpenSea’s four core priorities for 2022, namely, to 1) accelerate product development, 2) improve OpenSea’s trust, safety, and reliability, 3) invest in the NFT and web3 ecosystem, and 4) expand headcount, in <a href="https://sp-edge.com/updates/7893">January 2022 </a>, the company acquired Dharma Labs, a digital cryptocurrency wallet. Further, the company acquired Gem.xyz, an NFT marketplace aggregator, for an undisclosed amount in <a href="https://sp-edge.com/updates/9935">April 2022 </a>. Gem.xyz enables users to buy multiple NFTs across different marketplaces with a single transaction using any ERC-20 token, which the company claims can save up to 40% on gas fees. In <a href="https://sp-edge.com/updates/10379">May 2022 </a>, the company also rolled out two new features to detect and remove fake and duplicated NFTs (copymints) and to improve the verification process of creator accounts.In November 2023, OpenSea announced a significant restructuring effort in line with its vision of OpenSea 2.0 where it plans to shift its focus on developing its <a href="https://sp-edge.com/updates/22412">OpenSea Studio </a>, a platform to help creators launch and manage their NFT projects. This follows OpenSeas decision in August 2023 to end the <a href="https://sp-edge.com/updates/21263">mandatory collection of artist resale fees </a>which had sparked backlash, with Yuga Labs, known for NFT collections like Bored Ape Yacht Club, announcing its plans to phase out NFT projects on OpenSea, starting in February 2024.Key customer and partnershipsIn <a href="https://sp-edge.com/updates/3157">March 2021, </a>OpenSea partnered with Australian blockchain firm Immutable to offer NFT minting without upfront gas fees. The company also has formed partnerships with Adobe in <a href="https://sp-edge.com/updates/6243">October 2021, </a>which enables users to create an image as an NFT in Photoshop, which will display content credentials (attribution for the NFT creator and who minted it); Blockstack, which provides a hosted platform for financial institutions to develop blockchain-based applications; Quantstamp, which provides blockchain security services; Coinbase, which offers a cryptocurrency platform for bitcoin trading; and Trust Wallet, which provides mobile wallet services for Ethereum and ERC20/ERC223 tokens). OpenSea partnered with blockchain monitoring and workflow automation platform PARSIQ <a href="https://sp-edge.com/updates/6888">(November 2021), </a>enabling users to track OpenSea NFT activity in real-time via PARSIQ’s data monitoring that uses “Smart Triggers” (that collect data from blockchains and relay it off-chain). More recently, in March 2024, the firm partnered with <a href="https://sp-edge.com/updates/27290">Coachella, </a>a music and arts festival conglomerate, to launch three NFT collections offering virtual and real-world VIP experiences and merchandise.Funding and financialsIn January 2022, OpenSea raised USD 300 million in a <a href="https://sp-edge.com/updates/7557">Series C </a>funding round valuing the company at USD 13.3 billion. This was a sharp hike from the previous valuation of USD 1.5 billion during its <a href="https://sp-edge.com/updates/4389">Series B </a>funding round in July 2021. The funds were raised to improve security and customer support through product and technical investments and by doubling its customer support as well as trust and safety teams’ headcount (over 60 at the time of funding) by the end of 2022. Part of the funds was expected to be used to invest in the NFT community to support developers, builders, and creators, and to grow its overall team.

Bitcoin has proven itself as a store of value. But to earn yield on their Bitcoin, users have to first send it to a centralized custodian. This is extremely risky, as over $40Bn has been lost to date due to custodial hacks and failures. The DLC.link platform lets users lock their Bitcoin in escrow, directly in their wallet. Users can supply their Bitcoin as collateral and earn a yield while maintaining full ownership. Currently only 2% of Bitcoin is utilized. Escrow will unlock the remaining 98%, making over $1 Trillion in Bitcoin liquidity available for lending on Ethereum and other blockchains.

It was founded in 2020 and headquartered in Brooklyn, New York.

Stackswap is a decentralized exchange (DEX) that issues and exchanges tokens on the Stacks blockchain, thus settling transactions on the Bitcoin Network.

Tontine Trust has been dubbed by incumbents as the world's 1st RetireTech. We are the pioneers of new lifetime income Tontine IRA™ which research shows to enhance your pension wealth by 87% with zero added risk. 60% of baby boomers fear running out of money more than dying according to the WSJ. Our products don't just eliminate the risk of running out, they transform the wellbeing of the retiree and their retirement accounts. The benefits for individuals, society & governments are so clear that the OECD recently passed Legal instrument 0467 which compels governments to convert existing drawdown pensions such as 401k's & IRAs into a lifetime income Tontine IRA™.

Flatlay is the end to end social commerce automation platform for brands, creatives & customers. The platform provides publishing tools for anyone to start a digital storefront in seconds while empowering brands and retailers with a SaaS portal to activate a community of customers and advocates to source content from to fuel sales. The platform makes it simple to consolidate and scale content focused campaign efforts between their affiliate, marketing and social media teams while rewarding advocate customers for participation.

OpenSea is a peer-to-peer marketplace for crypto collectibles and non-fungible tokens. It includes collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.

CoinTracker is a portfolio and tax manager for cryptocurrency that enables seamless cryptocurrency portfolio tracking and tax compliance. CoinTracker automatically syncs transactions into one unified dashboard and helps users file their crypto taxes with the click of a button.

Blockstack is a decentralized computing network that puts users in control of their data and login. It’s the easiest way to build decentralized apps that can scale. Blockstack enables engineers to build secure, privacy-focused applications: users are in control of their data instead of storing it with large tech companies. Over 120 independent developer teams have built apps on Blockstack.

Stacks (STX) is an open-source blockchain network that brings decentralized applications (dApps) and smart contract functionality to Bitcoin. It operates parallel to the Bitcoin blockchain, enabling developers to create dApps that interact with Bitcoin while leveraging its robust security and decentralization. Stacks utilizes a consensus mechanism called Proof-of-Transfer (PoX), which allows users to participate in mining by transferring or "staking" Bitcoin. The network's native token, STX, is used for paying transaction fees, deploying smart contracts, and earning Bitcoin rewards through the stacking process.

Stacks Use Case

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What is Stacks (STX)?

What Is Stacks (STX)?

Cryptocurrencies

Stacks (previously known as Blockstack) is a layer-1 blockchain that connects to the Bitcoin blockchain. It brings smart contracts and decentralized apps to Bitcoin and uses a proof-of-transfer (PoX) consensus mechanism to validate transactions. Its PoX consensus connects to Bitcoin with a 1:1 block ratio so any transaction that occurs on Stacks can be verified on the Bitcoin blockchain. The blockchain’s mainnet was launched in January 2021 and the company claims over 45 entities were building dApps on its platform as of January 2022.

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

Stacks: New Network Upgrades Push STX Price Up By 18% – Details

DLC.link

ABCDE

Comma3 Ventures

Chainlink

Sequoia Capital (SSF)

SBX Capital

Bixin Ventures

Stacks Accelerator

DeSpread

Gossamer Capital

Waterdrip Capital

HeyLayer

Panda Capital

Stackswap

Hashkey Exchange

GBV Capital

Tontine Trust

FLATLAY

HATCHER+

Quake Capital Partners

Longbrook Ventures

Stacks (STX) is an open-source blockchain network that brings decentralized applications (dApps) and smart contract functionality to Bitcoin. It operates parallel to the Bitcoin blockchain, enabling developers to create dApps that interact with Bitcoin while leveraging its robust security and decentralization. Stacks utilizes a consensus mechanism called Proof-of-Transfer (PoX), which allows users to participate in mining by transferring or "staking" Bitcoin. The network's native token, STX, is used for paying transaction fees, deploying smart contracts, and earning Bitcoin rewards through the stacking process.
Stacks introduces a new programming language called Clarity, designed specifically for writing secure and predictable smart contracts. Clarity contracts enable various use cases, including decentralized finance (DeFi) applications, digital identity solutions, and non-fungible tokens (NFTs). The network also incorporates a decentralized naming system and digital asset ownership capabilities.
Developers can build on Stacks using popular programming languages like JavaScript, leveraging frameworks like Express.js and React. The blockchain supports microblocks, enabling faster transaction processing times compared to the Bitcoin blockchain.
Key customers and partnerships
Since its inception, Stacks has formed partnerships with various organizations to drive adoption and expand its ecosystem. Notable collaborations include:
- Chainlink: Integration of Chainlink oracles to provide financial market data on the Stacks platform.
- Algorand: Collaboration on the design and development of the Clarity smart contract language.
- Blockdaemon: Partnership to facilitate seamless deployment of Stacks 2.0 nodes.

ProsperUs is a digital investment service that provides access to a wide range of asset classes and global markets through a single account. It enables investors to trade stocks, bonds, exchange-traded funds (ETFs), mutual funds, options, forex, contracts for difference (CFDs), and futures across 30 exchanges in 25 countries. ProsperUs offers a comprehensive multi-asset platform, catering to both entry-level and sophisticated investors.
The platform features two interfaces: Build, designed for long-term investing with a user-friendly interface for searching and filtering investment ideas, and Boost, a more advanced interface tailored for active trading and charting. ProsperUs is regulated by the Monetary Authority of Singapore (MAS) and employs strict measures to safeguard users' funds and assets, which are held in a separate trust account from the company's business assets.
In March 2021, ProsperUs launched a sign-up promotion, offering new customers electronic tokens worth up to USD 880 to offset trading fees based on their initial funding amount. The platform aims to attract 10,000 investors within the first 12 months of its launch.

ProsperUS

Quant is a blockchain operating system that enables interoperability between different blockchains and legacy systems. Its core technology, Overledger, acts as a gateway, allowing communication and data exchange among various blockchain networks, such as Bitcoin, Ethereum, and Ripple. Quant's platform facilitates the creation of multi-chain decentralized applications (mDApps) that can operate across multiple blockchains simultaneously.
Overledger operates through four layers: the Transaction Layer handles transaction storage and consensus across blockchain domains, the Messaging Layer processes data from ledgers, the Filtering and Ordering Layer validates messages and establishes connections, and the Application Layer governs communication rules. This architecture enables developers to build applications that can leverage the strengths of different blockchains and integrate with existing systems.
Quant's ecosystem includes an App Store and Software-as-a-Service (SaaS) offerings tailored for enterprises and specific industries like healthcare, supply chain, and financial services. The native QNT token is used for accessing network resources, paying licensing fees, and compensating gateway operators who facilitate transaction traffic on Overledger.

Quant

Uphold is a cloud-based financial platform that enables users to securely hold, convert, and transact various digital assets, including over 200 cryptocurrencies, 27 national currencies, and four precious metals. It operates on an "Anything to Anything" model, allowing direct cross-asset trading without converting to fiat currency first. The platform executes transactions through 29 centralized, decentralized, and Layer two trading venues, providing deep liquidity and minimizing slippage.
One of Uphold's key offerings is its multi-asset debit card, accepted at over 50 million merchants globally, enabling users to spend their crypto, fiat, or precious metal holdings directly. The platform also facilitates automated trading through features like recurring buy/sell orders and limit orders.
Uphold boasts industry-leading transparency, publishing its assets and liabilities in real-time on its website, ensuring a 1:1 reserve ratio. It has obtained licensing from regulatory bodies like FinCEN and the FCA, prioritizing compliance and security measures like cold storage and 24/7 monitoring.
In April 2023, Uphold announced Topper, a new fiat-to-crypto on-ramp designed to provide higher approval rates and generate more revenue for Web3 projects. Additionally, in June 2023, Uphold became the only US crypto trading platform to offer Trailing Stop orders, allowing users to automatically sell if the price falls below a set percentage.

Uphold

Blockchain.com is a leading blockchain technology company that operates a popular online cryptocurrency wallet service. It enables users to conveniently buy, store, and manage various digital assets and tokens instantly through a user-friendly platform accessible via web or mobile app. The company's crypto wallet supports instant purchases using debit or credit cards, providing a seamless experience for users to participate in the cryptocurrency market.
One of Blockchain.com's key offerings is its suite of search tools, statistics, and charts that provide comprehensive insights and analysis of the cryptocurrency market. This data-driven approach empowers users with valuable information to make informed decisions regarding their digital asset transactions and investments.
Blockchain.com has achieved significant growth and recognition within the industry. In 2019, the company participated in Tech Nation's prestigious Future Fifty accelerator program, designed for late-stage tech companies with high potential for rapid growth. Additionally, in November 2021, Blockchain.com expanded its reach to become the largest cryptocurrency platform operating in Latin America through the acquisition of the Argentinian company SeSocio.
With a strong focus on innovation and market leadership, Blockchain.com has raised an impressive total of GBP 356 million in equity funding since its inception in 2014. This substantial investment from renowned investors such as GV (Google Ventures) and Lightspeed Ventures underscores the company's potential and the confidence placed in its technology and business model.

Blockchain.com

Bithumb is a South Korean cryptocurrency exchange founded in 2014. It is one of the largest digital asset trading platforms in the country, with over 8 million registered users and over 5 billion active members. Bithumb offers trading services for a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and various altcoins. The exchange provides spot trading, margin trading, and fiat-to-crypto trading options. Additionally, Bithumb offers services like remittances, staking, and auto-trading bots.
Bithumb's technology facilitates high trading volumes and fast execution speeds, with a robust trading engine capable of handling a substantial number of transactions. The exchange prioritizes security, implementing measures such as network separation, intrusion prevention systems, and comprehensive cyber insurance. Bithumb has also introduced Bithumb Cash, a multi-purpose payment platform designed to promote the use of cryptocurrencies in daily life.

Bithumb

Protocols that issue digital currencies that can be used as a medium of exchange and/or a store of value

Companies and protocols that offer digital tokens pegged to the value of a fiat currency (such as USD and EUR) or a commodity (such as gold)

Companies providing infrastructure solutions for central banks to develop and issue their own digital reserve currencies

Companies that offer a marketplace for users to buy, sell, and trade a number of cryptocurrencies and other cryptocurrency-linked financial products

Companies and protocols that offer infrastructure solutions for businesses to accept cryptocurrency payments for goods and services

All companies within this industry are either blockchain-based platforms or offer blockchain-centric services

Cryptocurrency underpins transactions for the web3 economy

Stacks (previously known as Blockstack) is a layer-1 blockchain that connects to the Bitcoin blockchain. It brings smart contracts and decentralized apps to Bitcoin and uses a proof-of-transfer (PoX) consensus mechanism to validate transactions. Its PoX consensus connects to Bitcoin with a 1:1 block ratio so any transaction that occurs on Stacks can be verified on the Bitcoin blockchain. The blockchain’s mainnet was launched in January 2021 and the company claims over 45 entities were building dApps on its platform as of January 2022.Funding and financialsStacks raised USD 23 million in an initial coin offering (ICO) of its native token STX in September 2019, with more than 4,500 individuals and entities participating. The company claims it is the first token sale endorsed by the Securities and Exchange Commission (SEC). It aimed to use the funds to develop its App Mining program, which will distribute STX tokens to developers on its network.

NEAR Protocol is an open-source layer-1 blockchain launched in October 2020. The blockchain uses a proof-of-stake consensus mechanism to validate transactions. Its native token is NEAR, which can be used to pay for transactions and storage on the blockchain, while also allowing token holders to participate in the platform’s governance process. In August 2024, NEAR launched a significant upgrade called "<a href="https://sp-edge.com/updates/32890">Nightshade 2.0</a>" to enhance scalability and usability. This update is a major step in integrating sharding into NEAR's core architecture, which divides the blockchain into smaller segments, allowing the network to process more transactions at a lower cost. Validators no longer need to store shard states locally; instead, they retrieve "state witnesses" from the network to validate changes. This improves shard performance and boosts the network’s ability to support more shards.NEAR allows users to sign up for a wallet (account) using unique human-readable names (e.g., johndoe.near, in comparison to cryptographic and randomly generated private keys, which is a characteristic of chains such as Ethereum), which in turn enables easy sign-ins for dApps for users and improves the overall usability of the blockchain. The platform also allows developers to prepay gas fees for first-time users, allowing the latter to interact with a dApp for free. NEAR also offers the Rainbow Bridge, which allows users to transfer ERC-20 and NEAR tokens or any other digital asset between the Ethereum and NEAR blockchain. In addition, the platform provides tools such as SDKs, CLIs, and APIs for developers to create dApps on its blockchain. In addition, NEAR allocates 30% of the transaction fees to developers to encourage them to build applications on its platform, with the remainder being burnt.The protocol also incorporates <a href="https://sp-edge.com/updates/32771">Chain Signatures</a>, a technology that allows smart contracts to sign transactions across multiple blockchains without relying on cross-chain bridges. This aims to simplify multichain dApp development by reducing the need for multiple wallets and manual bridging, as well as enhancing user experience and increasing asset liquidity and utility across blockchains.As of July 2022, NEAR had 100 validators on its blockchain, which it expected to increase in proportion to the number of transactions. The platform uses an auction system to select and determine the seat price for its validators every epoch (time interval of 12 hours). The platform claims to be able to scale infinitely by adding more validators owing to its underlying architecture.Key customers and partnershipsIn June 2021, NEAR joined ICON’s Blockchain Transmission Protocol (BTP), which seeks to improve cross-chain communication. The partnership allowed data to be transferred between the NEAR blockchain and other BTP partners such as Polkadot and Harmon. Moreover, NEAR partnered with <a href="https://sp-edge.com/updates/23393">Nym Technologies </a>to integrate end-to-end encryption and privacy safeguards into the NEAR blockchain ecosystem.In addition, NEAR partnered with Ardana, a stablecoin and decentralized exchange (DEX) liquidity pool built on the Cardano blockchain in November 2021, to build a bridge to support integrations and token transfers between the NEAR and Cardano blockchains. It had also planned to enable cross-chain smart contract functionality and allow the NEAR token to be used as collateral on Ardana to mint stablecoins in the future.

NEAR

Ava Labs develops the open-source layer-1 blockchain, Avalanche. The Avalanche network architecture contains three separate blockchains in order to address the decentralization, security, and scalability limitations of blockchains. These include 1) the Exchange Chain (X-Chain), which is the default blockchain on which assets are created and exchanged and also includes Avalanche’s native token–AVAX; 2) the Contract Chain (C-Chain)—which is based on the Ethereum Virtual Machine (EVM)—allows for the creation and execution of smart contracts with cross-chain interoperability; and 3) the Platform Chain (P-Chain), which coordinates validators and enables the creation and management of subnets (a sovereign network that defines its own rules for membership and tokenomic). Avalanche uses a proof-of-stake consensus mechanism and is able to execute 4,500 transactions per second. As of December 2022, ~1,000 projects were built on Avalanche, including DeFi projects like Tether, SushiSwap, Chainlink, and Circle. As of the same date, the network processed on average two million daily transactions and was secured by more than 1,200 validators.Ava Labs launched Core, a dedicated non-custodial crypto wallet for AVAX as a browser extension, through which users are able to browse dApps on the Avalanche blockchain. In April 2023, the company announced plans to launch “ <a href="https://sp-edge.com/updates/17583">Evergreen Subnets </a>,” a suite of blockchain deployments, tooling, and customization services specifically designed for financial institutions to run their own private, permissioned chains with approved parties. In addition, financial institutions will be able to communicate and transfer data with other subnets through Avalanche’s native communication protocol Avalanche Warp Messaging (AWM) without relying on any third parties. It also launched <a href="https://sp-edge.com/updates/18842">AvaCloud </a>in May 2023, a no-code Web3 launchpad that assists businesses in building fully managed blockchain ecosystems. AvaCloud consists of four main components: an automated blockchain builder, managed validators, comprehensive data tools, and chain interoperability within Avalanche subnets.Key customers and partnershipAvalanche has partnered with several cloud services providers to improve its network such as <a href="https://sp-edge.com/updates/15079">Alibaba Cloud </a>(December 2022) to improve its infrastructure and support for its validators. Users of the Avalanche blockchain can launch new validator nodes using Alibaba Cloud’s plug-and-play infrastructure-as-a-service (IaaS), while dApp developers can use the latter’s storage and computing resources for the efficient running of their dApps. It also collaborated with <a href="https://sp-edge.com/updates/15640?industryIds=144">AWS </a>(January 2022) to scale and improve blockchain adoption and support its dApp ecosystem, while also enabling one-click node deployments through the AWS marketplace.Funding and financialsIn April 2022, Ava Labs raised USD 350 million in a funding round, valuing the company at USD 5.25 billion. The investors and the purpose of the funding were not disclosed. It had raised USD 230 million in a private sale of AVAX tokens in September 2021, co-led by Polychain and Three Arrows Capital, with the funds geared toward supporting the Avalanche ecosystem.

Ava Labs

Based in Australia, Immutable is a developer of blockchain-based video games and a provider of a Web3 game development platform. The company develops and publishes its games through Immutable Game Studio, and released its first game, Gods Unchained, in March 2021. The game is a NFT strategy card game, and had ~80,000 active players as of January 2022. It also claimed that over USD 25 million of Gods Unchained digital assets have been traded as of the same date. In February 2024, the company launched the mobile version of Gods Unchained, available on Google Play and Apple App Store. Immutable launched its second game, <a href="https://sp-edge.com/updates/29491">Guild of Guardians </a>, in May 2024 to over 1 million pre-registered users. It is a mobile role-playing game set in a fantasy world on the brink of destruction, where players must form teams to battle against evil Dreads.Its Web3 game development platform, Immutable X, provides a SDK that offers APIs and smart contracts to allow developers to leverage ready-made Web3 infrastructure to quickly build and deploy blockchain-based games. These include an onboarding solution (non-custodial wallet) called <a href="https://sp-edge.com/updates/16041">Passport </a>, transaction infrastructure, and NFT minting tools. The platform also consists of a developer hub which allows developers to launch and manage their projects in one-place and obtain related performance analytics.In addition, Immutable X also acts as a layer-2 scaling solution on the Ethereum blockchain. It uses <a href="https://sp-edge.com/companies/607497">StarkWare's </a>StarkEx roll-up technology and can process 9,000 transactions per second, with zero gas fees, while claiming to be carbon-neutral. Its native token IMX can be used to pay for transactions as well as stake and govern the network. Notable companies building on Immutable X include GameStop, TikTok, OpenSea, Ember Sword, Illuvium, GreenPark Sports, and Vee Friends (Gary Vee).Key customers and partnershipsImmutable partnered with Mineloader to develop Guild of Guardians, and it has also collaborated with several game developers, including Turner Sports and Kongregate, to build Web3 games on the Immutable X platform. Furthermore, Immutable partnered with <a href="https://sp-edge.com/updates/22566">Amazon Web Services (AWS)</a> to develop infrastructure solutions to assist companies in developing and scaling blockchain-based games, and <a href="https://sp-edge.com/updates/24637">Amazon Prime Gaming</a> to list in-game content for Gods Unchained in the latter’s platform. This partnership also aimed to introduce the game to a broader audience circle through Amazon's platform, which boasts over 200 million Prime Gaming members. It also collaborated with <a href="https://sp-edge.com/updates/25892">Axelar</a> to integrate games built on Immutable's zkEVM into the Axelar network to enhance user onboarding across blockchain.The company collaborated with <a href="https://sp-edge.com/companies/786111">Polygon</a> to launch its <a href="https://sp-edge.com/updates/24881">zero-knowledge Ethereum Virtual Machine</a> (zkEVM) scaling solution to bypass the scaling limitations of the Ethereum blockchain and promote Web3 gaming. This network allows developers to completely abstract transaction fees, allowing a frictionless player onboarding and improved user experience.

Immutable

Mythical Games is a video game studio building games based on blockchain technology, playable NFTs, and play-to-earn game economies. The company developed two games—NFL Rivals and Blankos Block Party. The latter was discontinued in December 2023 after its launch in June 2022.In May 2022, NFL and the NFL Players Association partnered with Mythical Games to develop an NFT-based video game NFL Rivals. The game was launched in 2023, with players taking part in arcade-style gameplay, assuming the role of NLF general manager. They can collect and trade players represented as NFTs on the secondary market via the iOS and Android apps, as well as Mythical’s web-based marketplace. In addition, a unique feature of the game is the “squad system,” which enables players to team up with fellow players to compete with others.Mythical Games also enables other game developers and publishers to build or integrate blockchain-based play-to-earn economies into their games through The Mythical Platform. The platform also includes built-in regulatory KYC/AML compliance and indemnity as well as a verified wallet for transacting both real and cryptocurrencies. Further, the company also offers a marketplace that enables users to sell and trade their digital assets.The Mythical Platform is built on an EVM-compatible sidechain Mythical Chain, which uses a proof-of-authority consensus mechanism to validate transactions. The chain also offers interoperability features, allowing players to transfer and trade NFTs across multiple blockchains. It also claims the minting of NFTs and integrating the marketplace over its platform does not require mining.It acquired <a href="https://sp-edge.com/updates/15966">DMarket </a>–a digital gaming asset marketplace–in January 2023, and utilized its technology to launch an improved version of its own marketplace (Mythical Marketplace 2.0), with features such as a blended payment gateway and AML and fraud protection systems.Key customers and partnershipsAs of June 2023, the company reported to have achieved daily gross sales exceeding USD 1 million and gained more than 2.5 million new users over the past year. Moreover, it expects to reach over 20 million player accounts across its entire game portfolio by the end of 2023, primarily propelled by NFL Rivals and the upcoming release of Nitro Nation World Tour.The Mythical Platform’s first developer partners were announced by the company in November 2021, which includes 1) CCG Games to create Epic Spell Wars: Magic Fight, a trading card game; 2) Creative Mobile to create Nitro Nation – World Tour, a racing game; and 3) Abstraction Games to create a new action strategy title. These were slated to be released in 2023.Funding and financialsIn November 2021, Mythical Games raised USD 150 million in a Series C round led by Andreessen Horowitz at a valuation of ~USD 1.3 billion. Additionally, it raised <a href="https://sp-edge.com/updates/19719">USD 37 million in a Series C1 </a>funding round led by Scytale Digital in June 2023, at a similar valuation. This funding round is expected to close later in 2023 and reach USD 57 million-67 million. It had planned to utilize the fresh funds toward initiatives that will drive profitability within the next year and expand its games and infrastructure to reach a larger audience.

Mythical Games

Storj Labs developed the Storj Decentralized Cloud Storage (DCS) network that works by compressing, encrypting, and splitting files into more than 80 smaller pieces to distribute and store them across a global network of individual storage nodes, which are excess hardware space rented out by individuals in return for a fee. Storj audits its network through random file verification every hour, which ensures its files are consistently being hosted by its nodes; it automatically reconstitutes the data when it is required by the user. The company claims to have more than 10,000 active nodes with over 6 petabytes of available storage capacity spread across the world, as of August 2022. It uses its native token STORJ, which is used by customers to pay for providers of decentralized storage.Key customers and partnershipsStorj partnered with <a href="https://sp-edge.com/companies/792614">Matter Lab’s </a>zkSync Era ( <a href="https://sp-edge.com/updates/18986">in May 2023 </a>) to integrate the latter's zero-knowledge roll-up technology into its cloud storage platform to optimize transaction speed, reduce gas fees, and improve the overall efficiency of the payment process. Additionally, the partnership enables EVM-compatible composability for decentralized storage payments, providing customers with increased flexibility and a wider range of customization possibilities. As part of the development, Storj also had plans to develop and maintain two open-source libraries, Crypto-Batch-Payment and Storjscan, which will focus on creating a seamless onboarding experience for its customers on the zkSync Era network.

Storj

Developers of video games that use elements of blockchain technology, allowing gamers to earn cryptocurrency by playing games. They can either convert it into real money or purchase in-game assets.

A decentralized alternative to traditional social networks that operate on independently run servers on the blockchain. These are community-owned and reward user participation.

An alternative storage system in which data is encrypted, segmented, and stored on multiple nodes across the blockchain rather than a single server.

Developers of dApps for use in industries such as travel, health, and fitness, which are yet to reach wider adoption.

Providers of wallets that allow users to purchase and store the cryptocurrencies/tokens required to interact with web3 apps, along with app browsers for users to browse and access dApps.

Also known as layer-1 networks, these include developers of the base blockchain network.

Also known as layer-2 solutions, this includes providers of scaling solutions, such as sidechains, state channels, and rollups, which improve the speed and throughput of transactions occurring in layer-1 blockchain networks.

Platforms that provide tools such as SDKs, blockchain node infrastructure, and bridges for developers to create, host, debug, and add extra functionality to dApps on one or many blockchains.

Includes companies that form the Web3 ecosystem

Web3 is based on blockchain tech, a key enabler of the industry

GenAI tools help develop smart contracts and query the blockchain for data

Providers of node-as-a-service and SDKs to build dApps operate under this model

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