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Disrupting the traditional financial system using blockchain

Decentralized Finance (DeFi)

Founded in April 2022, Orderly offers a permissionless, decentralized exchange (DEX). Built on the NEAR protocol, it provides users with a risk engine, matching engine, and asset pools for users to build decentralized applications for trading. The platform enables users to spot and margin trade, perform perpetual swaps as well as lend and borrow cryptocurrencies. The company launched on the NEAR mainnet in October 2022 and had plans to release new features such as an on-chain order-book, community pool, and swap functionality, as of the same date.Key partnerships and customersThe development of the platform was supported by <a href="https://sp-edge.com/companies/600556">NEAR </a>and WOO Network (a DeFi liquidity solution), which also incidentally launched its DEX on the protocol. WOO DEX was the first dApp to be launched on Orderly Network, later becoming the platform’s main interface for trading tools. The protocol also partnered with Kronos Research, a DeFi market-maker, to access liquidity. The platform went on to <a href="https://sp-edge.com/updates/21873">partner with Google Cloud </a>to co-develop user-centric developer tools for DeFi applications in September 2023. Functioning as off-chain components of DeFi infrastructure, these tools will enable specific interactions to be processed away from the main blockchain while others are carried out on-chain. The partnership also saw Orderly becoming a listed DeFi infrastructure provider on Google Cloud Marketplace. Funding and financialsIn June 2022, Orderly Network raised USD 20 million in funding from Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, and Alameda Research, among several others. The company earmarked the funds to expand its employee base, invest in product development, and establish new ecosystem partnerships. It also stated that the funding will enable it to launch new community lending pools for token holders.

Sender Wallet offers a cryptocurrency wallet built on the NEAR blockchain that enables users to purchase, store, transfer, and stake a number of tokens within the NEAR ecosystem. As of September 2022, the wallet integrated with 30 major projects in the NEAR ecosystem and is capable of connecting to hardware wallets such as Ledger and Keystone. The wallet is also available as a browser extension and allows users from more than 140 countries to purchase cryptocurrency via integrations with fiat-to-cryptocurrency service providers like Moonpay, Banxa, and Transakis. As of September 2022, the company planned to launch liquidity aggregation from multiple DEXs on NEAR, node staking services, NFT market aggregation, and commercial multi-signature wallet services for institutional clients. Funding and financialsIn September 2022, Sender Wallet <a href="https://sp-edge.com/updates/12969">raised USD 4.5 million </a>in funding led by Pantera Capital to expand its R&amp;D team, raise the security threshold of the wallet, and expand the ecosystem of tokens supported.

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 Braavos offers a self custodial wallet application built on Starknet for users to store and transfer their cryptocurrency assets and NFTs. Available as both an extension for web browsers and as a mobile app for iOS and Android devices, the solution combines the trusted execution environment capabilities of mobile devices with biometric identification to reportedly provide a similar level of security to hardware wallets. Braavos also provides a built-in crypto exchange, access to third-party dApps, and a &ldquo;Transaction Explainer&rdquo; that enables new users to understand transactions.
 
 
 
 
 In October 2022, the startup announced plans to launch a &ldquo;forgot password&rdquo; feature, multi-factor authentication, and DeFi features to enable users to earn yield from within the wallet.
 
 
 
 
 Funding and financials
 
 
 
 In October 2022, Braavos
 <a href="https://sp-edge.com/updates/14155">
 raised USD 10 million
 </a>
 in new funding led by Pantera Capital to invest in product R&amp;D, marketing campaigns, and expanding its employee base. 
 
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Based in Paris, Kiln offers a suite of staking-as-a-service products that enable users to lock up their digital assets on several major proof-of-stake (PoS) blockchains to earn yields. These products are validator agnostic, which enables digital assets to be staked wherever they are held. They include 1) Kiln Connect, a software development kit (SDK) that enables users to integrate staking, rewards data, and custodians on PoS blockchains; 2) Kiln On-Chain, smart contracts for Ethereum staking; 3) Kiln Dashboard, a dashboard that aggregates staking data; and 4) Kiln Validators, dedicated or shared validators deployed on multi-cloud Kubernetes infrastructure.Key customers and partnershipsThe company primarily targets custodians, exchanges, wallets, and treasury managers. As of November 2022, Kiln had a total value locked (TVL) of USD 500 million.Funding and financialsIn January 2024, Kiln <a href="https://sp-edge.com/updates/25704">secured USD 17 million</a> in new funding led by 1kx, to bolster its global expansion plans, particularly the growth of its APAC division via a new office in Singapore. Additionally, the company planned to invest in further product development by expanding its platform to support various reward mechanisms within DeFi.

ZKM offers a zero-knowledge proof-based solution called the Entangled Rollup Network, which allows users to consolidate data from different blockchains. The network ensures security without requiring additional consensus assumptions by leveraging zkMIPS (Zero-Knowledge MIPS), a verifiable computing platform. zkMIPS generates zero-knowledge proofs that can be verified on an Ethereum-based transaction settlement layer. Users can leverage the network to perform instant withdrawals and connect liquidity across other L2 networks.&nbsp;The company also planned to launch a Bitcoin Layer 2 network that will leverage a proof-of-stake decentralized sequencer architecture to enable users to leverage their Bitcoin holdings to earn yield from staking. Users can perform cross-chain transfers and access other DeFi functions across other blockchains such as Ethereum, Cosmos, and Tron using Bitcoin.Funding and financialsIn May 2024, ZKM <a href="https://sp-edge.com/updates/29217">secured USD 5 million</a> in a pre-Series A funding round led by OKX Ventures to support the development and launch of its Bitcoin Layer 2 network.

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

Boba Network provides an Ethereum layer-2 scaling solution and hybrid compute platform. It builds on the optimistic rollup architecture developed by <a href="https://sp-edge.com/companies/1099118">Optimism </a>with a few modifications to execute transactions faster and at a lower cost. Optimistic rollup technology executes transactions in batches off-chain and connects to the Ethereum blockchain to log back transaction data for finality. Optimistic rollup is considered optimistic, as it assumes off-chain transactions are valid and does not publish proofs of validity for transaction batches posted on chain. It also uses compression techniques to reduce the amount of data posted onto Ethereum.In addition, Boba’s hybrid compute platform allows smart contracts to engage with external Web2 APIs to execute complex algorithms such as machine learning classifiers or access enterprise data in a single atomic transaction. The platform’s use cases range from DeFI, developer tools, gaming, NFTs, bridges, and wallets. The platform’s native token is BOBA, which can be used to stake as well as participate in the governing process of the protocol. However, users are required to pay in Ether (ETH) to execute transactions on the network.Key customers and partnershipsIn June 2022, Boba Network announced its partnership with Moonbeam (a multi-chain for dApps on the Polkadot blockchain) and Fantom (a layer-1 blockchain). Through the partnership, Moonbeam and Fantom aimed to adopt Boba Network as an execution layer and scaling solution.Funding and financialsIn April 2022, Boba Network raised USD 45 million in a Series A funding round with participation from over 400 investors at a valuation of USD 1.5 billion. The company aimed to funnel the funds toward product development, recruitment, and expanding the Boba ecosystem through developer programs such as the Boba Accelerator, grants, and investments.

ZKX is the first StarkNet-based perpetual futures exchange to offer complex financial instruments as swaps. It is developing a strong set of decentralized solutions, including a proprietary derivatives exchange, modular DAO software, and developer tools based on zero-knowledge technology. The company was founded in 2021.

GoPlus Security is an open, permissionless, user-driven security service platform for all types of blockchain users.

Kiln creates an enterprise-level pledge platform and provides one-click pledge services for encrypted assets. It develops validator-independent APIs and services to enable multi-provider staking. Digital assets can be staked wherever they are held, including wallets, custodians, and exchanges. As the industry evolves and the need to integrate multiple stakeholder players becomes apparent, Kiln is in an excellent position to act as an aggregator and accelerate it.  The company was founded in 2018 and is based in Paris, France.

ZKM is a Unified Native Liquidity across all blockchains by utilizing the power of zkMIPS.

Radius is a trustless shared sequencing layer that provides rollups with sequencing-as-a-service and cross-rollup interoperability solutions. Rollup blockchains are specialized blockchains that have off-chain executions to improve transaction processing speed and overall blockchain performance.

Kairos Loan is a new type of lending protocol allowing you to borrow instantly using an NFT as collateral and with the best rates on the market.

Braavos is a smart contract based wallet for managing your funds & NFTs and connecting to dApps.

Arcade offers a GameFi Platform that allows crypto enthusiasts, institutions, game developers, and those interested in the metaverse to play and earn with access to the ecosystem. The company was established in 2021.

Sender Wallet is a NEAR ecological encrypted wallet that manages, exchanges, and displays crypto assets and collectibles. It is now possible to connect to two hardware wallets, Ledger and Keystone, and it is integrated with fiat-to-cryptocurrency service providers Moonpay, Banxa, and Transak. This enables users to buy cryptocurrency in over 140 countries. It builds its own pledge nodes, giving wallet users higher returns and more convenient pledge services. Sender Wallet was launched in 2022 and is based in Singapore.

Oasys is a Blockchain designed exclusively for the gaming industry.

Orderly Network is a permissionless, decentralized exchange protocol built on NEAR. Founded in April 2022 with the mission to create the most robust liquidity layer infrastructure for any dApp to utilize and build on, Orderly Network offers market-leading execution with low latency, minimal fees, and access to ample liquidity options.

Floor is an app that aims to make non-fungible tokens (NFT) more accessible and understandable.

Cantina Royale is a shooter game that allows players to use different NFT collections and take them into PVP and PVE missions. Their 3D Modeling technologies allow NFT Interoperability into the Cantina universe. NFT owners can lease out their digital assets to players and split in-game rewards automatically.

Boba Network is an EVM-equivalent hybrid computing platform built on an optimistic rollup architecture, helping developers build more feature-rich apps by enabling smart contracts to leverage complex off-chain computations or bring in off-chain data. Boba offers one of the easiest to use blockchain platforms for end-users through their multi-token on-ramp, fast exit, and NFT bridge.

Subspace Labs is a distributed research and development company behind the Subspace Network. While based in Palo Alto, CA, we are a global, remote-first team of protocol hackers and cryptocurrency enthusiasts. The Subspace Network is a layer zero protocol that is fully interoperable with any layer one, allowing it to serve as an infrastructure layer for the entire Web3 ecosystem. Based on years of original R&D, Subspace is the first protocol to truly resolve the blockchain trilemma, providing an open, scalable platform for both storage and compute. Subspace currently supports Polkadot and Kusama, with more networks coming soon.

DeBank creates a cryptocurrency wallet that gives users access to decentralized finance services like token swapping and portfolio tracking. DeBank allows users to keep track of their DeFi investments, such as how much money they have deposited in various DeFi protocols and how much interest they have earned. DeBank's platform supports 800 DeFi protocols across over 15 blockchains, including Ethereum, Binance Smart Chain, and Avalanche.

BlockchainSpace builds tools to empower play-to-earn communities, and also runs several educational academies that identify economic opportunities in play-to-earn games and shares learnings for new guilds to enter the space.

Mines of Dalarnia also own in-game land plots and are able to collect a rental fee by renting out to other players. Their dar token holders will be able to vote on proposals to decide on the land economy, miner policies, and other components of the game development. This allows users to send, receive, and exchange multiple digital assets using a single platform.

Krystal is a multi-chain platform that simplifies and meets all of your DeFi requirements. You may trade and bridge tokens, generate passive income, use cutting-edge portfolio management and market analytics tools, and participate in token sales all from a single platform, KrystalGO.

TokenScript is a new tokenization standard that will deliver a more integrated web. A token-centric middleware that connects the scale of Web2 with the promise of Web3.

RabbitX makes investing easy. Providing access to global stocks, fx, commodities, and digital assets with zero commissions. Backed by Sequoia, Fabric Ventures, Multicoin Capital and more. Built on Zero-Knowledge decentralised scaling technology. Bringing finance into the global internet age.

Founded in 2016, Crypto.com today serves over 10 million customers with the world’s fastest growing crypto app, along with the Crypto.com Visa Card — the world’s largest crypto card program — the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports. Crypto.com is built on a solid foundation of security, privacy and compliance. With headquarters in Singapore and over 2,600 people in offices across the Americas, Europe and Asia, Crypto.com is accelerating the world’s transition to cryptocurrency.

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 Singapore-based Crypto.com is a cryptocurrency exchange founded in 2016. Crypto.com supports over 200 cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc. As of December 2021, the company served 10 million users across 90 countries and employed 3,000 staff.
 
 
 In the DeFi space, Crypto.com offers a non-custodial wallet that also includes features for users to invest in and earn yields from over 35 DeFi protocols such as Aave, Compound, and MakerDAO, along with the ability to swap their DeFi tokens.
 
 
 Crypto.com also develops public blockchain Cronos, which uses the native cryptocurrency CRO. Cronos uses the proof-of-authority (PoA) consensus mechanism and is compatible with Ethereum apps, allowing developers to port their applications from the Ethereum blockchain. The Cronos blockchain also supports DeFi use cases and, as of December 2021, had a total value locked (TVL) of USD 1.6 billion in DeFi projects running on its chain.
 
 
 The company launched USD 200 million fund Crypto.com Capital in March 2021 to invest in crypto-related startups in their seed and Series A stages. Some of its key investments are in DeFi exchange Woo Network, Pendle Finance, and NAOS Finance.
 
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Crypto.com dominates USD support exchange volume as August sees $193 billion in trades

Crypto.com Capital

Organizations and protocols that allow individuals to lend their crypto assets and take out collateralized or uncollateralized loans from to/from these projects

Organizations that allow individuals to invest in tokenized financial and real assets

Organizations that provide fully decentralized insurance products

Organizations that apply NFTs across areas of finance such as documentation and non-fractionalized ownership records for assets

Decentralized exchanges that help connect buyers and sellers of DeFi tokens without the need to rely on an intermediary

Organizations that provide digital wallets for users to take custody of DeFi tokens

Blockchains and related protocols that allow developers to build DeFi apps

DISRUPTOR_PRESENT

<div>
 <ul>
 <li>Crypto.com has been granted a Virtual Assets Service Provider License by VARA in Dubai. This allows them to offer exchange, investment, and broker-dealer services in the region. However, they must meet certain conditions set by VARA, including localization requirements.</li>
 <li>The UAE is actively trying to attract crypto firms for its economic diversification plans. Crypto.com, with 80 million customers, is a significant addition to Dubai's crypto scene.</li>
 </ul>
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