Author: Frank ChaLianGuairro, Editor-in-Chief of The Block
Translation: Felix, LianGuaiNews
Over the past year, FTX, Genesis, Voyager, and Three Arrows have all exited the cryptocurrency stage. It has been a year of significant change, not only for the entire cryptocurrency industry but also for the author. However, this has also provided an opportunity to focus on emerging small businesses. This is truly exciting, especially for new entrepreneurs and first-time founders. They are still full of passion, not discouraged by the challenges of running a company, and are friendly and approachable. Therefore, this article focuses on five startups in the cryptocurrency industry that may one day replace the companies that closed last year.
Ostium Labs
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Cryptocurrency startup Ostium Labs has raised $3.5 million in funding, with support from investors such as General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan. The company is developing a digital commodity perpetual swap protocol that seeks to attract traditional commodity traders and cryptocurrency traders by offering a more transparent and flexible alternative to traditional derivatives platforms. The platform will support perpetual trading pairs pegged to assets such as oil, Bitcoin, and several major currencies, with the aim of bringing real-world assets onto the blockchain. The project has partnered with Chaos Labs and plans to utilize Chainlink price feeds. Ostium Labs aims to fill a market gap by directly offering on-chain trading for a wider range of asset classes.
JKLabs
JKLabs is a cryptocurrency startup that aims to address governance issues in the DeFi and web3 ecosystems by providing a platform that facilitates on-chain decision-making and community participation. Unlike traditional governance platforms that rely on token voting, JKLabs leverages on-chain reputation to determine participants’ influence in the governance process, enabling more meaningful and fair participation. This approach allows the project to organize competitions, hackathons, and grant programs while providing opportunities for community members to profit and expand their audience, in the pursuit of exploring more transparent and effective governance models for the cryptocurrency industry. The company recently raised $2 million in pre-seed funding from various investors.
Fractal
Fractal is a startup co-founded by Aya Kantorovich and Alex Elkrief, which has raised $6 million to develop a platform that improves transparency in digital asset clearing and settlement. The company’s goal is to prevent user losses caused by the bankruptcy of companies like Three Arrows and FTX, allowing customers to monitor their positions in real-time and limiting borrowed collateral to blue-chip cryptocurrencies to mitigate liquidity issues faced by counterparties.
Turnkey
Turnkey is a startup led by former Coinbase Custody executives and has raised $7.5 million in seed funding. The company aims to provide a developer-first platform for protecting and managing digital assets in the cryptocurrency industry. The platform aims to offer flexible, programmable solutions for generating wallets and signing transactions on different blockchain networks, addressing the increasingly complex nature of on-chain transactions. According to Chainalysis, this move is in response to growing concerns among users about the security of digital assets, as crypto hacks this year have resulted in a record $3.8 billion in losses.
Architect
Former President of FTX.US, Brett Harrison, has raised $5 million in funding from investors such as Coinbase Ventures and Circle Ventures to establish a new company called Architect. Architect will focus on providing software trading tools for DeFi to meet the needs of large investors and institutions. The company’s goal is to develop institutional-grade trading technology that simplifies access to decentralized protocols and centralized exchanges for corporations, large traders, and institutional investors.
Related reading: A Review of the Top 10 Potential Projects Recently Invested by Venture Capitalists
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