The recent high-profile collapse of cryptocurrency exchange, FTX, caused quite a stir in the crypto ecosystem (to put it lightly). But what’s less controversial is the technology behind crypto. It’s widely considered to be innovative and exciting—and new crypto companies are popping up every day.
In this article, we look beyond the big name crypto companies and blockchain platforms, to the lesser known—potentially more exciting—new players on the scene. Here, we profile the top 10 early-stage startups raising funds for the very first time.
But first, what is a cryptocurrency and how does it work?
Cryptocurrency is a digital currency that uses cryptography to secure and verify transactions. Back in 2009, Bitcoin was the first cryptocurrency to launch, but there are thousands of others, from Ether (also known as ETH) to Litecoin and Dogecoin. They work via a decentralised system, meaning there’s no need for financial institutions to act as middlemen. Crypto exchanges like Binance and Coinbase operate as trading platforms for crypto. Many of these exchanges also have their own crypto wallets for storing digital assets
Crypto trades are recorded on a public digital ledger called a blockchain. This ledger is maintained by a network of users—making it a peer-to-peer model—who verify transactions and add them to the blockchain. Examples of blockchain networks include Ethereum and Solana. Another feature of blockchain technology is ‘smart contracts’ which enable automated execution of contracts and agreements; this is already making headway in the financial services industry.
The potential for cryptocurrencies and blockchain companies is huge. From e-commerce to social media, there’s a lot of space for cutting-edge innovations. For example, we’re already seeing blockchain technology being used in payment systems to offer faster and cheaper transactions by using cryptography and cutting out intermediaries.
Top 10 crypto companies in the UK
We can all agree that San Francisco’s Silicon Valley is the global hub of technology companies. But did you know London is also a hotspot for crypto companies? In fact, 74% of all the high-growth crypto companies on our platform are based in London.
To discover the top 10 high-growth UK crypto companies that secured their first equity funding in the last six months, ranked in order of deal size, read on.
