Bitcoin and blockchain companies are popping up in numerous sectors, including financial services, social, intellectual property, and IoT.

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Bitcoin and blockchain may be moving beyond buzzword status.

Funding to the sector has gone from almost no investment in 2012 to over $500M in each of the past two years. Corporations and their venture arms, especially those in financial services, have entered the fray in large numbers, looking to blockchain and distributed ledger solutions to address pain points that include data reconciliation, clearance, and settlement, among other issues. Major global banks and financial intermediaries are working closely with blockchain companies using the new technology to revamp legacy systems and infrastructure.

We used the CB Insights database to identify 95 privately held bitcoin and blockchain companies and organized them into ten categories, based on each company’s primary product, line of business, and/or use case.

Our market map includes both bitcoin and blockchain startups. Blockchains are cryptographically secured, distributed ledgers, first developed as the underlying technology for the bitcoin cryptocurrency. Bitcoin companies offer products or services related to the trading, storing, or usage of bitcoin, while blockchain-based companies develop solutions that apply blockchain technology across sectors and verticals.

Please note companies often straddle multiple categories. We categorize each company based on its primary use case or most apparent line of business. Bitcoin and blockchain consortia are not included on this market map.

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Please click on the map to enlarge. The map is not meant to be exhaustive of companies in the space.

2017.02.07 Blockchain Market Map v6

Category Definitions

Wallets & Money Services: Wallet companies primarily develop secure software wallets in which to store cryptocurrency. Money services companies primarily operate cryptocurrency remittance or money transfer platforms. Often, wallet companies double as money services companies by providing platforms for the purchasing, sending, and receiving of cryptocurrencies. Additionally, while wallet and money services companies may provide cryptocurrency exchanges, the exchanges are primarily a means to load the wallet and not the company’s primary line of business. Xapo, a wallet company that also provides fully insured, underground cryptocurrency cold-storage security via its Vault platform, has received approximately $40M in venture funding and also serves as the bitcoin storage solution for Grayscale’s pending Bitcoin Investment Trust ETF.

Exchanges & Cryptocurrency Trading: Exchanges and Cryptocurrency Trading refers to companies that build cryptocurrency exchanges or cryptocurrency trading platforms, where consumers, businesses, and professionals can exchange cryptocurrencies for traditional fiat currencies or other stores of value. Of note, exchanges and cryptocurrency trading platforms differ in terms of their respective target audiences; exchanges generally target consumers, while trading platforms target professional investors and investment funds transacting in larger volume. Polychain Capital is a hedge fund that invests in cryptocurrencies and other blockchain-based assets, and has received $10M in Series A funding from smart money VC investors Andreessen Horowitz and Union Square Ventures.

P2P Marketplaces & P2P Lending: P2P marketplaces primarily operate blockchain-based, peer-to-peer marketplace platforms, where users can exchange goods directly and without the use of an intermediary. P2P lending refers to companies that develop blockchain-based, peer-to-peer lending platforms which allow users to engage in lending transactions with peers, as opposed to traditional financial institutions. Atlas is developing a peer-to-peer mobile banking platform for geographies with limited or under-developed financial infrastructure, and has received $3M in three seed investment rounds. OpenBazaar, a bitcoin peer-to-peer marketplace that takes no middlemen fees, recently closed on a $3M Series A funding round that included Andreessen Horowitz and Union Square Ventures as co-investors.

Merchant Services: Merchant services refers to companies that primarily develop cryptocurrency and blockchain solutions for merchants and sellers. This category includes blockchain-based rewards programs, cryptocurrency point-of-sale kiosks, and merchant-directed blockchain consulting services. To reduce chargebacks and increase margins for businesses, Coinify offers physical point-of-sale kiosks, online shopping cart integrations, and payment buttons that allow merchants and consumers to transact in cryptocurrencies. The company has raised $4M in a 2016 Series A round.

Enterprise Services & Currencies: Blockchain services companies primarily develop blockchain operating systems, APIs, and protocols intended for multiple and varied use cases, or companies that act as general-purpose blockchain consultants, typically for enterprises. Blockchain currencies refers to companies that build unique and custom cryptocurrencies and tokens. Gem is building a blockchain operating system and API for the financial, healthcare, and manufacturing sectors, among others, and has received $10M in total funding from seed and Series A rounds.

Social & Browsers: Social companies primarily develop blockchain-based social networks. Browser companies primarily build blockchain-secured web browsers, often including microtransaction capabilities. Reveal is building a social network where advertisers pay users micropayments denominated in the company’s cryptographic currency for the right to advertise to those users, and has received $1.6M from the sector’s top investors by deal count, Digital Currency Group and Boost VC. Brave is taking a similar approach with its web browser, allowing users to pay content providers and publishers through micropayments as an alternative to advertising, and has raised $7M in two rounds.

Storage, Security & Regulatory: Storage companies that primarily store data with blockchain-secured technology. Security & regulatory companies assess risk from and to blockchains, build secondary security systems, blockchain security applications, or monitor cryptocurrencies for criminal activity by assembling an audit-trail of cryptocurrency addresses. Chainalysis assists financial institutions and enterprises with AML (anti-money laundering) and KYC (know your customer) compliance for clients who transact in cryptocurrencies, and has raised $1.7M in two seed rounds.

Cryptocurrency Mining: Mining equipment & services refers to companies that primarily build or operate hardware, software, cloud-based pools, and other services for the mining of cryptocurrencies. Miners receive financial renumeration from cryptocurrency networks for maintaining the networks. Netherlands-based BitFury Group sells and develops hardware and software for cryptocurrency mining in addition to consulting for enterprises and governments in implementing blockchain solutions. The company raised the largest round of 2017 thus far, a $30M Series C from first-time sector investor, China Credit Limited Holdings.

IoT, Identity & Content Management: IoT companies primarily assign physical assets blockchain-secured digital signatures and establish trusted networks by which these physical assets can communicate. As an example, an IoT-connected shipment could move from point to point, with package information continuously updated on a secure blockchain shared by all interested parties. Identity companies primarily build identity management applications for consumers to record and secure identification data. Content companies primarily operate blockchain-based content platforms, whereby publishers and creators establish immutable rights and ownership of content and engage in microtransactions for the usage of content. These three subcategories are grouped together because they append digital signatures for physical objects and unique content to the blockchain. Ascribe offers a blockchain platform where creators can keep full and attributable control of assets while sharing or selling them, and has raised $2M in seed funding.

Capital Markets & Financial Services: Capital markets & financial services refers to companies that primarily develop solutions for financial institutions and intermediaries to address issues of clearance, settlement, and data management, among others, as well as to companies that build new blockchain-based investment vehicles. Funderbeam has created a blockchain-based platform for the trading and funding of shares of private companies, and has raised $4.6M in four seed rounds, the last of which included Draper Associates. We also include investors such as Digital Currency Group in this category because the company acts as both an investor and developer of blockchain and cryptocurrency applications, including operating Genesis Trading and the Grayscale Bitcoin Investment Trust.

See the full company list below:

95 Bitcoin & Blockchain Companies
Company Market Map Classification  Total Funding ($M)
Digital Currency Group Capital Markets & Financial Services  N/A
SETL Capital Markets & Financial Services  Undisclosed
Ripple Capital Markets & Financial Services                               93.90
Blockstream Capital Markets & Financial Services                               76.00
Digital Asset Holdings Capital Markets & Financial Services                               67.10
Chain Capital Markets & Financial Services                               43.70
Paxos Capital Markets & Financial Services                               28.25
PeerNova Capital Markets & Financial Services                               23.59
Juzhen Financials Capital Markets & Financial Services                               23.00
Axoni Capital Markets & Financial Services                               21.16
Cryex Capital Markets & Financial Services                               10.00
Symbiont Capital Markets & Financial Services                                 8.93
Funderbeam Capital Markets & Financial Services                                 4.60
SolidX Partners Capital Markets & Financial Services                                 3.00
Hijro Capital Markets & Financial Services                                 2.78
Neufund Capital Markets & Financial Services                                 2.14
LedgerX Capital Markets & Financial Services                                 1.40
BitFury Group Cryptocurrency Mining                               90.00
HashRabbit Cryptocurrency Mining                                 2.22
Colu Enterprise Services & Currencies                               12.10
Gem Enterprise Services & Currencies                               10.40
Factom Enterprise Services & Currencies                                 7.49
Antshares Blockchain Enterprise Services & Currencies                                 4.50
BigchainDB Enterprise Services & Currencies                                 3.36
BlockCypher Enterprise Services & Currencies                                 3.17
Orb Enterprise Services & Currencies                                 2.30
Hashed Health Enterprise Services & Currencies                                 1.85
Blocko Enterprise Services & Currencies                                 1.30
Coinbase Exchanges & Cryptocurrency Trading                             117.38
bitFlyer Exchanges & Cryptocurrency Trading                               33.90
Quoine Exchanges & Cryptocurrency Trading                               22.00
Bitt Exchanges & Cryptocurrency Trading                               17.50
BitAccess Exchanges & Cryptocurrency Trading                               10.02
Bitstamp Exchanges & Cryptocurrency Trading                               10.00
OKCoin Exchanges & Cryptocurrency Trading                               10.00
Polychain Capital Exchanges & Cryptocurrency Trading                               10.00
Tech Bureau Exchanges & Cryptocurrency Trading                                 7.35
BTC China Exchanges & Cryptocurrency Trading                                 5.00
Kraken Exchanges & Cryptocurrency Trading                                 5.00
Luno Exchanges & Cryptocurrency Trading                                 4.80
Korbit Exchanges & Cryptocurrency Trading                                 3.40
Bitso Exchanges & Cryptocurrency Trading                                 2.55
ShapeShift Exchanges & Cryptocurrency Trading                                 2.39
Unocoin Exchanges & Cryptocurrency Trading                                 1.86
BitKan Exchanges & Cryptocurrency Trading                                 1.60
Crypto Facilities Exchanges & Cryptocurrency Trading                                 1.50
Coinsecure Exchanges & Cryptocurrency Trading                                 1.20
Paymium Exchanges & Cryptocurrency Trading                                 1.12
21 Inc IoT, Identity & Content Management                             116.05
Filament IoT, Identity & Content Management                               16.76
Evernym IoT, Identity & Content Management                                 6.50
Chronicled IoT, Identity & Content Management                                 4.83
Cambridge Blockchain IoT, Identity & Content Management                                 2.00
Ascribe IoT, Identity & Content Management                                 2.00
Bitmark IoT, Identity & Content Management                                 1.70
MediaChain IoT, Identity & Content Management                                 1.50
ShoCard IoT, Identity & Content Management                                 1.50
SatoshiPay IoT, Identity & Content Management                                 1.11
Align Commerce Merchant Services                               12.57
BitGo Merchant Services                               12.00
Simplex Merchant Services                                 7.00
Coinify Merchant Services                                 4.00
BitPesa Merchant Services                                 2.47
Billon Merchant Services                                 2.00
Loyyal Merchant Services                                 1.50
Purse Merchant Services                                 1.50
POSaBIT Merchant Services                                 1.11
Bitwage Merchant Services                                 0.76
OpenBazaar P2P Marketplaces & P2P Lending                                 4.01
BTCJam P2P Marketplaces & P2P Lending                                 3.13
Atlas P2P Marketplaces & P2P Lending                                 1.99
Brave Software Social & Browsers                                 7.00
Blockstack Labs Social & Browsers                                 6.79
Reveal Social & Browsers                                 1.61
Elliptic Storage, Security & Regulatory                                 7.05
HYPR Storage, Security & Regulatory                                 3.35
Storj Labs Storage, Security & Regulatory                                 2.05
Chainalysis Storage, Security & Regulatory                                 1.72
Skry Storage, Security & Regulatory                                 1.20
Circle Internet Financial Wallets & Money Services                             136.00
Xapo Wallets & Money Services                               40.25
BitPay Wallets & Money Services                               32.70
Blockchain Wallets & Money Services                               30.50
Uphold Wallets & Money Services                               15.92
ABRA Wallets & Money Services                               14.00
Coinplug Wallets & Money Services                                 8.30
snapCard Wallets & Money Services                                 8.21
Wyre Wallets & Money Services                                 5.80
Coins.ph Wallets & Money Services                                 5.00
Netki Wallets & Money Services                                 3.50
Ripio Wallets & Money Services                                 2.57
Case Wallet Wallets & Money Services                                 2.50
Streami Wallets & Money Services                                 2.00
Ledger Wallets & Money Services                                 1.48
CoinJar Wallets & Money Services                                 1.04

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