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Besides being a tremendous investable asset, Bitcoin has disrupted the technological world thanks to its underlying technology – the blockchain. Thus, several ambitious entrepreneurs created new projects to improve their respective industries through layers of decentralization.
The first time we saw this happen was in 2011 when the first cryptocurrency exchanges started popping up, allowing people to buy Bitcoin with a credit card or a bank account.
Shortly after, in 2016, Vitalik Buterin released Ethereum, a cryptocurrency startup specifically created to help developers build decentralized applications.
The trend continued to build up, and today, hundreds, if not thousands, of new startups are getting built, proposing decentralized, blockchain-based solutions to existing problems.
This article will list 8 of the most promising companies by giving a small introduction to their product and goals.
Let’s delve in.
BlockFi
Most people have heard about BlockFi by now. The platform has existed for three years and has been overgrowing, currently getting ready for its IPO. Users can deposit their crypto in the platform and earn passive income through interest.
Conversely, users can get cryptocurrency loans by paying a small monthly interest.
Xend Finance
Xend is an early-stage cryptocurrency startup with financial backing and support from Binance and Google Developers Launchpad. In short, the team behind Xend developed a Decentralized platform to help credit unions and cooperatives channel capital into savings to earn high interest.
Rarible
Rarible is an open marketplace where users can buy and sell digital assets on the Ethereum blockchain. It is one of the most popular platforms for non-fungible token drops (NFTs) and a future metaverse’s transactional foundation. Shareholders of Rarible include Coinbase Ventures, ParaFi Capital, and CoinFund, among others.
SpectroCoin
SpectroCoin is a popular cryptocurrency wallet built for newer investors looking for a clean interface and many functionalities. The platform and its app allow users to store Bitcoin, Ethereum, stablecoins, and many smaller altcoins, while those who are willing to go through a short KYC process can also use the platform as an exchange.
Storj
One could say that Storj has been around for quite a while in cryptocurrency. The project aims to create a decentralized cloud storage solution similar to Dropbox and the complete removal of centralized authority.
Storj has been around since the previous bull run (2017) and experienced massive volatility with the Bitcoin price fluctuation.
Polygon (previously known as MATIC)
Polygon is a project that aims to help developers build their blockchains, similar to Polkadot. We like this India-based project because of its low price and partnership with Ethereum.
It is undoubtedly one of the startups you should watch as an investment and technological innovation.
Circle
Circle is a startup that started as a messaging app before converting it into a financial service. The platform entered the crypto space when they acquired Poloniex a few years back and has since become Coinbase’s biggest competitor.
Their app allows users also to send FIAT currency in a peer-to-peer fashion. At the same time, its biggest shareholder is Bitmain, one of the most popular cryptocurrency mining pools.
Binance
Who doesn’t know Binance? The Chinese cryptocurrency exchange is just three years old and has already become the leading trading platform globally. The venue also hosts a native token to empower all functions on the platform.
Known as Binance Coin, or BNB, the token has seen a massive appreciation in value and is currently one of the cryptocurrencies with the most utilities in the space.
Why should investors follow cryptocurrency startups?
Crypto startups are projects that can change the narrative around the concept of cryptocurrency.
They can be anything from trading platforms and wallets to promising tech projects with a native token you can invest in. As such, the benefits are multiple:
- You can find excellent investment opportunities in coins that are new to the market and pose strong fundamentals.
- You can use new financial products and services to earn passive income, build new projects, or improve your life in general.
- By following the founders of new crypto startups, you will also be exposed to top-tier information related to the industry, which will, in turn, help you make better investment decisions.
Wrapping up
There are many cryptocurrency startups to watch for. As the bull market continues, it might be essential to look for companies that can improve your crypto utility and asymmetric risk/reward bets from projects with solid fundamentals.
