Best Crypto Startups to Watch in [2023]

Of all the new technological developments of recent years, cryptocurrencies and blockchain-based tech show immense promise.

A blockchain, for the uninitiated, is a public, decentralized ledger of sorts that records transactions across thousands of computers. 

This tech marks a monumental shift in the norm and current online landscape since it distributes data – no single system has authority over another.

Because there is no longer a centralized system, you improve transparency and ensure safety. How? By making it near-impossible for anyone (or any institution) to change or access the data on the blockchain.

Since people throughout the world recognized the promise of blockchains, several crypto-based firms have developed in recent years.

It’s indeed a fascinating sector at the moment since each of these start-ups is out to solve a different problem – from improved healthcare to safer online wallets.

Blockchain Startup Types

Blockchain technology presents limitless opportunities because it has so many potential applications. If you’re new to the world of cryptocurrencies, all of this can be a tad overwhelming.

But don’t despair – thanks to reputable online resources, you can get help with bitcoin and blockchain tech, learning about all the concepts, assets, and technologies involved in the cryptocurrency sector.

1. Digital Currency

Cryptocurrency is unquestionably one of the most prominent uses of blockchain technology. Several blockchain firms have their own currencies. For example, blockchain currencies include Ether, Solana, and Bitcoin. 

2. Decentralized Financial (DeFi) projects

Decentralized Financial, or DeFi projects as they’re more commonly referred to, eliminate the need for a centralized authority, resulting in a more inclusive financial ecosystem.

It can also increase transparency, speed up, and make lending and borrowing safer. Uniswap, Polygon, and Financer are some DeFi startups that are growing rapidly. 

3. Supply Chain Management

In Supply Chain Management, Blockchain technology is used to keep product records like its manufacturer, trading history, and copies present in the marketplace.

Since all information about a product is stored on these blockchains, it becomes much easier to detect fake products. 

This gives product owners and digital creators more control over their products. 

4. NFT Marketplace

NFTs. You’ve probably heard the expression before. NFTs are non-fungible (unique and irreplaceable) digital assets that can range from art and music to anything collectible. 

Some of them can be quite expensive since, like actual art, there may only be one in existence. So, how can you verify digital art? This is where blockchain technology comes in; digital assets can be authenticated, and their ownership can be monitored. 

You can buy, sell, or trade digital assets with other people on an NFT marketplace like Yield Guild, Mintable, or Spores.

Crypto Startups to Watch in [2023]

1. Chainalysis 

This US-based startup made it to the ‘Times 100 Most Influential Companies of 2023’. Chainalysis arose from the necessity to address several critical concerns in the crypto sector, such as money laundering, fraud, and money transfers to unlawful organizations. 

A testament to its success? Chainalysis’s client base includes the IRS’s Criminal Investigation Division. Aside from serving law enforcement, Chainalysis also offers blockchain analysis services, risk management tools, and data privacy solutions. 

With funding of over $8 billion so far, Chainalysis is one of the largest crypto detective organizations in the world. 

2. Protokol

A Dutch startup, Protokol stores product data like manufacturing and ownership details. This can help brands prove ownership of their products by providing a Digital Product Passport. 

By uploading data about their product, like the origin, transfer history, and record of all the copies made, brands can stop illegal or unauthorized copies from being made.

They can also choose to trade their product with full transparency. Protokol’s clientele includes luxury brands, gaming companies, and media and entertainment companies. 

Apart from providing Digital Product Passports, this startup also works as an NFT platform. Creators and product owners can also use Protokol to mint their work and trade them. 

3. Oasys

Most blockchain startups are concentrated in the USA and Europe. However, Oasys is a startup from Singapore. The main thing that Oasys wants to achieve is to provide creators and developers more authority over their work. 

Oasys boasts of a highly compatible EVM and allows developers to design their own Verse. For gamers, Oasys charges zero gas fees and promises high-speed transactions.

Is Blockchain Tech the Future?

It certainly seems so! We’re living in a digital world with new tech being introduced every single day.

So, we only stand to benefit from any advancements that can make the online space more accessible, safer, and transparent. For now, the solution does appear to be blockchain technology. 

It provides more authority to creators and product owners, makes financial transactions safer by keeping records of everything, and promises to make healthcare better.