Author: Frank Chaparro, Editor-in-Chief of The Block
Translation: Felix, PANews
In the past year, FTX, Genesis, Voyager, and Three Arrows have all exited the crypto stage. It has been a year of significant change, not only for the entire crypto industry, but also for the author. However, this has also provided an opportunity to focus on emerging small companies. This is indeed exciting, especially for new entrepreneurs and first-time founders who stand out. They are still passionate, not discouraged by the challenges of running a company, and are friendly and approachable. Therefore, this article focuses on five startups in the crypto industry that may one day replace the companies that closed last year.
Ostium Labs
Crypto 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, seeking to attract traditional commodity traders and cryptocurrency traders by offering a more transparent and flexible alternative to traditional derivative platforms. The platform will support perpetual trading pairs linked to assets such as oil, Bitcoin, and several major currencies, aiming to bring real-world assets onto the blockchain. The project has partnered with Chaos Labs and plans to utilize Chainlink price feeds. Ostium Labs aims to directly provide on-chain trading for a wider range of asset classes to fill market gaps.
JKLabs
JKLabs is a startup in the crypto space that aims to address governance issues in the DeFi and web3 ecosystems by providing a platform for facilitating on-chain decision-making and community participation. Unlike traditional governance platforms that rely on token voting, JKLabs uses 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 order to explore more transparent and effective governance models in the crypto 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 aimed at increasing transparency in digital asset clearing and settlement. The company's goal is to prevent user losses due to the bankruptcy of companies like Three Arrows and FTX, allowing customers to monitor their positions in real time and collateralize loans with blue-chip crypto tokens to mitigate liquidity issues faced by trading counterparts.
Turnkey
Turnkey is a startup led by a former Coinbase Custody executive, which has secured $7.5 million in seed funding. The company aims to provide a developer-first platform for safeguarding and managing digital assets in the crypto industry. The platform aims to offer flexible, programmable solutions for generating wallets and signing transactions on different blockchain networks, addressing the increasingly complex issues of on-chain transactions. According to Chainalysis, this move is in response to growing concerns about the security of digital assets, as crypto hacks this year have resulted in a record $3.8 billion in losses.
Architect
Former FTX.US president Brett Harrison has raised $5 million in funding from investors such as Coinbase Ventures and Circle Ventures, and has established a new company, Architect. Architect will focus on providing software trading tools for DeFi to meet the needs of large investors and institutions. The company aims to develop institutional-grade trading technology to simplify access for companies, large traders, and trading entities to decentralized protocols and centralized exchanges.
Related reading: Inventory of 10 potential projects recently invested by venture capital
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