State Of BlockchainGLOBAL | 2021Global data and analysis on dealmaking, funding, and exits by private market blockchain companies Guess Less. Win More.CB Insights helps the world’s leading companies make smarter technology decisions with data, not opinion. Our Technology Insights Platform provides companies with comprehensive data, expert insights and work management tools that enable them to discover, understand and make technology decisions.Sign up for a free trial2 3WEBINARThe TL;DR Live: State of BlockchainFebruary 17th, 2pm ETRegister hereChris BendtsenSenior Intelligence Analyst, Fintech We work with our partners to build the future in radically new ways. To do that, they need to understand how markets are evolving. We rely on data and tools from the CB Insights platform to support our recon on the technology companies and trends that will shape the future.Anne BerkowitzCo-founder, Bionic 5Our Top 2021 Blockchain ReportsState Of Blockchain Spotlight: NFTs Gone WildThe Future According To Andreessen HorowitzCoinbase Strategy Teardown: How Coinbase Grew Into The King Midas Of CryptoBlockchain Funding Hit An All-Time High In H1’21. Here’s Where The Top Investors Are Placing Their BetsBlockchain Funding Is At An All-Time High —Here’s What’s Driving The Boom80+ Companies Shaping The Blockchain LandscapeOur Most Popular BlockchainResearch 6BlockchainExchanges & BrokeragesDeFiCustody & WalletsNFTsDig Deeper.CB Insights clients can find and track companies using our analyst-curated Expert Collections. 7View any company's partnerships, vendor relationships or clients in real time to see if and where they're making moves across the blockchain.Business Relationships7 ContentsGlobal Trends21Investment Trends22Unicorns & Valuations48Exit Trends56Investors62Collection Spotlights70Exchanges& Brokerages71Custody & Wallets82NFTs93DeFi104Geographic Trends115US116New York124Silicon Valley128Miami132Los Angeles135Canada139Asia147Europe155LatAm1638STATE OF BLOCKCHAIN What you need to know about blockchain and crypto in 2021$25.2BGlobal blockchain funding in 2021. Up 713% YoY.Venture funding to blockchain startups hit new heights every quarter of 2021, driven by growing consumer and institutional demand for crypto. Blockchain funding accounted for 4% of global venture dollars, up from just 1% in 2020. That share is likely to rise in 2022 thanks to emerging crypto, NFT, and Web3 startups.91,247Blockchain deals. 88% growth.The number of blockchain deals crossed 1,000 for the first time in 2021, almost doubling 2020’s 662. The 2021 total amounts to 5 blockchain deals per business day.79% of deals were early-stage, signaling a nascent market of developing companies —and an even healthier funding environment in 2022 as startups mature and find product-market fit.$15.5BMega-round funding. 59 deals.$100M+ mega-rounds were the driving force behind blockchain’s record funding year. The 59 mega-rounds in 2021 accounted for just 5% of total deals but 60% of total funding. The biggest mega-round deals went to crypto exchanges, brokerages, NFTs, gaming, and payments.47Blockchain unicorns. 40 born in 2021.The global blockchain unicorn count jumped from 9 to 47 in 2021 with a whopping 40 unicorn births (and 2 public exits). Over half of blockchain unicorns are based in the US (26), followed by Asia (10) and Europe (5). Crypto exchange FTX leads with a $25B valuation. NFT marketplace OpenSeais second at $13.3B.56%US share of global funding.US-based startups raked in $14.1B —more than half of all funding in 2021.75% of deals were in early stages, suggesting the funding surge is still in its infancy.US funding in Q4’21 grew 104% QoQto hit $6.3B. There were 6 deals worth $400M+, and the majority of these were Series A or B –another signal of a still-developing (but enthusiastic) market. STATE OF BLOCKCHAIN What you need to know about blockchain and crypto in 2021$6.5BNew York funding. #1 US metro.New York is the crypto capital of the US. NY-based startups raised 46% of US funding in 2021, led by massive Q4 rounds from NYDIG ($1B) and Celsius Network ($750M).While Silicon Valley is #1 for overall VC funding, it is #2 for blockchain at $3.9B. Los Angeles and Miami are tied for third, each seeing just over $760M in 2021.1068Cos funded by Coinbase Ventures.Coinbase Ventures funded 68 blockchain startups in 2021, the most of any investor. Portfolio companies span from crypto exchanges (FTX) to institutional services (Amber Group) to DeFiwallets (ConsenSys).China-based AU21 took the #2 spot with 51 companies, followed by Andreessen Horowitz at 46.$1 in $4Goes to exchanges and brokerages.A quarter of all blockchain funding in 2021 went to crypto exchanges and brokerages. The category’s total —$6.4B —represents a 1,180% increase in funding from 2020.While the biggest deals went to global players like FTX, country-specific exchanges are on the rise. The biggest Q4 deal in Asia went to India-based exchange CoinSwitchKuber($260M).12,878%NFT funding gr