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Insights / Blog

Startup Trends: 5 crypto startups are leading the push toward a market rebound

By Chris Cannon
Unicorns & Startup News

Several startups are making cryptocurrency more accessible and building consumer adoption as investor confidence increases. As a result, the cryptocurrency economy may be on the verge of a rebound.

Circle Internet Financial, the startup behind the USDC stablecoin, is one of the companies driving investor optimism after filing for an initial public offering in January 2024. The company’s Forge Price™ is $24.71 as of November 27, 2024, which implies a valuation of $4.72 billion.

Another key crypto development is with payments processing startup Stripe, a Private Magnificent 7 Company. Stripe acquired crypto startup Bridge for $1.1 billion in October 2024, indicating that companies outside of the crypto space are gaining confidence in the crypto economy.

Haun Ventures is an investment firm showing confidence in the cryptocurrency market through its venture capital investments, led by former Andreesen Horowitz partner Katie Haun. In 2024, Haun Ventures tripled its investment in Bridge through the Stripe acquisition deal.

According to TechCrunch, Haun Ventures is increasing its investments in cryptocurrency startups as digital currency prices return to 2021 levels.

The following are five companies driving cryptocurrency adoption and increasing investor confidence by shaping the regulatory and financial landscape.

Chainalysis, a crypto-focused compliance software startup

Chainalysis is a compliance software company focusing on crypto transactions. The privately owned company is making crypto more accessible and building trust with tools that help government agencies, financial institutions, and cryptocurrency businesses track the movement of digital currency and ensure compliance with regulations.

Haun Ventures bought a stake in Chainalysis in May 2024 from existing investors after Chainalysis reported $190 million in annual recurring revenue (ARR) in 2023 and anticipates $250 million in ARR in 2024.

In addition to Haun Ventures, Chainalysis investors include venture capital and investment management firms including Blackstone, Accel, Dragoneer Investment Group, and Emergence Capital.

Chainalysis’s Forge Price™ is $12.33 as of November 27, 2024, which implies a $2.63 billion valuation.

Kraken, a U.S.-based cryptocurrency exchange

Kraken is a startup that offers a digital asset exchange platform with an aim of driving cryptocurrency adoption. The company could complete an IPO in 2025 after seeking $100 million in pre-IPO funding at a possible valuation of $10 billion in June 2024. Kraken also strengthened its foothold in the market by joining other crypto companies in November 2024 to form a U.S. stablecoin network based on the dollar.

Kraken investors include Tribe Capital, SkyBridge, Hummingbird Ventures, Blockchain Capital, and Digital Currency Group.

Kraken's Forge Price™ is $12.49 as of November 27, 2024, which implies a $3.78 billion valuation.

Ripple, a provider of digital asset infrastructure

Ripple is a startup offering a blockchain platform that enables the transfer of money globally with minimal fees and near-instant transaction times. Known for its XRP coin, Ripple completed a share buyback from early investors in January 2024 to provide liquidity to its investors and boost its valuation to $11 billion.

In addition to the share buyback efforts, the company is focusing on strategic partnerships to increase global crypto adoption.

In August 2024, Ripple announced a key partnership to increase XRP adoption in the United Arab Emirates. Then in October 2024, the company announced strategic exchange partners that will help global enterprises to adopt digital currency through its U.S.-denomination-backed RLUSD stablecoin.

Ripple’s investors include prominent venture capital firms and strategic partners such as Andreessen Horowitz, Google Ventures, IDG Capital Partners, Santander InnoVentures, and SBI Holdings.

Ripple’s Forge Price™ is $31.74 as of November 27, 2024, which implies a $5.15 billion valuation.

Farcaster, a crypto social media network

Farcaster was founded by former executives from Coinbase, the cryptocurrency exchange platform that went public in 2021. It’s a startup that develops a social media network and builds communities focused on digital assets to drive adoption.

Farcaster is a newly minted unicorn that enhances the cryptocurrency ecosystem through its decentralized social media platform built on the Ethereum Blockchain. The startup completed a $150 million Series A fundraising round in May 2024 at a $1 billion valuation.

Farcaster’s investors include venture capital firms Paradigm, Haun Ventures, Union Square Ventures, Variant, Standard Crypto, and Andreessen Horowitz.

Farcaster’s Forge Price™ is $54.70 as of November 27, 2024, which implies a $1 billion valuation.

Figure Technologies, a blockchain lending platform for consumers

Figure Technologies is a startup that integrates blockchain into lending and borrowing solutions to offer financial support through home equity lines of credit and other services. It is known as the creator of the Provenance platform, which provides blockchain-based lending and borrowing.

The company raised $60 million through a Series A fundraising round in March 2024. Figure Technologies plans to use the funding to launch what it calls an “everything marketplace” where investors can use blockchain technology to trade cryptocurrency and other assets.

Figure’s investors include venture capital firms Telesoft Partners, Digital Currency Group, Ribbit Capital, and Dearcorn Capital.

Figure Technologies’s Forge Price™ is $5.34 as of November 27, 2024, which implies a $1 billion valuation.

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About the Author

Chris Cannon develops lifecycle programs that engage Forge’s existing client base. Prior to joining Forge, he led audience engagement programs and newsletter operations at Investopedia, the global financial and investing media company. Chris received his MBA from East Carolina University and a BA in History from the University of North Carolina at Greensboro. Read more from Chris.

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