State of Blockchain Global Q2 2022

State of
Blockchain
Global | Q2 2022
Global data and analysis on dealmaking, funding,
and exits by private market blockchain companies

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Blockchain
Web3
NFTs, Gaming, &
Metaverse
DeFi
Infrastructure &
Development
Exchanges & Wallets
Institutional Crypto &
Custody
Blockchain

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State of Blockchain

What you need to know about
blockchain and crypto in Q2'22
-29%
Drop in global
blockchain funding.
Blockchain venture funding
fell to $6.5B, the first
quarter-over-quarter (QoQ)
drop in 2 years.
Investors scaled back
crypto investments due to
macroeconomic pressures
and concerns about crypto
valuations and
stablecoins.
The US drove the global
blockchain funding decline,
falling 42% QoQ.
9
-54%
Decline in mega-
round dollars.
Blockchain funding from
$100M+ mega-rounds fell
to $2.6B, less than half of
last quarter’s record total.
The number of mega-
rounds (16) was also down
QoQ, suggesting that
investors were more
cautious due to the crypto
winter and recent price
volatility.
-50%
Unicorn births
halved.
Blockchain unicorn births
dropped from a record
high (16) last quarter to
just 8 in Q2’22, another
indicator of crypto jitters.
The most valuable unicorn
birth was Seychelles-based
crypto exchange KuCoin,
with a $10B valuation,
while half of the new
unicorns were Web3
startups.
57%
Of funding went to
Web3 startups.
Web3 accounted for over
half of blockchain funding
for the second straight
quarter, reaching $3.7B.
Funding shifted away from
centralized crypto
exchanges and wallets
toward non-fungible
tokens (NFTs), gaming,
decentralized finance
(DeFi), and DApp
infrastructure and
development.
159
Deals to NFTs,
gaming, metaverse.
Despite a QoQ fall in deals
to the NFTs, gaming, &
metaverse category, it still
attracted 150+ deals for
the third consecutive
quarter.
However, the category’s
future may face a tougher
road ahead. NFT sales
volumes are down, and
Web3 metaverses face
fierce competition from big
tech companies.
State of Blockchain

What you need to know about
blockchain and crypto in Q2'22
$1.4B
Record blockchain
funding in Europe.
Europe was the only global
region with growth in
blockchain venture funding
and deals. It tied with Asia
in Q2’22 at $1.4B but was
behind the $3.4B that went
to US-based companies.
Six of the top 10 biggest
deals in Europe went into
Web3 (e.g., NEAR Protocol,
Msquared), and 3 went to
institutional crypto and
custody (e.g., Elwood
Technologies, Coinhouse).
10
52%
Deal growth in
infrastructure and
development.
The category was one of
the only blockchain spaces
with deal growth in Q2’22,
reaching a new high of 47
deals.
The biggest Q2’22 deal
was a $350M Series C to
NEAR Protocol, a Layer 1
blockchain for
decentralized applications.
49
M&A exits, on pace
for a record year.
Blockchain M&A exits were
40+ for the fifth quarter in
a row.
As several prominent
crypto lenders filed for
bankruptcy, giants like
Binance and FTX sought to
acquire companies hurt by
the crypto crash at a
discount.
Other companies, such as
Bolt, Robinhood, and eBay,
also acquired a crypto or
NFT company in Q2’22.
23
Deals by #1
investor, Animoca
Brands.
Animoca Brands was the
most active blockchain
investor for the third
straight quarter, despite a
fall in its deals QoQ.
The 10 most active
investors (including a16z
and Coinbase) collectively
participated in 24% fewer
deals in Q2’22.
Animoca Brands’
investments focused on
NFTs, gaming, and
metaverse.
28%
Silicon Valley share
of US funding.
Silicon Valley was the #1
US location for blockchain
funding in Q2’22, at
$937M. It surpassed New
York ($678M), which held
the crown for the previous
8 quarters. Los Angeles
took the #3 spot with
$492M.
The biggest Silicon Valley
deals went to FalconX
($150M), an institutional
crypto trading platform,
and Magic Eden ($130M),
an NFT marketplace.
State of Blockchain

Global blockchain funding down QoQ, first decline in 2 years
11
$0.7B $1.1B $1.5B $1.4B $0.6B $0.7B $1.0B $0.8B $0.8B $0.5B $0.8B $1.0B $3.7B $5.5B $7.2B $8.9B
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
$9.0B
$10.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2019 2020 2021 2022
$9.2B
Q1’22
$6.5B
Q2’22
29%
decrease
State of Blockchain | Global Trends | Investment Trends

Blockchain funding from mega-rounds ($100M+) drops steeply QoQ
12
$0.1B $0.3B $0.9B $0.6B $0.0B $0.1B $0.3B $0.3B $0.3B $0.0B $0.1B $0.2B $2.0B $2.9B $4.7B $5.6B
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2018 2019 2020 2021 2022
$5.6B
Q1’22
$2.6B
Q2’22
54%
decrease

0 0 0
1
5
9
13
14
0
2
4
6
8
10
12
14
16
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020 2021 2022
Unicorn births halved in Q2’22
13
State of Blockchain | Global Trends | Unicorns, Valuations, & Multiples
16
new unicorns
Q1’22
8
new unicorns
Q2’22
50%
decrease

Over half of blockchain funding goes to Web3 startups
14
$0.8B
$0.5B
$0.8B
$1.0B
$3.7B
$5.5B
$7.2B
$8.9B
$9.2B
Total funding
$6.5B
13% | $0.1B 40% | $0.2B 25% | $0.2B 20% | $0.2B 27% | $1.0B
36% | $2.0B
38% | $2.7B
47% | $4.2B
68%
$6.3B
$3.7B
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
$9.0B
$10.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020 2021 2022
State of Blockchain | Collection Spotlights | Web3
Total funding Web3 funding
57%
Of funding
to Web3
startups

11 14 17 14
9
13
18
11
7
11
7
16
35
60
77
160
184
2018 2019 2020 2021 2022
15
150+ NFTs, gaming, & metaverse deals for the third consecutive quarter
150
3
consecutive
150+ quarters
159
deals
State of Blockchain | Collection Spotlights | NFTs, Gaming, & Metaverse

$5.9B
$3.4B
Q1 2022 Q2 2022
US
$1.4B $1.4B
Q1 2022 Q2 2022
Asia
$1.0B
$1.4B
Q1 2022 Q2 2022
Europe
16
40%
-42%
0%
Europe’s blockchain funding hits a record, the only region with growth QoQ
State of Blockchain | Geographic Trends | Europe Trends

Infrastructure & development deals hit a record high in Q2’22
17
11
12 12
8
18
31
24
27
0
5
10
15
20
25
30
35
40
45
50
2018 2019 2020 2021 2022
State of Blockchain | Collection Spotlights | Infrastructure & Development
31
deals
Q1’22
47
deals
Q2’22
52%
growth

20
28
19
25
23
15
16
23
24
19
15
27
36
43
44
46
54
2018 2019 2020 2021 2022
18
Blockchain M&A exits reach 49 in Q2’22, on pace for a record year
40
5
consecutive
40+ quarters
49
M&A exits
State of Blockchain | Global Trends | Exit Trends

Animoca Brands is the top blockchain investor for the third straight quarter
19
Investor Company Count Investor Group Country
1 Animoca Brands 23 Corp Hong Kong
2 Andreessen Horowitz 22 VC United States
3 Coinbase Ventures 17 CVC United States
4 Pantera Capital 13 VC United States
5 Dragonfly Capital 10 VC United States
5 Jump Crypto 10 Corp United States
5 Sandeep Nailwal 10 Angel India
5 Shima Capital 10 VC United States
5 Tiger Global Management 10 Asset/Investment Management United States
10 Balaji Srinivasan 9 Angel N/A
10 Hypersphere Ventures 9 VC United States
State of Blockchain | Global Trends | Investors

Contents
Global Trends 22
Investment Trends 23
Unicorns, Valuations, & Multiples 50
Exit Trends 58
Investors 64
Collection Spotlights 72
Web3 73
NFTs, Gaming, & Metaverse 84
DeFi 95
Infrastructure & Development 106
Exchanges & Wallets 117
Institutional Crypto & Custody 128
Geographic Trends 139
US 140
Silicon Valley 148
New York 152
Los Angeles 156
Asia 160
Singapore 168
India 172
Europe 175
United Kingdom 184
France 188
21
State of Blockchain

Projected Funding
$31.5B
$4.7B $3.2B $3.1B $25.2B
Funding
$15.7B
0
5000
10000
15000
20000
25000
30000
35000
907 890
677
1,312
Deals
921
Projected Deals
1,842
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2018 2019 2020 2021 2022
YTD
Global funding and deals are on pace for a record year
24

Global funding and deals decline QoQ for the first time in 2 years
25
$0.7B $1.1B $1.5B $1.4B $0.6B $0.7B $1.0B $0.8B $0.8B $0.5B $0.8B $1.0B $3.7B $5.5B $7.2B $8.9B $9.2B
Funding
$6.5B
201
269
222 215
230
213
265
182 173
141
171
192
255
320 327
410
486
Deals
435
0
100
200
300
400
500
600
700
800
900
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
$9.0B
$10.0B
2018 2019 2020 2021 2022

The US leads Q2’22 funding and deals
26
US
$3.4B
178 Deals
Asia
$1.4B
113 Deals
Europe
$1.4B
106 Deals
LatAm &
Caribbean
$47M
14 Deals
Canada
$69M
12 Deals
Africa
$0.2B
7 Deals
Australia
$34M
5 Deals

Europe is the only region to see quarterly funding gains
27
$3.4B
Q1 Q3 Q1
2021 2022
US
$1.4B
Q1 Q3 Q1
2021 2022
Asia
$1.4B
Q1 Q3 Q1
2021 2022
Europe
$0.4B
Q1 Q3 Q1
2021 2022
All Other Regions

The US leads global deal share in Q2’22, followed by Asia and Europe
28
43%
34%
29%
36% 38%
31%
25%
30% 32% 34% 35% 34%
38% 39%
49%
40%
43% US, 41%
29% 46%
50% 40% 36%
37% 52%
46%
34% 33% 36% 33% 22%
30%
22%
28%
29%
Asia, 26%
19%
14% 15%
19%
19%
25%
17% 18%
25% 23%
24%
24%
27%
22% 17%
19%
19%
Europe, 24%
9% 6% 5% 5% 7% 7% 7% 7% 8% 9%
6% 8%
13%
9%
12% 13%
9% All Other Regions, 9%
2018 2019 2020 2021 2022

VCs still lead investor deal share in Q2’22
29
30% 29% 26% 25% 23% 26% 27% 30% 29%
25%
29% 31%
26% 27% 25% 25% 24%
VC, 28%
17%
13%
13% 13% 14%
15% 14%
12% 14%
13%
11%
12%
14% 15%
14% 16% 16%
Corp, 15%
21% 27%
25%
21% 20%
24% 24% 20% 19%
24% 19%
21%
16% 16%
16%
16%
14%
Other, 15%
10% 10%
9%
10%
10%
11%
8%
9% 6%
13%
10%
9%
10%
12%
12% 10%
11%
Angel, 14%
7% 7%
9%
9%
7%
8%
10%
10%
9%
8%
16% 12%
16%
15% 16% 15%
14%
Asset/Investment Management, 13%
6%
9% 14%
11%
9%
9%
9% 11%
9% 7% 9%
7%
7% 8% 9%
10%
CVC, 9%
9%
6% 6% 6%
14%
5%
6% 9% 9% 4% 6% 6%
8% 6% 6% 5% 8% Incubator/Accelerator, 4%
Private Equity, 2%
2018 2019 2020 2021 2022

Average deal size in 2022 is at 86% of 2021’s level
30
$9M
$6M
$7M
$22M
Average Size
$19M
$2M $2M
$3M
$4M
Median Size
$5M
2018 2019 2020 2021 2022
YTD

Median deal size in 2022 so far hits record levels in all regions except Asia
31
$6M
2018 2020 2022
YTD
US
$3M
2018 2020 2022
YTD
Asia
$4M
2018 2020 2022
YTD
Europe
$18M
2018 2020 2022
YTD
All Other Regions

Private equity leads in median deal size among investor categories
32
$3M
$6M
$5M
2018 2020 2022
YTD
Angel
$9M
$6M
$8M
2018 2020 2022
YTD
Asset/Investment
Management
$4M
$11M
$9M
2018 2020 2022
YTD
CVC
$6M
$5M
$6M
2018 2020 2022
YTD
Corp
$4M
$6M
$17M
2018 2020 2022
YTD
Private Equity
$5M
$6M$6M
2018 2020 2022
YTD
VC

$100M+ mega-round funding and deals are on pace for a record year
33
$1.9B $0.7B $0.7B $15.2B
Funding
$8.3B
10
4 4
59
Deals
43
0
10
20
30
40
50
60
$0.0B
$2.0B
$4.0B
$6.0B
$8.0B
$10.0B
$12.0B
$14.0B
$16.0B
2018 2019 2020 2021 2022
YTD

Mega-round funding and deals decline QoQ
34
$0.1B
$0.3B $0.9B $0.6B $0.1B
$0.3B $0.3B $0.3B
$0.1B
$0.2B
$2.0B $2.9B $4.7B $5.6B $5.6B
Funding
$2.6B
1
2
4
3
1 1
2
1 1
2
10
14
18
17
27
Deals
16
0
5
10
15
20
25
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2018 2019 2020 2021 2022

The US leads in mega-round funding and deals in Q2’22
35
US
$1.4B
8 Deals
Asia
$0.6B
5 Deals
Europe
$0.5B
2 Deals
Africa
$0.2B
1 Deal

Asia is the only region to see mega-round deals rise in Q2’22
36
8
10
12
19
US, 8
2 2
3
Asia, 5
1
2
1
3
Europe, 2
3
6
2 2
All Other Regions, 1
2018 2019 2020 2021 2022

Mega-rounds account for just 4% of global deals in Q2’22
37
4% 4% 6% 4% 6% Mega-rounds, 4%
100% 99% 98% 99% 100% 100% 100% 99% 99% 100% 99% 99% 96% 96% 94% 96% 94% Non-mega-rounds, 96%
2018 2019 2020 2021 2022

Mega-round share of global funding falls in Q2’22
38
16%
30%
59%
43%
14%
29%
38% 37%
16%
24%
55% 53%
66% 63% 61%
Mega-rounds, 41%
84%
70%
41%
57%
100%
86%
71%
62% 63%
100%
84%
76%
45% 47%
34% 37% 39%
Non-mega-rounds, 59%
2018 2019 2020 2021 2022

Global: Top equity deals in Q2'22
39
Company Round Amount
Round
Date
Round Valuation Select Investors Country
% of Total
Funding
1 Circle $400M Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset
Management, BlackRock, Fin Capital
United States 6.1%
2 NEAR Protocol $350M Series C
2022-04-06
N/A
Tiger Global Management, Dragonfly Capital, FTX
Ventures, Republic Capital, Hashed
Switzerland 5.4%
3 Lightspark $175M Series A
2022-05-12
N/A
Andreessen Horowitz, Paradigm, Coatue Management,
Felix Capital, Matrix Partners
United States 2.7%
4 Chainalysis $170M Series F
2022-05-11
$8.6B GIC United States 2.6%
5 MSquared $150M Series A
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital,
Ethereal Ventures, Mirana Ventures
United Kingdom 2.3%
5 KuCoin $150M Series A
2022-05-10
$10.0B
Jump Crypto, IDG Capital, Matrix Partners China, Circle
Ventures
Seychelles 2.3%
5 Sky Mavis $150M Series C
2022-04-06
N/A
Binance, Andreessen Horowitz, Animoca Brands,
Paradigm, Dialectic
Vietnam 2.3%
5 FalconX $150M Series D
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams
Street Partners, Thoma Bravo
United States 2.3%
5 Genies $150M Series C
2022-04-12
$1.0B
Silver Lake, New Enterprise Associates, Bond,
Tamarack Global
United States 2.3%
10 CoinDCX $135M Series D
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital Group,
Coinbase Ventures, Polychain Capital
India 2.1%

Early-stage deals continue to dominate in 2022 YTD
40
77% 79% 77% 80% Early-stage, 81%
6%
8% Mid-stage, 9%
9% 7% 6%
5% Late-stage, 5%
11% 11% 11%
6% Other, 6%
2018 2019 2020 2021 2022
YTD

Asia overtakes the US in late-stage deal share in Q2’22
41
38%
50%
37%
80%
26%
26%
42%
15%
26%
21%
16%
5%
10%
2%
5%
Early-stage
Mid-stage
Late-stage
Other
US Asia Europe All Other Regions

Median deal size falls for mid- and late-stage deals in 2022 YTD
42
$2M
$4M $4M
2018 2020 2022
YTD
Early-stage
$15M
$50M
$42M
2018 2020 2022
YTD
Mid-stage
$3M
$52M
$12M
2018 2020 2022
YTD
Late-stage

Median months between rounds drops for early- and mid-stages
43
7
13
11
2018 2020 2022
YTD
Seed/Angel to Series A
9
16
11
2018 2020 2022
YTD
Series A to B

Global: Top seed/angel deals in Q2'22
44
Round
Date
Select Investors Country
1 ByteTrade $40M Seed VC
2022-06-02
SIG Asia Investments Singapore
2 Fractal Wagimi $35M Seed VC
2022-04-01
Multicoin Capital, Paradigm, Andreessen Horowitz, Animoca
Brands, Coinbase Ventures
United States
3 Iskra $34M Seed VC
2022-04-07
Krust, Fast Ventures, Kakao Ventures, Liberty Investment,
METABORA
Singapore
4 MeetAmi Innovations $29M Seed
2022-04-07
Private International Consulting Canada
5 Co:Create $25M Seed VC
2022-05-10
Andreessen Horowitz, Autograph, Not Boring Capital,
Vaynerfund, Amy Wu
United States
5 Entropy $25M Seed VC
2022-06-08
Andreessen Horowitz, Coinbase Ventures, Dragonfly Capital,
Ethereal Ventures, Inflection Capital
United States
7 Mara $23M Seed VC
2022-05-11
Alameda Research, Coinbase Ventures, Day One Ventures,
Distributed Global, Huobi Ventures
Kenya
8 JAN3 $21M Seed VC
2022-04-07
El Zonte Capital, Alistair Milne, Chun Wang China
8 Live Bash $21M Seed
2022-04-20
N/A United States
10 Context $20M Seed VC
2022-04-14
Sam Altman, Variant Fund United States

Global: Top Series A deals in Q2'22
45
Round
Date
2022-05-12
Andreessen Horowitz, Paradigm, Coatue Management, Felix Capital, Matrix
Partners
United States
2022-04-07
Andreessen Horowitz, SoftBank Group, CMT Digital, Ethereal Ventures, Mirana
Ventures
United Kingdom
2022-05-10
Jump Crypto, IDG Capital, Matrix Partners China, Circle Ventures Seychelles
4 Rario $120M Series A
2022-04-21
Dream Capital, Alpha Wave Global, Animoca Brands, Kingsway Capital Partners,
Presight Capital
Singapore
5 Elwood Technologies $70M Series A
2022-05-16
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera Investments,
CommerzVentures
United Kingdom
6 ADDX $58M Series A
2022-05-24
Hamilton Lane Advisors, Krungsri Finnovate, Stock Exchange of Thailand, UOB Singapore
7 Flipside Crypto $50M Series A
2022-04-21
Republic Capital, Galaxy Digital, True Ventures, Blockchain Coinvestors,
Commerce Ventures
United States
8 N3TWORK Studios $46M Series A
2022-05-18
Griffin Gaming Partners, Kleiner Perkins Caufield & Byers, N3twork, Floodgate,
Galaxy Interactive
United States
9 Boba $45M Series A
2022-04-05
Hypersphere Ventures, 10X Capital, Alphanonce, Crypto.com Capital, DeFi
Technologies
United States
10 BlockApps $41M Series A
2022-04-19
Liberty City Ventures, Bloccelerate, ConsenSys Mesh, Fitz Gate Ventures, Arab
Angel Fund
United States

Global: Top Series B deals in Q2'22
46
Round
Date
1 Magic Eden $130M Series B
2022-06-21
Electric Capital, Greylock Partners, Lightspeed Venture Partners, Sequoia
Capital, Paradigm
United States
2 Pintu $113M Series B
2022-06-07
Lightspeed Venture Partners, Intudo Ventures, Pantera Capital, Northstar
Group
Indonesia
3 Talos $105M Series B
2022-05-10
General Atlantic, Andreessen Horowitz, Castle Island Ventures, Fidelity
Investments, PayPal Ventures
United States
4 Prime Trust $100M Series B
2022-06-22
Commerce Ventures, Kraken Ventures, Mercato Partners, Seven Peaks
Ventures, University Growth Fund
United States
5 Babel Finance $80M Series B
2022-05-25
10T Fund, BAI Capital, Dragonfly Capital, Jeneration Capital, Circle Ventures Hong Kong
6 bloXroute Labs $70M Series B
2022-04-12
SoftBank Group United States
6 0x $70M Series B
2022-04-26
Greylock Partners, Jump Capital, OpenSea, Pantera Capital, Jared Leto United States
6 Lightning Labs $70M Series B
2022-04-05
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev, Brevan Howard,
Goldcrest Capital
United States
9 CertiK $60M Series B
2022-04-22
SoftBank Group, Tiger Global Management United States
10 Kaiko $53M Series B
2022-06-28
Eight Roads Ventures, Alven Capital, Anthemis, Point Nine Capital,
Underscore.VC
France

Global: Top Series C deals in Q2'22
47
Round
Date
2022-04-06
Tiger Global Management, Dragonfly Capital, FTX Ventures, Republic
Capital, Hashed
Switzerland
2022-04-12
Silver Lake, New Enterprise Associates, Bond, Tamarack Global United States
2022-04-06
Binance, Andreessen Horowitz, Animoca Brands, Paradigm, Dialectic Vietnam
4 InfStones $66M Series C
2022-06-01
GGV Capital, SoftBank Group, A&T Capital, INCE Capital, SNZ Holding United States
5 Polysign $53M Series C
2022-04-13
Cowen, Brevan Howard, GSR Ventures, Soros Fund Management United States
6 Zora $50M Series C
2022-05-05
Haun Ventures, Coinbase Ventures, Kindred Ventures United States
7 Coin Metrics $35M Series C
2022-04-06
Acrew Capital, BNY Mellon, Avon Ventures, Goldman Sachs, Highland
Capital Partners
United States
8 Coins.ph $30M Series C
2022-05-19
Ribbit Capital Philippines
2022-05-10
Newtribe Capital Switzerland

Global: Top Series D+ deals in Q2'22
48
Round
Date
2022-05-11
$8.6B GIC United States
2022-06-22
$8.0B B Capital Group, GIC, Tiger Global Management, Adams Street Partners, Thoma Bravo United States
2022-04-19
$2.2B Pantera Capital, Steadview Capital, B Capital Group, Coinbase Ventures, Polychain Capital India
4 StarkWare $100M Series D
2022-05-24
$8.0B Coatue Management, Greenoaks Capital Management, Tiger Global Management Israel

Global: Top companies that raised funding by Mosaic score in Q2'22
49
Company Mosaic Score Round Amount
Round
Date
1 KuCoin 950 $150M
Series A
2022-05-10
$10.0B
Ventures
Seychelles
2 Circle 940 $400M
Venture Capital
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset Management,
BlackRock, Fin Capital
United States
2 Prime Trust 940 $100M
Series B
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato Partners,
Seven Peaks Ventures, University Growth Fund
United States
4 CertiK 930 $60M
Series B
2022-04-22
N/A SoftBank Group, Tiger Global Management United States
4 CoinDCX 930 $135M
Series D
2022-04-19
$2.2B
India
6 InfStones 900 $66M
Series C
2022-06-01
N/A
GGV Capital, SoftBank Group, A&T Capital, INCE Capital,
SNZ Holding
United States
6 Babel Finance 900 $80M
Series B
2022-05-25
$2.0B
10T Fund, BAI Capital, Dragonfly Capital, Jeneration
Capital, Circle Ventures
Hong Kong
8 ADDX 890 $58M
Series A
2022-05-24
N/A
Hamilton Lane Advisors, Krungsri Finnovate, Stock
Exchange of Thailand, UOB
Singapore
9 StarkWare 880 $100M
Series D
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital Management,
Tiger Global Management
Israel
9 Sky Mavis 880 $150M
Series C
2022-04-06
N/A
Paradigm, Dialectic
Vietnam

Unicorns, Valuations,
& Multiples
50

Unicorn births decrease in Q2’22, total herd reaches 71
51
9
13 14
16
New Unicorns, 8
22
34
48
63
Total Unicorns, 71
2018 2019 2020 2021 2022

The US accounts for 65% of total unicorns
52
US
46
5 New
Asia
11
2 New
Africa
1
1 New
LatAm &
Caribbean
3
0 New
Europe
6
0 New
Canada
3
0 New
Australia
1
0 New

US unicorn births plummet 64% in Q2’22
53
4
7
10
14
US, 5
3
2
3
Asia, 2
1 1 1 Europe, 0
1
3
1 1
All Other Regions, 1
2018 2019 2020 2021 2022

The US leads in total unicorns, followed by Asia at a distant second
54
11
17
27
41
US, 46
5
7
10 9 Asia, 11
4
5
5
6
Europe, 6
2
5
6
7 All Other Regions, 8
2018 2019 2020 2021 2022

Time from first funding to unicorn status ticks up in 2022 YTD
55
39
Average Months, 40
36
Median Months, 38
2018 2019 2020 2021 2022
YTD

Global: Top unicorn births in Q2'22
56
Company Latest Valuation Country
1 KuCoin $10.0B Seychelles
2 Babel Finance $2.0B Hong Kong
3 Magic Eden $1.6B United States
4 Boba $1.5B United States
5 Talos $1.3B United States
6 0x $1.1B United States
7 Genies $1.0B United States
7 Opn $1.0B Japan

Global: Top unicorns by valuation in Q2'22
57
Company Latest Valuation Country
1 FTX $32.0B Bahamas
2 Ripple $15.0B United States
3 Blockchain.com $14.0B United Kingdom
4 OpenSea $13.3B United States
5 Bitmain Technologies $12.0B China
6 Alchemy $10.2B United States
7 KuCoin $10.0B Seychelles
7 Digital Currency Group $10.0B United States
9 Chainalysis $8.6B United States
10 Fireblocks $8.0B United States
10 FalconX $8.0B United States
10 StarkWare $8.0B Israel

Global M&A exits are on pace for a record year, IPOs and SPACs slow
59
18
IPO, 7
169
M&A, 103
3
SPAC, 0
2018 2019 2020 2021 2022
YTD

M&A exits see second-highest quarter ever in Q2’22
60
4 3
9
3
IPO, 4
43 44
46
54
M&A, 49
1
1
SPAC, 0
2018 2019 2020 2021 2022

Asia overtakes the US in global exit share in Q2’22
61
28% 28%
48%
28%
38%
35%
41%
26%
35%
23%
44%
29%
41%
23%
35% 36%
40%
US, 30%
16%
34%
30%
28%
31%
30% 18%
41%
27%
23%
18%
8%
30%
10%
16%
21%
Asia, 34%
8%
28%
13%
28%
15%
20% 29%
22% 31%
32%
50%
36% 33%
28%
25%
28%
23%
Europe, 13%
48%
9% 9%
16% 15% 15% 12% 11%
8%
23%
6%
18% 18% 19%
29%
21%
16%
All Other Regions, 23%
2018 2019 2020 2021 2022

Global: Top M&A exits in Q2'22
62
Company Exit Valuation Acquirer Country
1 Wyre $1.5B Bolt United States
2 REVA $50M UK Earl International Auction United States
3 Coinberry $31M WonderFi Canada
4 BITOM $11M VNSMART Australia
5 OpenLocker $5M Descrypto United States

Global: Top IPOs in Q2'22
63
Company Exit Valuation Country
1 NFT Technologies $17M Canada
2 Applied Blockchain N/A United States
2 Cryptyde N/A United States
2 FRNT N/A Canada

Global: Top investors by company count in Q2'22
65
10 Balaji Srinivasan 9 Angel N/A

Global: Top investors YTD by median Mosaic score of companies in 2022
66
Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 Coatue Management 880 United States 960 820 880 630
2 B Capital Group 870 United States 940 825 880 690
3 Ribbit Capital 830 United States 880 825 830 550
4 SoftBank Group 820 Japan 970 840 810 660
5 Liberty City Ventures 805 United States 925 700 880 515
6 Kingsway Capital Partners 790 United Kingdom 900 700 880 590
7 Lightspeed Venture Partners 785 United States 955 670 830 675
8 Paradigm 780 United States 925 670 880 530
8 Sequoia Capital 780 United States 960 600 770 450
8 Sequoia Capital China 780 China 850 670 830 520

Global: Top VCs by company count in Q2'22
67
Investor Company Count Country
1 Andreessen Horowitz 22 United States
2 Pantera Capital 13 United States
3 Dragonfly Capital 10 United States
3 Shima Capital 10 United States
5 Hypersphere Ventures 9 United States
6 Paradigm 8 United States
6 Soma Capital 8 United States
8 Framework Ventures 7 United States
8 IOSG 7 Hong Kong
10 Cadenza Ventures 6 United States
10 Infinity Ventures Crypto 6 Japan

Global: Top VCs YTD by median Mosaic score of companies in 2022
68
Investor Median Mosaic Score Country Median Money Score Median Momentum Score Median Market Score Median Management Score
1 B Capital Group 870 United States 940 825 880 690
2 Ribbit Capital 830 United States 880 825 830 550
3 Liberty City Ventures 805 United States 925 700 880 515
4 Lightspeed Venture Partners 785 United States 955 670 830 675
5 Paradigm 780 United States 925 670 880 530
5 Sequoia Capital 780 United States 960 600 770 450
5 Sequoia Capital China 780 China 850 670 830 520
8 Accel 740 United States 800 735 830 440
8 Andreessen Horowitz 740 United States 900 670 790 575
8 Variant Fund 740 United States 880 670 880 625

Global: Top CVCs by company count in Q2'22
69
Investor Company Count Country
1 Coinbase Ventures 17 United States
2 Circle Ventures 7 United States
2 FTX Ventures 7 Bahamas
4 Ethereal Ventures 5 United States
5 ConsenSys Mesh 4 United States
5 KuCoin Ventures 4 China
5 Samsung NEXT 4 United States
8 Huobi Ventures 3 Seychelles
8 KB Investment 3 South Korea
8 OKX Blockdream Ventures 3 Malta
8 Republic Capital 3 United States

Global: Top CVCs YTD by median Mosaic score of companies in 2022
70
Investor Median Mosaic Score Country Median Management Score Median Money Score Median Momentum Score Median Market Score
1 Coinbase Ventures 735 United States 575 850 650 830
2 FTX Ventures 730 Bahamas 595 885 670 800
3 Alameda Research Ventures 715 Hong Kong 470 775 615 880
4 KB Investment 695 South Korea 760 830 455 750
5 gumi Cryptos 690 Japan 470 720 615 790
6 Samsung NEXT 685 United States 510 715 650 690
7 Ethereal Ventures 680 United States 450 770 585 880
8 Binance Labs 670 United States 535 670 610 790
8 Circle Ventures 670 United States 470 755 610 880
10 Republic Capital 650 United States 525 725 640 855

Global: Top investor pairs YTD by number of shared companies in 2022
71
Investor 1 Investor 2 2022 Shared Portfolio Companies Investor 1 Country Investor 2 Country
1 Coinbase Ventures Pantera Capital 11 United States United States
2 Andreessen Horowitz Coinbase Ventures 7 United States United States
3 Andreessen Horowitz Paradigm 6 United States United States
3 Andreessen Horowitz Animoca Brands 6 United States Hong Kong
3 Animoca Brands Dapper Labs 6 Hong Kong Canada
3 DeFiance Capital Three Arrows Capital 6 Virgin Islands (British) Singapore
3 Mechanism Capital Delphi Digital 6 United States United States

Global funding to Web3 startups in 2022 already matches 2021’s total
74
$0.8B $0.5B $0.6B $10.0B
Funding
$10.0B
125 130
175
593
Deals
535
0
100
200
300
400
500
600
700
800
900
1,000
$0.0B
$2.0B
$4.0B
$6.0B
$8.0B
$10.0B
$12.0B
2018 2019 2020 2021 2022
YTD

Web3 funding and deals fall in Q2’22 after a 6-quarter increase
75
$65M $256M $133M $369M $161M $199M $104M $85M $55M $182M $174M $204M
$1,027M $2,043M $2,656M $4,240M $6,308M
Funding
$3,694M
29
37
28 31 36 34 35
25 27 27
53
68
91
137
150
215
284
Deals
251
0
50
100
150
200
250
300
350
$0M
$1,000M
$2,000M
$3,000M
$4,000M
$5,000M
$6,000M
$7,000M
2018 2019 2020 2021 2022

US funding sinks, Europe is the only region with growth QoQ
76
$1.9B
Q1 Q3 Q1
2021 2022
US
$0.8B
Q1 Q3 Q1
2021 2022
Asia
$0.9B
Q1 Q3 Q1
2021 2022
Europe
$0.1B
Q1 Q3 Q1
2021 2022
All Other Regions

The US leads Web3 global deal share, followed by Asia
77
72%
46%
36% 35%
53%
71%
20%
48%
33%
52%
40% 37%
41% 39%
52%
40% 44% US, 41%
10%
38%
43%
48%
33%
18%
51%
40%
26%
26%
26%
37%
21%
33%
21%
31%
30%
Asia, 27%
10% 8%
11%
13% 8%
12%
17%
8%
26%
11%
21%
19%
24%
18% 15%
14%
17%
Europe, 23%
7% 8% 11%
6%
11%
15%
11% 13%
7%
14%
9% 12% 14%
2018 2019 2020 2021 2022

Average and median Web3 deal sizes already exceed 2021’s totals
78
$9M
$6M
$5M
$19M
Average Size
$20M
$2M $3M
$2M
$4M
Median Size
$5M
2018 2019 2020 2021 2022
YTD

79
85% 85% 85% 86% Early-stage, 86%
6%
Mid-stage, 6%
5% Late-stage, 3%
8% 9% 9%
5% Other, 5%
2018 2019 2020 2021 2022
YTD

Web3: Top equity deals in Q2'22
80
Round
Date
% of Total
Funding
2022-04-12
N/A
United States 10.8%
2022-04-06
N/A
Switzerland 9.5%
2022-04-06
N/A
Paradigm, Dialectic
Vietnam 4.1%
2022-04-12
$1.0B
Tamarack Global
United States 4.1%
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital,
Ethereal Ventures, Mirana Ventures
United Kingdom 4.1%
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed Venture
Partners, Sequoia Capital, Paradigm
United States 3.5%
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca Brands,
Kingsway Capital Partners, Presight Capital
Singapore 3.2%
2022-05-24
$8.0B
Israel 2.7%
2022-04-12
$382M SoftBank Group United States 1.9%
9 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea, Pantera
Capital, Jared Leto
United States 1.9%

New Web3 unicorns falls by half in Q2’22, total herd reaches 33
81
2
5
9
10
New Unicorns, 5
4
9
18
28
Total Unicorns, 33
2018 2019 2020 2021 2022

Web3 M&A exits in 2022 YTD are already close to 2021’s total
82
3
IPO, 2
43
M&A, 38
2018 2019 2020 2021 2022
YTD

Q2’22 sees second-highest quarter ever for Web3 M&A exits
83
1 1 1 IPO, 2
8
12
16
20
M&A, 18
2018 2019 2020 2021 2022

Deals in 2022 YTD already exceed 2021’s total
85
$0.1B $0.1B $0.2B
$5.3B
Funding
$4.6B
56 51
41
332
Deals
343
0
100
200
300
400
500
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2018 2019 2020 2021 2022
YTD

Funding and deals both fall in Q2’22
86
$15M $16M $65M $39M
$2M
$44M $29M $35M $18M
$97M
$24M
$11M $515M $695M $1,516M $2,592M $2,729M
Funding
$1,902M
11 14 17 14
9
13
18
11
7
11
7
16
35
60
77
160
184
Deals
159
0
20
40
60
80
100
120
140
160
180
200
$0M
$500M
$1,000M
$1,500M
$2,000M
$2,500M
$3,000M
2018 2019 2020 2021 2022

Quarterly funding falls everywhere except Europe
87
$952M
Q1 Q3 Q1
2021 2022
US
$520M
Q1 Q3 Q1
2021 2022
Asia
$357M
Q1 Q3 Q1
2021 2022
Europe
$72M
Q1 Q3 Q1
2021 2022
All Other Regions

The US continues to lead in global deal share
88
64%
43%
29%
36% 33%
77%
6%
45% 43%
64%
43%
31%
49%
40%
57%
43% 41% US, 43%
18%
43%
53%
57%
67%
15%
61%
55%
14%
18%
14% 38%
26%
33%
21%
31% 32% Asia, 28%
9%
7%
6%
8%
11%
14%
9%
14%
31%
11%
23% 12%
14% 16% Europe, 21%
9% 7%
12%
7%
22%
29%
9%
29%
14%
10% 13% 10% All Other Regions, 8%
2018 2019 2020 2021 2022

Average deal size in 2022 so far is at 79% of 2021’s level
89
$4M $4M
$6M
$19M
Average Size
$15M
$1M $2M $2M
$4M
Median Size
$4M
2018 2019 2020 2021 2022
YTD

Early-stage deal share continues to dominate in 2022 YTD
90
79%
73% 76%
89% Early-stage, 88%
Mid-stage, 3%
7%
5%
Late-stage, 3%
11%
20% 17%
5% Other, 5%
2018 2019 2020 2021 2022
YTD

NFTs, Gaming, & Metaverse: Top equity deals in Q2'22
91
Round
Date
% of Total
Funding
2022-04-06
N/A
Paradigm, Dialectic
Vietnam 7.9%
2022-04-12
$1.0B
Tamarack Global
United States 7.9%
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT
Digital, Ethereal Ventures, Mirana Ventures
United Kingdom 7.9%
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed
Venture Partners, Sequoia Capital, Paradigm
United States 6.8%
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca
Brands, Kingsway Capital Partners, Presight
Capital
Singapore 6.3%
6 Ekta $60M Private Equity
2022-06-17
N/A Global Emerging Markets Indonesia 3.2%
7 Zora $50M Series C
2022-05-05
$600M
Haun Ventures, Coinbase Ventures, Kindred
Ventures
United States 2.6%
8 N3TWORK Studios $46M Series A
2022-05-18
N/A
Griffin Gaming Partners, Kleiner Perkins Caufield
& Byers, N3twork, Floodgate, Galaxy Interactive
United States 2.4%
9 Irreverent Labs $40M Series A
2022-05-06
N/A
Andreessen Horowitz, Capitoria, Infinity Ventures
Crypto, Solana Labs
United States 2.1%
10 Jadu AR $36M Series A
2022-05-17
$184M
Bain Capital Crypto, The Venture Reality Fund,
Com2uS, LG Technology Ventures, Permit
Ventures
United States 1.9%

3 unicorn births in Q2’22 bring the total herd to 15
92
1
2
4 4
New Unicorns, 3
2
4
8
12
Total Unicorns, 15
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022

M&A exits and IPOs in 2022 so far already exceed 2021’s year-end totals
93
IPO, 2
24
M&A, 27
2018 2019 2020 2021 2022
YTD

M&A exits hit new quarterly record
94
IPO, 2
5
6
12
13 M&A, 14
2018 2019 2020 2021 2022

Funding is on track for a record year
96
State of Blockchain | Collection Spotlights | DeFi
$0.6B $0.3B $0.4B $3.5B
Funding
$3.2B
61 65
127
257
Deals
130
0
50
100
150
200
250
300
350
400
450
$0.0B
$0.5B
$1.0B
$1.5B
$2.0B
$2.5B
$3.0B
$3.5B
$4.0B
2018 2019 2020 2021 2022
YTD

DeFi funding and deals fall QoQ
97
$29M $221M $68M $329M $157M
$80M $64M $46M $25M $37M $150M $148M $425M $1,010M $451M $1,603M $2,171M
Funding
$1,071M
15
21
10
15
24
14 15
12
17
14
45
51
56
78
69
54
77
Deals
53
0
20
40
60
80
100
120
140
$0M
$500M
$1,000M
$1,500M
$2,000M
$2,500M
2018 2019 2020 2021 2022

DeFi funding drops QoQ across the US, Asia, and Europe
98
$668M
Q1 Q3 Q1
2021 2022
US
$190M
Q1 Q3 Q1
2021 2022
Asia
$189M
Q1 Q3 Q1
2021 2022
Europe
$25M
Q1 Q3 Q1
2021 2022
All Other Regions

Europe overtakes the US to lead deal share
99
73%
48% 50%
40%
63%
57%
40% 42%
24%
57%
38% 35% 34% 37%
43%
31%
39%
US, 32%
7%
33% 30%
40%
21% 29%
40%
33%
35%
36%
29%
39%
20%
33%
25%
33%
32%
Asia, 25%
13% 10%
20% 20% 13%
14%
20%
17%
35% 22%
18%
32%
17%
17%
19%
21%
Europe, 34%
7% 10% 8% 6% 7%
11% 8%
14% 13% 14% 17%
2018 2019 2020 2021 2022

Average and median deal sizes both exceed 2021’s totals in 2022 YTD
100
$13M
$7M
$4M
$15M
Average Size
$27M
$4M $3M
$2M
$4M
Median Size
$7M
2018 2019 2020 2021 2022
YTD

DeFi deals start to mature, mid-stage deal share grows 4 percentage points
101
92% 94%
89%
85%
Early-stage, 79%
7%
Mid-stage, 11%
Late-stage, 3%
5% 7% 5% Other, 7%
2018 2019 2020 2021 2022
YTD

DeFi: Top equity deals in Q2'22
102
Round
Date
% of Total
Funding
2022-04-12
N/A
United States 37.3%
2022-05-24
$8.0B
Coatue Management, Greenoaks Capital
Management, Tiger Global Management
Israel 9.3%
2022-04-12
3 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea,
Pantera Capital, Jared Leto
United States 6.5%
2022-04-05
$1.5B
Hypersphere Ventures, 10X Capital,
Alphanonce, Crypto.com Capital, DeFi
Technologies
United States 4.2%
6 Argent $40M Series B
2022-04-28
N/A
Fabric Ventures, Metaplanet, Index Ventures,
Creandum, Paradigm
United Kingdom 3.7%
6 Moralis Web3 Technology $40M Series A
2022-05-11
$215M
EQT Ventures, Coinbase Ventures, Dispersion
Capital, Fabric Ventures
Sweden 3.7%
8 Zenith Chain $35M Series A
2022-04-09
N/A GEM Digital Lithuania 3.3%
9 Euler $32M Series B
2022-06-07
N/A
Haun Ventures, FTX Ventures, Jump Crypto,
Uniswap Labs Ventures, Variant Fund
United Kingdom 3.0%
10 SingularityDAO $25M Undisclosed
2022-05-19
N/A LDA Capital United Arab Emirates 2.3%

New unicorns decrease QoQ
103
1 1
4
5
New Unicorns, 2
2
3
7
12
Total Unicorns, 14
2018 2019 2020 2021 2022

M&A exits at 41% of 2021’s total, no IPOs so far in 2022
104
3
IPO, 0
17
M&A, 7
2018 2019 2020 2021 2022
YTD

Only 2 DeFi M&A exits in Q2’22, IPOs flatten at 0
105
1 1 1
IPO, 0
3
5
4
5
M&A, 2
2018 2019 2020 2021 2022

Infrastructure &
Development
106

Funding in 2022 already overtakes 2021’s year-end total
107
$0.9B $0.9B
$0.2B
$3.8B
Funding
$4.8B
64
61
43
100
Deals
78
0
20
40
60
80
100
120
140
160
180
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2018 2019 2020 2021 2022
YTD

Funding declines 48% QoQ, but deals hit an all-time high
108
$130M
$300M $174M $278M
$67M
$149M
$366M $321M $36M
$126M
$24M $55M $351M $872M $1,081M $1,476M $3,175M
Funding
$1,655M
17 18
12
17
10
20
18
13
11 12 12
8
18
31
24
27
31
Deals
47
0
20
40
60
80
100
$0M
$500M
$1,000M
$1,500M
$2,000M
$2,500M
$3,000M
$3,500M
2018 2019 2020 2021 2022

Asia and Europe see strong quarterly growth in funding, US funding falls
109
$799M
Q1 Q3 Q1
2021 2022
US
$266M
Q1 Q3 Q1
2021 2022
Asia
$565M
Q1 Q3 Q1
2021 2022
Europe
$24M
Q1 Q3 Q1
2021 2022
All Other Regions

US deal share plummets 23 percentage points in Q2’22
110
47%
39%
25%
47%
60% 60%
28%
54%
45%
25%
42%
50%
61%
42%
33% 33%
68%
US, 45%
24%
44%
42%
35%
20%
15%
28%
31%
9%
25%
50%
25% 6%
26%
17% 19%
Asia, 21%
24%
11%
8%
18%
10% 20%
33%
15%
27%
42%
8%
13%
33% 29%
21%
44%
26%
Europe, 28%
6% 6%
25%
10%
5%
11%
18%
8%
13%
29%
2018 2019 2020 2021 2022

Average and median deal sizes exceed 2021’s levels in 2022 YTD
111
$18M $18M
$8M
$43M
Average Size
$65M
$4M $4M
$5M
$12M
Median Size
$26M
2018 2019 2020 2021 2022
YTD

Late-stage deal share ticks up 5 percentage points in 2022 YTD
112
69%
82%
72%
11%
7%
14% 23%
Mid-stage, 23%
8%
7%
Late-stage, 9%
13%
8% 7% 6% Other, 4%
2018 2019 2020 2021 2022
YTD

Infrastructure & Development: Top equity deals in Q2'22
113
Round
Date
% of Total
Funding
2022-04-06
N/A
Switzerland 21.2%
2022-05-12
N/A
United States 10.6%
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island
Ventures, Fidelity Investments, PayPal Ventures
United States 6.3%
2022-05-24
$8.0B
Israel 6.0%
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato Partners,
Seven Peaks Ventures, University Growth Fund
United States 6.0%
2022-04-12
2022-04-05
$551M
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev,
Brevan Howard, Goldcrest Capital
United States 4.2%
2022-06-01
N/A
GGV Capital, SoftBank Group, A&T Capital, INCE Capital,
SNZ Holding
United States 4.0%
2022-06-17
2022-04-05
$1.5B
Hypersphere Ventures, 10X Capital, Alphanonce,
Crypto.com Capital, DeFi Technologies
United States 2.7%

3 new unicorns in Q2’22 brings the total count to 19
114
1
4
5 5
New Unicorns, 3
2
6
11
16
Total Unicorns, 19
2018 2019 2020 2021 2022

M&A exits are on pace for a record year in 2022
115
IPO, 0
16
M&A, 11
2018 2019 2020 2021 2022
YTD

M&A exits tick down QoQ
116
IPO, 0
5
4
3
6
M&A, 5
2018 2019 2020 2021 2022

Funding is at 36% and deals are at 45% of 2021’s totals in 2022 YTD
118
State of Blockchain | Collection Spotlights | Exchanges & Wallets
$1.5B $0.5B $1.0B $6.7B
Funding
$2.4B
100
137
92
148
Deals
67
0
50
100
150
200
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
$8.0B
2018 2019 2020 2021 2022
YTD

Quarterly funding hits a 6-quarter low
119
$213M $168M $516M $620M $129M
$52M $206M $153M $367M $72M $176M $374M $1,331M $1,476M $2,223M $1,646M $1,665M
Funding
$722M
25
20 21
34
26 27
57
27
17
22
25
28
37
41
38
32
42
Deals
25
0
10
20
30
40
50
60
70
80
90
100
$0M
$500M
$1,000M
$1,500M
$2,000M
$2,500M
2018 2019 2020 2021 2022

US funding plummets, Asia is the only region to see QoQ growth
120
$98M
Q1 Q3 Q1
2021 2022
US
$302M
Q1 Q3 Q1
2021 2022
Asia
$139M
Q1 Q3 Q1
2021 2022
Europe
$184M
Q1 Q3 Q1
2021 2022
All Other Regions

Europe leads global deal share
121
36%
40% 43% 44%
15% 15% 18%
11%
18%
27%
32% 32%
19%
37%
42%
22%
43%
US, 24%
48%
50%
33%
26%
50%
44%
65%
52%
29%
36%
16%
29%
22%
27%
26%
38%
19%
Asia, 24%
5%
14%
18%
23%
26%
11%
15%
29%
23%
32%
21%
30%
27%
13%
16%
24%
Europe, 36%
12%
5%
10% 12% 12% 15%
7%
22% 24%
14%
20% 18%
30%
10%
18%
25%
2018 2019 2020 2021 2022

Median deal size exceeds 2021’s totals in 2022 YTD
122
$23M
$8M
$15M
$52M
Average Size
$41M
$4M $3M $4M
$9M
Median Size
$15M
2018 2019 2020 2021 2022
YTD

Mid-stage deal share increases 9 percentage points in 2022 YTD
123
73%
78%
73%
67%
Early-stage, 61%
7%
7% 14%
18% Mid-stage, 27%
13%
7%
7% 11% Late-stage, 9%
7% 8% 7%
Other, 3%
2018 2019 2020 2021 2022
YTD

Exchanges & Wallets: Top equity deals in Q2'22
124
Round
Date
Round Valuation Select Investors Country % of Total Funding
2022-05-10
$10.0B
Ventures
Seychelles 20.8%
2022-04-19
$2.2B
India 18.7%
2022-06-07
N/A
Lightspeed Venture Partners, Intudo Ventures, Pantera
Capital, Northstar Group
Indonesia 15.6%
4 0x $70M Series B
2022-04-26
$1.1B
Capital, Jared Leto
United States 9.7%
5 Coinhouse $43M Series B
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital,
RAISE Ventures, True Global Ventures
France 5.9%
2022-04-28
N/A
Fabric Ventures, Metaplanet, Index Ventures, Creandum,
Paradigm
United Kingdom 5.5%
7 Coins.ph $30M Series C
2022-05-19
N/A Ribbit Capital Philippines 4.2%
8 Streami $24M Series B
2022-05-20
N/A
Digital Currency Group, KB Investment, Strong Ventures,
Z Venture Capital
South Korea 3.3%
9 Mara $23M Seed VC
2022-05-11
N/A
Alameda Research, Coinbase Ventures, Day One
Ventures, Distributed Global, Huobi Ventures
Kenya 3.2%
10 Fasset $22M Series A
2022-04-15
N/A
Fatima Gobi Ventures, Liberty City Ventures, MyAsiaVC,
Soma Capital
United Kingdom 3.0%

Unicorn herd count inches up to reach 21 in Q2’22
125
4
5
4
2
New Unicorns, 2
10
14
18
19
Total Unicorns, 21
2018 2019 2020 2021 2022

M&A exits near 2021’s total in 2022 YTD
126
3
IPO, 0
26
M&A, 23
1 SPAC, 0
2018 2019 2020 2021 2022
YTD

M&A exits fall 36% QoQ, IPOs and SPACs flatten at 0
127
1
2
IPO, 0
7
6 6
14
M&A, 9
1 SPAC, 0
2018 2019 2020 2021 2022

Institutional Crypto &
Custody
128

At 70% of 2021’s total, deals are on pace for a record year
129
State of Blockchain | Collection Spotlights | Institutional Crypto & Custody
$0.6B
$0.2B
$0.8B $5.3B
Funding
$2.1B
41 41
38
67
Deals
47
0
20
40
60
80
100
120
140
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2018 2019 2020 2021 2022
YTD

Funding is down 31% QoQ, but deals set a new record
130
$115M
$38M
$211M $218M
$44M $47M
$76M
$12M $370M $38M $126M $281M $1,380M $1,341M $708M $1,897M $1,241M
Funding
$854M
10 9 8
14 13
8
10 10
12
5
10 11
21 20
13 13
19
Deals
28
0
10
20
30
40
50
60
70
$0M
$200M
$400M
$600M
$800M
$1,000M
$1,200M
$1,400M
$1,600M
$1,800M
$2,000M
2018 2019 2020 2021 2022

Funding down in the US, Asia, and Europe, but all other regions see growth
131
$508M
Q1 Q3 Q1
2021 2022
US
$91M
Q1 Q3 Q1
2021 2022
Asia
$221M
Q1 Q3 Q1
2021 2022
Europe
$34M
Q1 Q3 Q1
2021 2022
All Other Regions

Europe overtakes the US to lead global deal share in Q2’22
132
70%
33%
63%
50%
54%
63%
40%
50%
42%
60%
20%
91%
48%
35%
46%
62%
42%
US, 36%
22%
13%
7%
31%
25%
50%
20%
25%
20%
19%
25%
31%
31%
21%
Asia, 18%
30%
33%
25%
43%
15% 13% 10%
20%
33%
40%
60%
9%
29%
35%
8%
8%
37%
Europe, 39%
11% 10%
5% 5%
15%
2018 2019 2020 2021 2022

Average and median deal sizes are both over half of 2021’s totals
133
$22M
$7M
$37M
$92M
Average Size
$51M
$8M
$4M
$19M
$31M
Median Size
$17M
2018 2019 2020 2021 2022
YTD

Early-stage deal share continues its downward trend in 2022 YTD
134
78% 80%
63%
51%
Early-stage, 47%
12%
21%
27%
Mid-stage, 28%
7%
7%
13%
16%
Late-stage, 13%
10%
6%
Other, 13%
2018 2019 2020 2021 2022
YTD

Institutional Crypto & Custody: Top equity deals in Q2'22
135
Round
Date
% of Total
Funding
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams Street
Partners, Thoma Bravo
United States 17.6%
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island Ventures,
Fidelity Investments, PayPal Ventures
United States 12.3%
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato Partners, Seven
Peaks Ventures, University Growth Fund
United States 11.7%
2022-05-25
$2.0B
10T Fund, BAI Capital, Dragonfly Capital, Jeneration Capital, Circle
Ventures
Hong Kong 9.4%
2022-05-16
$500M
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera
Investments, CommerzVentures
United Kingdom 8.2%
2022-06-28
N/A
Underscore.VC
France 6.2%
6 Polysign $53M Series C
2022-04-13
N/A Cowen, Brevan Howard, GSR Ventures, Soros Fund Management United States 6.2%
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital, RAISE
Ventures, True Global Ventures
France 5.0%
9 Amberdata $30M Series B
2022-05-04
$330M
Knollwood Investment Advisory, Aspenwood Ventures, Citigroup,
Franklin Templeton, Rovida Kruptos Assets
United States 3.5%
10 MeetAmi Innovations $29M Seed
2022-04-07
N/A Private International Consulting Canada 3.4%

2 unicorn births in Q2’22 bring the total herd to 14
136
4
2
3
1 New Unicorns, 2
6
8
11
12
Total Unicorns, 14
Q1 Q2 Q3 Q4 Q1 Q2
2021 2022

M&A exits are on pace for a record year, no IPOs or SPACs in 2022 so far
137
1
IPO, 0
10
M&A, 6
2
SPAC, 0
2018 2019 2020 2021 2022
YTD

M&A exits fall by half in Q2’22
138
1
IPO, 0
2
1
4 4
M&A, 2
1
SPAC, 0
2018 2019 2020 2021 2022

US blockchain funding and deals are on pace to surpass 2021’s totals
141
$2.2B $1.5B $1.6B $14.0B
Funding
$9.3B
321
274
229
546
Deals
389
0
100
200
300
400
500
600
700
800
900
$0.0B
$2.0B
$4.0B
$6.0B
$8.0B
$10.0B
$12.0B
$14.0B
$16.0B
2018 2019 2020 2021 2022
YTD

US funding falls 42%, deals decrease 16% QoQ
142
$0.4B
$0.5B $0.5B $0.8B
$0.3B $0.4B
$0.2B
$0.6B $0.5B
$0.2B $0.3B
$0.6B $1.8B $3.1B $3.2B $5.9B $5.9B
Funding
$3.4B
86 92
65
78
88
66 65
55 56
48
59
66
98
124
160
164
211
Deals
178
0
50
100
150
200
250
300
350
400
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
$7.0B
2018 2019 2020 2021 2022

Early-stage deal share continues to lead in 2022 YTD
143
75% 75%
71%
5%
9%
9% Mid-stage, 11%
6% 5% 5%
5% Late-stage, 4%
15% 15% 15%
9% Other, 10%
2018 2019 2020 2021 2022
YTD

US: Top equity deals in Q2'22
144
Round
Date
% of Total
Funding
2022-04-12
N/A
Fidelity Investments, Marshall Wace Asset Management,
BlackRock, Fin Capital
United States 11.9%
2022-05-12
N/A
United States 5.2%
2022-05-11
$8.6B GIC United States 5.0%
2022-04-12
$1.0B
Silver Lake, New Enterprise Associates, Bond, Tamarack
Global
United States 4.4%
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams
Street Partners, Thoma Bravo
United States 4.4%
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed Venture
Partners, Sequoia Capital, Paradigm
United States 3.9%
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island
Ventures, Fidelity Investments, PayPal Ventures
United States 3.1%
2022-06-22
N/A
Commerce Ventures, Kraken Ventures, Mercato
Partners, Seven Peaks Ventures, University Growth Fund
United States 3.0%
9 0x $70M Series B
2022-04-26
$1.1B
Capital, Jared Leto
United States 2.1%
2022-04-05
$551M
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev,
Brevan Howard, Goldcrest Capital
United States 2.1%
2022-04-12

At 62% of 2021’s total, M&A exits are on pace for a record year
145
6
IPO, 3
58
M&A, 36
1
SPAC, 0
2018 2019 2020 2021 2022
YTD

US M&A exits fall 36% from last quarter’s record high
146
3
2
1 IPO, 2
8
17
18
22
M&A, 14
1
SPAC, 0
2018 2019 2020 2021 2022

US: Top investors by company count in Q2'22
147
9 Paradigm 8 VC United States
9 Soma Capital 8 VC United States

Silicon Valley becomes the #1 US location for funding despite a QoQ fall
149
State of Blockchain | Geographic Trends | Silicon Valley
$63M
$148M
$48M
$412M
$85M $85M
$99M $371M
$79M $53M $73M $64M
$274M $740M $924M $1,783M $1,638M
Funding
$937M
24
30
12
29 29
15
20 19 18
12
16
18
29 28
40 40
64
Deals
36
0
10
20
30
40
50
60
70
80
90
100
$0M
$200M
$400M
$600M
$800M
$1,000M
$1,200M
$1,400M
$1,600M
$1,800M
$2,000M
2018 2019 2020 2021 2022

Early-stage deal share ticks down 2 percentage points in 2022 YTD
150
82% 83%
73% 77% Early-stage, 75%
5%
10%
11%
17%
Mid-stage, 14%
5%
6%
Late-stage, 3%
7% 7% 9% Other, 8%
2018 2019 2020 2021 2022
YTD

Silicon Valley: Top equity deals in Q2'22
151
Round
Date
Round Valuation Select Investors % of Total Funding
2022-06-22
$8.0B
B Capital Group, GIC, Tiger Global Management, Adams Street
Partners, Thoma Bravo
16.0%
2022-06-21
$1.6B
Electric Capital, Greylock Partners, Lightspeed Venture Partners,
Sequoia Capital, Paradigm
13.9%
2022-04-05
$551M
Baillie Gifford & Co., Valor Equity Partners, Vlad Tenev, Brevan
Howard, Goldcrest Capital
7.5%
3 0x $70M Series B
2022-04-26
$1.1B
Greylock Partners, Jump Capital, OpenSea, Pantera Capital, Jared
Leto
7.5%
2022-06-01
N/A
GGV Capital, SoftBank Group, A&T Capital, INCE Capital, SNZ
Holding
7.0%

Funding falls 69%, deals retain their quarterly record
153
State of Blockchain | Geographic Trends | New York
$88M $109M
$386M $30M
$108M $86M $41M $78M $56M $59M
$131M
$445M $1,198M $923M $1,282M $2,777M $2,147M
Funding
$678M
20
27
19
12
21
16
11 11 10
13
16
21
24
33
29
34
41
Deals
41
0
10
20
30
40
50
60
70
80
$0M
$500M
$1,000M
$1,500M
$2,000M
$2,500M
$3,000M
2018 2019 2020 2021 2022

Early-stage deal share inches up 2 percentage points in 2022 YTD
154
73% 75%
6%
7%
18%
12%
Mid-stage, 12%
6%
7%
10%
12%
Late-stage, 11%
14% 12%
8%
16% Other, 13%
2018 2019 2020 2021 2022
YTD

New York: Top equity deals in Q2'22
155
Round
Date
2022-05-11
$8.6B GIC 25.1%
2022-05-10
$1.3B
General Atlantic, Andreessen Horowitz, Castle Island Ventures,
Fidelity Investments, PayPal Ventures
15.5%
3 CertiK $60M Series B
2022-04-22
N/A SoftBank Group, Tiger Global Management 8.9%
4 Solidus Labs $45M Series B
2022-05-12
N/A
Liberty City Ventures, Avon Ventures, Evolution Equity Partners,
Declaration Partners, Hanaco Ventures
6.6%
5 BlockApps $41M Series A
2022-04-19
N/A
Liberty City Ventures, Bloccelerate, ConsenSys Mesh, Fitz Gate
Ventures, Arab Angel Fund
6.1%

Funding decreases 19%, deals tick up QoQ
157
State of Blockchain | Geographic Trends | Los Angeles
$18M $14M
$43M $31M $1M $157M
$16M $22M
$10M $14M
$4M $3M
$17M
$308M $261M $228M $607M
Funding
$492M
5
6
7 7
4
8
6
4 4 4
2
1
8
13
21
18 18
Deals
20
0
5
10
15
20
25
30
$0M
$100M
$200M
$300M
$400M
$500M
$600M
$700M
2018 2019 2020 2021 2022

158
88%
73%
64%
10%
Mid-stage, 11%
9%
Late-stage, 0%
12%
18%
36%
Other, 5%
2018 2019 2020 2021 2022
YTD

Los Angeles: Top equity deals in Q2'22
159
Round
Date
2022-05-12
N/A
Andreessen Horowitz, Paradigm, Coatue Management, Felix Capital,
Matrix Partners
35.6%
2022-04-12
$1.0B Silver Lake, New Enterprise Associates, Bond, Tamarack Global 30.5%
3 Jadu AR $36M Series A
2022-05-17
$184M
Bain Capital Crypto, The Venture Reality Fund, Com2uS, LG
Technology Ventures, Permit Ventures
7.3%
4 Calaxy $26M Series A
2022-06-07
N/A Animoca Brands, HBAR Foundation, Polygon 5.3%
5 TipTop $23M Series A
2022-05-12
N/A
Andreessen Horowitz, Andy McLoughlin, Cyan Banister, Dan Romero,
Gokul Rajaram
4.7%

Funding in 2022 so far almost matches 2021’s year-end total
161
State of Blockchain | Geographic Trends | Asia Trends
$1.6B $1.0B $0.7B $2.9B
Funding
$2.8B
380 383
231
339
Deals
254
0
100
200
300
400
500
600
$0.0B
$0.5B
$1.0B
$1.5B
$2.0B
$2.5B
$3.0B
$3.5B
2018 2019 2020 2021 2022
YTD

Funding flattens, deals fall 20% QoQ
162
$0.1B $0.5B $0.7B $0.3B $0.2B $0.1B $0.5B $0.1B $0.1B $0.2B $0.2B $0.2B $0.4B $0.7B $0.5B $1.3B $1.4B
Funding
$1.4B
59
124
112
85 83
79
138
83
59
47
61 64
57
97
71
114
141
Deals
113
0
50
100
150
200
$0.0B
$0.2B
$0.4B
$0.6B
$0.8B
$1.0B
$1.2B
$1.4B
$1.6B
2018 2019 2020 2021 2022

Early-stage deals continues to dominate in 2022 YTD
163
81% 82% 79% 80% Early-stage, 83%
10% Mid-stage, 8%
8% 5% 8%
6%
Late-stage, 5%
8% 11% 9% Other, 3%
2018 2019 2020 2021 2022
YTD

Asia: Top equity deals in Q2'22
164
Round
Date
% of Total
Funding
2022-04-06
N/A
Paradigm, Dialectic
Vietnam 11.0%
2022-04-19
$2.2B
India 9.9%
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca Brands,
Kingsway Capital Partners, Presight Capital
Singapore 8.8%
2022-06-07
N/A
Lightspeed Venture Partners, Intudo Ventures, Pantera
Capital, Northstar Group
Indonesia 8.3%
2022-05-24
$8.0B
Israel 7.3%
2022-05-25
$2.0B
10T Fund, BAI Capital, Dragonfly Capital, Jeneration
Capital, Circle Ventures
Hong Kong 5.8%
2022-06-17
2022-05-24
N/A
Hamilton Lane Advisors, Krungsri Finnovate, Stock
Exchange of Thailand, UOB
Singapore 4.2%
2022-06-02
N/A SIG Asia Investments Singapore 2.9%
2022-04-07
N/A
METABORA
Singapore 2.5%

M&A exits already match 2021’s total
165
IPO, 0
30
M&A, 30
SPAC, 0
2018 2019 2020 2021 2022
YTD

M&A exits reach an all-time high in Q2’22, SPACs and IPOs remain at 0
166
IPO, 0
14
5
8
12
M&A, 18
SPAC, 0
2018 2019 2020 2021 2022

Asia: Top investors by company count in Q2'22
167
3 IOSG 7 VC Hong Kong
3 Spartan Group 7 Asset/Investment Management Singapore
3 WeMade Entertainment 7 Corp South Korea
6 Infinity Ventures Crypto 6 VC Japan
6 Polygon 6 Corp India
8 Cypher Capital 5 VC United Arab Emirates

Singapore leads funding in Asia with a record quarter
169
State of Blockchain | Geographic Trends | Singapore
$34M
$22M
$92M $64M $69M $34M
$23M
$14M
$23M $3M
$21M
$68M $108M $211M $169M $253M $261M
Funding
$363M
12 12
17
10 11 11
28
16 15
5
7
18 17
27
21
31
43
Deals
35
0
10
20
30
40
50
60
$0M
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
2018 2019 2020 2021 2022

Early-stage deal share jumps 12 percentage points in 2022 YTD
170
71%
88%
80%
84%
Early-stage, 96%
9% Mid-stage, 3%
22%
5%
7%
Late-stage, 1%
6% 8% 9%
Other, 0%
2018 2019 2020 2021 2022
YTD

Singapore: Top equity deals in Q2'22
171
Round
Date
2022-04-21
N/A
Dream Capital, Alpha Wave Global, Animoca Brands, Kingsway
Capital Partners, Presight Capital
33.1%
2022-05-24
N/A
Hamilton Lane Advisors, Krungsri Finnovate, Stock Exchange of
Thailand, UOB
16.0%
2022-06-02
N/A SIG Asia Investments 11.0%
2022-04-07
N/A
METABORA
9.4%
5 NodeReal $16M Series A
2022-05-18
N/A Sky9 Capital 4.4%

Funding skyrockets, deals tick down QoQ
173
State of Blockchain | Geographic Trends | India
$0.3M
$1.6M $5.6M $5.4M $3.0M
$2.5M
$3.9M
$19.3M $19.1M
$51.8M $104.5M $313.1M $23.4M
Funding
$180.8M
1
2
6
1
2 2
1
3
6
3
12
7
18
17
Deals
16
0
5
10
15
20
25
$0.0M
$50.0M
$100.0M
$150.0M
$200.0M
$250.0M
$300.0M
$350.0M
2018 2019 2020 2021 2022

174
100%
89% 92% 90%
Early-stage, 97%
8% 10%
Mid-stage, 0%
11% Late-stage, 3%
2018 2019 2020 2021 2022
YTD

India: Top equity deals in Q2'22
175
Round
Date
Round Valuation Select Investors
% of Total
Funding
2022-04-19
$2.2B
Pantera Capital, Steadview Capital, B Capital
Group, Coinbase Ventures, Polychain Capital
74.7%
2 Ethereum Push Notification Service $10M Series A
2022-04-14
$131M
Jump Crypto, Harmony, ParaFi Capital, Sino
Global Capital, Tiger Global Management
5.6%
3 Nakad $7M Seed VC
2022-05-24
N/A Accel, Matrix Partners India 3.9%
4 MoHash $6M Seed VC
2022-06-30
N/A
Quona Capital, Sequoia Capital India, CoinSwitch
Kuber, Coinbase Ventures, Jump Crypto
3.3%
4 FanTiger $6M Seed VC
2022-05-25
N/A
IOSG, Krafton Game Union, Pravega Ventures,
Woodstock Fund, GAMA
3.0%

Funding and deals are on pace for a record year
177
$0.8B $0.5B $0.6B $3.5B
Funding
$2.4B
149
172
164
273
Deals
196
0
50
100
150
200
250
300
350
400
450
$0.0B
$0.5B
$1.0B
$1.5B
$2.0B
$2.5B
$3.0B
$3.5B
$4.0B
2018 2019 2020 2021 2022
YTD

Funding and deals soar to record highs in Q2’22
178
$0.2B $0.1B $0.3B $0.3B $0.1B $0.1B $0.2B
$0.1B
$0.1B $0.1B $0.2B $0.2B $0.9B $0.8B $1.2B $0.6B $1.0B
Funding
$1.4B
38 37
33
41 43
53
44
32
44
33
41
46
68
71
56
78
90
Deals
106
0
20
40
60
80
100
120
140
160
180
$0.0B
$0.2B
$0.4B
$0.6B
$0.8B
$1.0B
$1.2B
$1.4B
$1.6B
2018 2019 2020 2021 2022

179
74%
78% 80%
5%
Mid-stage, 8%
15%
11% 7%
Late-stage, 6%
9%
6% 9%
5%
Other, 2%
2018 2019 2020 2021 2022
YTD

Europe: Top equity deals in Q2'22
180
Round
Date
% of Total
Funding
2022-04-06
N/A
Tiger Global Management, Dragonfly Capital, FTX Ventures,
Republic Capital, Hashed
Switzerland 25.4%
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital, Ethereal
Ventures, Mirana Ventures
United Kingdom 10.9%
2022-05-16
$500M
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera
Investments, CommerzVentures
United Kingdom 5.1%
2022-06-28
N/A
Eight Roads Ventures, Alven Capital, Anthemis, Point Nine
Capital, Underscore.VC
France 3.8%
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital, RAISE
Ventures, True Global Ventures
France 3.1%
6 Upvest $42M Series B
2022-06-16
N/A
Bessemer Venture Partners, ABN AMRO Ventures, Earlybird
Venture Capital, Maximilian Tayenthal, Notion Capital
Germany 3.0%
7 Moralis Web3 Technology $40M Series A
2022-05-11
$215M
EQT Ventures, Coinbase Ventures, Dispersion Capital, Fabric
Ventures
Sweden 2.9%
2022-04-28
N/A
Fabric Ventures, Metaplanet, Index Ventures, Creandum,
Paradigm
United Kingdom 2.9%
9 Zenith Chain $35M Series A
2022-04-09
N/A GEM Digital Lithuania 2.5%
2022-06-07
N/A
Haun Ventures, FTX Ventures, Jump Crypto, Uniswap Labs
Ventures, Variant Fund
United Kingdom 2.3%

M&A exits are less than half of 2021’s total in 2022 YTD
181
6
IPO, 2
46
M&A, 18
1
SPAC, 0
2018 2019 2020 2021 2022
YTD

M&A exits and IPOs fall QoQ, no SPACs for the fifth straight quarter
182
1
4
2
IPO, 0
13
11 11 11
M&A, 7
SPAC, 0
2018 2019 2020 2021 2022

Europe: Top investors by company count in Q2'22
183
1 Kingsway Capital Partners 5 Asset/Investment Management United Kingdom
2 A&T Capital 4 VC Germany
2 BITKRAFT Esports Ventures 4 VC Germany
2 Brevan Howard 4 Asset/Investment Management United Kingdom
2 Kima Ventures 4 Angel France
2 Wintermute Trading 4 Corp United Kingdom

Funding down 11%, deals down 23% QoQ
185
State of Blockchain | Geographic Trends | United Kingdom
$21M $32M
$11M
$51M $27M $79M $48M
$12M
$67M
$17M
$62M $65M $569M $188M $120M $139M $420M
Funding
$375M
25
15
5
14
10
12
10 10
17
9
16
15
31
23
21
19
26
Deals
20
0
5
10
15
20
25
30
35
40
45
50
$0M
$100M
$200M
$300M
$400M
$500M
$600M
2018 2019 2020 2021 2022

186
76% 74%
10%
6%
Mid-stage, 7%
14%
14% 7%
Late-stage, 9%
10% 7%
Other, 2%
2018 2019 2020 2021 2022
YTD

United Kingdom: Top equity deals in Q2'22
187
Round
Date
Round Valuation Select Investors
% of Total
Funding
2022-04-07
$1.0B
Andreessen Horowitz, SoftBank Group, CMT Digital, Ethereal Ventures,
Mirana Ventures
40.0%
2022-05-16
$500M
Dawn Capital, Goldman Sachs, BlockFi Ventures, Chimera Investments,
CommerzVentures
18.7%
2022-04-28
N/A Fabric Ventures, Metaplanet, Index Ventures, Creandum, Paradigm 10.7%
2022-06-07
N/A
Haun Ventures, FTX Ventures, Jump Crypto, Uniswap Labs Ventures,
Variant Fund
8.5%
5 Circulor $25M Series B
2022-06-28
N/A Westly Group, Volvo Cars Tech Fund, BHP Billiton, Jaguar Land Rover 6.7%

Funding more than triples QoQ, deals hit an all-time high
189
State of Blockchain | Geographic Trends | France
$75M $7M $5M $4M $12M $6M
$8M
$8M $8M $7M $4M $64M $409M $689M
$25M
$71M
Funding
$219M
2
1
3 3 3
7
2
1
4
5
3
2
5 5
4
7
11
Deals
18
0
5
10
15
20
25
$0M
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
2018 2019 2020 2021 2022

190
67%
62%
11%
7% 10%
Mid-stage, 10%
11%
8%
5% Late-stage, 7%
11%
31%
7%
Other, 0%
2018 2019 2020 2021 2022
YTD

France: Top equity deals in Q2'22
191
Round
Date
2022-06-28
N/A
Underscore.VC
24.2%
2022-06-07
N/A
ConsenSys, Corporate Finance Partners, Expon Capital, RAISE Ventures,
True Global Ventures
19.6%
3 Flowdesk $30M Series A
2022-06-24
N/A Aglae Ventures, Coinbase, Eurazeo, Fabric Ventures, ISAI 13.7%
4 Arianee $21M Series A
2022-05-09
N/A Tiger Global Management, Bpifrance, Cygni, ISAI, NOIA Capital 9.6%
5 Dfns $14M Seed VC
2022-04-13
N/A
ABN AMRO Ventures, Coinbase Ventures, Semantic Ventures,
Susquehanna International Group, White Star Capital
6.2%

Report Methodology
The State of Blockchain covers private-market dealmaking,
funding, and exits by companies and organizations leveraging
blockchain technology. Categories include crypto, NFTs, DeFi,
and enterprise blockchain. Public and private token sales are
excluded.
You can download the underlying data found in this report here:
https://www.cbinsights.com/reports/CB-Insights_Blockchain-
Report-Q2-2022.xlsx.
If you have questions about the definitions or methodological
principles used, or if you feel that your firm has been
underrepresented, please reach out to info@cbinsights.com.
What is included:
Equity financings into private companies only. Funding rounds
raised by public companies of any kind on any exchange
(including Pink Sheets) are excluded from our numbers, even if
they received investment from a venture firm.
Only includes the investment made in the quarter for tranched
investments. If a company does a second closing of its Series B
round for $5M and previously had closed $2M in a prior quarter,
only the $5M is reflected.
Round numbers reflect what has closed, not what is intended. If
a company indicates the closing of $5M out of a desired raise of
$15M, our numbers reflect only the amount which has closed.
Only verifiable fundings are included. Fundings are verified via
(1) various federal and state regulatory filings; (2) direct
confirmation with firm or investor; (3) press release; or (4)
credible media sources.
Equity fundings to joint ventures and spinoffs/spinouts are
included.
Unicorn data includes private companies valued at $1B or more
in the private markets globally, per the same 4 sources listed
above and relied on for funding events, which include valuations
disclosed in credible media sources. The list is maintained
publicly and updated in real time at
https://www.cbinsights.com/research-unicorn-companies.
Geography notes: Israel funding figures are classified in Asia;
Caribbean region figures included in Latin America, or “LatAm”;
funding to Australia and Africa is included in global figures but
not spotlighted in this report.
Rounds to private companies that may be majority- or minority-
owned subsidiaries of other private companies.
Valuation data includes estimates to calibrate median and
average valuations based on current and previous quarter
disclosed valuations gathered from the aforementioned four
sources. The estimating method will control for the over-
sampling of large rounds that are reported quickly versus a
comparative lag in valuations obtained from other sources.
Valuation data reflects post-money valuations.
Exits include IPO, SPACs, M&A and other liquidity events; only
first exits are counted.
Headquarters are determined by publicly available sources
including company-owned websites and profiles, legal filings,
and press releases.
All figures in the report are in USD.
US financing trends follow the combined statistical area (CSA)
methodology. Silicon Valley refers to the San Jose-San
Francisco-Oakland CSA.
What is excluded:
No contingent funding. If a company receives a commitment for
$20M subject to hitting certain milestones but first gets $8M,
only the $8M is included in our data.
No business development/R&D arrangements, whether
transferable into equity now, later, or never. If a company signs a
$300M R&D partnership with a larger corporation, this is not
equity financing nor is it from venture capital firms. As a result, it
is not included.
No buyouts, consolidations, or recapitalizations. All three of
these transaction types are commonly employed by private
equity firms and are tracked by CB Insights. However, they are
excluded for the purposes of this report.
No private placements. These investments, also known as PIPEs
(Private Investment in Public Equities), are not included even if
made by a venture capital firm.
No debt/loans of any kind (except convertible notes). Venture
debt or any kind of debt/loan issued to emerging, startup
companies, even if included as an additional part of an equity
financing, is not included. If a company receives $3M with $2M
from venture investors and $1M in debt, only the $2M is included
in these statistics.
No non-equity government funding. Grants or loans by the
federal government, state agencies, or public-private
partnerships to emerging, startup companies are not included.
No fundings to subsidiaries of a larger parent corporation unless
that subsidiary is a private entity and meets other criteria for
inclusion.
Accelerators, incubators, business-plan competitions, economic-
development entities are excluded from rankings of most active
investors, even if making equity financings.
Rankings for top investors are calculated according to “company
count,” or the number of unique companies an investor funds in
a quarter, and so excludes follow-on deals.
192
State of Blockchain

State of Blockchain Global Q2 2022

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