Table of contents
The top web3 companies in 2024
1. Crypto.com
2. Binance
3. OpenSea
4. Chainanalysis
5. Ripple
6. Consensys
7. Gemini
8. Polygon
9. Braintrust
10. Coinbase
Honourable mentions
1. Alchemy
2. Yuga Labs
3. Candy Digital
4. Roblox
What challenges do web3 companies face in 2024?
Final thoughts
The growth of web3 has been nothing short of meteoric. Since its inception, countless projects and new web3 companies have flocked to the ecosystem, with each striving to fulfill the potential of blockchain. In this article, we’ll explore the top 10 web3 companies moving forward to 2024, highlight key trends and also the fastest growing web3 companies.
The top 10 web3 companies in 2024
Web3 companies have gained momentum in the last decade with many pioneering companies leading the forefront of web3 and blockchain innovation. They represent a diverse range of applications, from DeFi and NFTs to infrastructure and governance. Here’s the list of the most promising web3 companies that will shape the future of decentralization in 2024.
1. Crypto.com
Crypto.com is a prominent cryptocurrency platform exchange that provides a wide range of services. The Crypto.com app allows users to buy over 100 popular cryptocurrencies at the current market price or trade over 250+ tokens using 20+ fiat currencies. The exchange feature allows users to seamlessly buy, sell, store, send, and keep track of various currencies, digital assets, and NFTs, ensuring a comprehensive and all-in-one solution for their cryptocurrency needs.
The platform gives its users the possibility to issue their own Crypto.com Visa card. The Crypto.com card offers up to 5% cashback but also empowers users to make crypto payments at regular stores, bridging the gap between traditional and digital currencies.
Crypto.com has established partnerships with major sports leagues and teams, including the NBA, NHL, and UFC, amplifying the integration of cryptocurrencies into the world of sports. The platform has also collaborated with Shopify, a leading e-commerce giant, to encourage the acceptance of digital currency payments on various e-commerce platforms.
Country of origin: Hong Kong
Industry: DeFi
Services provided: Cryptocurrency exchange, wallet, and payment services
Clients and partners: Visa, Mastercard, Amazon Pay, PayPal
Date of foundation: 2016
Token: CRO (Crypto.com Coin)
No. of employees: 4,900
No. of users. 80 millions
Customer base: B2C
2. Binance
Binance is the world’s largest cryptocurrency exchange by trading volume. One of its main offerings is the cryptocurrency exchange, where users can trade various cryptocurrencies like Bitcoin, Ethereum, and altcoins. The platform allows its users to buy and sell over 100 currencies using 50+ fiat currencies.
The platform offers a wide range of products and services besides the exchange. You can effortlessly convert tokens, do bank transfers, calculate margins, pool tokens, and add liquidity to your investments. One of its differentiating features is the NFT marketplace that allows users to mint, purchase, bid, collect, trade and showcase digital
Binance has raised over $3 billion in four rounds, and has ventured into the realm of decentralized finance (DeFi) by launching Binance Smart Chain (BSC), a blockchain network that facilitates the creation of decentralized applications (DApps) and smart contracts.
Country of origin: China
Industry: DeFi
Services provided: Cryptocurrency exchange and blockchain infrastructure provider
Clients and partners: Microsoft, PayPal, AT&T, Inswitch, CoinGate
Date of foundation: 2017
Token: BNB (Binace Coin)
No. of employees: 9,400
No. of users. 128 millions
Customer base: B2C
3. OpenSea
OpenSea stands as one of the largest platforms globally, catering to every metaverse enthusiast. It’s the leading platform for traders and collectors of popular NFT collections like Bored Ape Yacht Club, CryptoPunks, Azuki and DeGods. OpenSea supports a variety of NFT types, ranging from PFP NFTs to 1-of-1 artworks, music, photography and more. The platform works like a global stage where creators, artists, gamers, musicians, and collectors showcase and monetize their digital creations.
The company has been valued at $13.3 billion after its last round of funding. They played a pivotal role in driving the NFT revolution, making it accessible to both creators and collectors. Last year, the hype around NFTs has significantly decreased but OpenSea is still a top player in the NFT’s sector.
Country of origin: USA
Industry: NFTs
Services provided: NFT marketplace
Clients and partners: MetaMask, Coinbase Wallet, Trust Wallet
Date of foundation: 2017
No. of employees: 870
No. of users. 2.45 millions
Customer base: B2C
4. Chainanalysis
Chainalysis is a leading web3 analysis company, specializing in compliance and investigation software for monitoring NFT tokens and web3 protocols within the metaverse ecosystem. The company provides services both to government agencies, decentralized exchanges, financial institutions, and insurance firms on a global scale. Chainanalysis is highly-regarded for its research and valuable insights into the world of cryptocurrencies. Their notable contributions include assisting the U.S. Department of Justice in recovering tokens worth over $1 billion from illicit activities, showcasing their pivotal role in combating digital fraud.
Chainanalysis offers a SaaS product called Reactor, specially designed to aid with crypto fraud investigations by linking cryptocurrency transactions to real-world entities. The service is particularly effective at tracking flash loans and NFT theft. The last funding round raised $170 million, valuing the company at $8.6 billion and making it one of the most valuable web3 companies in the world.
Country of origin: USA
Industry: Blockchain Analytics
Services provided: Blockchain data platform, AML solutions
Clients and partners: Coinbase, Binance, Circle, Tether
Date of foundation: 2014
No. of employees: 900
No. of clients. 1,000
Customer base: B2B
5. Ripple
Ripple is revolutionizing the global financial landscape by focusing on cross-border payments and financial services. By bridging the gap between digital and fiat money, Ripple has emerged as a leading player in the world of web3 companies.
Built on a distributed open-source mechanism, Ripple’s innovative platform enables seamless trading of currencies, leveraging blockchain technology and its native cryptocurrency, XRP. This combination facilitates faster and more cost-effective international transactions, transforming the way money is transferred globally.
With a total funding of $293.8 million raised over 14 rounds, Ripple has garnered significant attention and has been valued at an impressive $15 billion, according to some estimates. Its mission to revolutionize the financial industry through blockchain technology and digital assets like XRP has firmly established Ripple as a key player in the blockchain and cryptocurrency space.
Country of origin: USA
Industry: DeFi
Services provided: Enterprise blockchain solutions for cross-border payments
Clients and partners: Santander, MoneyGram, American Express
Date of foundation: 2012
Token: XRP
No. of employees: 1,130
No. of clients. 300
Customer base: B2B
6. Consensys
Consensys is a globally recognized blockchain company that specializes in the development and scalability of cutting-edge tools and enterprise software products powered by Ethereum, the world’s leading decentralized platform. Consensys was founded in 2014 by Joseph Lubin, one of the co-founders of the Ethereum project. The company offers multiple services, ranging from consulting to development, to advance blockchain and Ethereum-based solutions.
Consensys is best-known for developing MetaMask, an Ethereum wallet that has become the industry standard for Ethereum wallets. MetaMask has more than 30 million monthly users, making it one of the most popular cryptocurrency apps out there.
Consensys has firmly established itself as a reference in the blockchain space, contributing to the growth of the decentralized finance (DeFi) space and the adoption of Ethereum technology across various industries. It has been a key player in shaping the web3 landscape by helping scale leading web3 companies. The firm has raised $200 million and $450 million in two rounds from multiple venture capitalists.
Country of origin: USA
Industry: Web3 Development
Services provided: Blockchain infrastructure, developer tools, and data analytics
Clients and partners: OpenSea, NFT.com, Metamask, CryptoKitties, Coinbase, Uniswap, MakerDAO
Date of foundation: 2014
Token: TURN
No. of employees: 835
No. of users. 1,100,000 millions
Customer base: B2C, B2B
7. Gemini
Gemini was founded to make it easier to buy and store Bitcoin using a sophisticated system of private keys and password-protected environments. The platform allows you to buy, sell, store, and convert over currencies, including Bitcoin, Ethereum, XRP, Cardano, and others. In addition to trading, Gemini empowers investors to engage in various web3 activities, expanding their involvement in the decentralized finance ecosystem.
One of the distinguishing features of Gemini is its unwavering commitment to regulatory compliance. It was the first licensed Ethereum exchange based in the United State, making it a qualified custodian and a fiduciary. Gemini has managed to fund itself with an investment of $400 million, resulting in the parent company being valued at $7.1 billion.
Country of origin: USA
Industry: DeFi
Services provided: Cryptocurrency exchange and custodian
Clients and partners: Samsung, State Street, TradingView, TaxBit
Date of foundation: 2015
Token: GUSD (Gemini USD)
No. of employees: 1,050
No. of users. 340,000
Customer base: B2C, B2B
8. Polygon
Polygon is a blockchain technology company that specializes in Ethereum scaling solutions and infrastructure development for the blockchain and web3 ecosystem. The main platform in the Polygon ecosystem is the Polygon PoS platform, one of the most popular options for users who require an Ethereum-compatible blockchain with lower transaction costs. Polygon is also building a range of other Ethereum-based platforms, including Polygon zkEVM, Polygon Miden and Polygon ID.
The Polygon PoS platform has been used by many mainstream companies trying to get into web3. For example, Nike has launched its .Swoosh web3 platform on the Polygon blockchain, and Reddit uses Polygon for its Collectible Avatars NFTs.
MATIC, Polygon’s native cryptocurrency token, is currently the 16th largest crypto asset on the market, and commands a market cap of $4.2 billion. Polygon has really made a name for itself as the most promising Ethereum scalability project. TMATIC, the , is currently the 16th largest crypto asset on the market, and commands a market cap of $4.2 billion while the company has been valued at $20 billion.
Country of origin: India
Industry: Web3 Development
Services provided: Layer-2 scaling solutions for Ethereum
Clients and partners: Coinbase, Binance, OpenSea
Date of foundation: 2004
Token: MATIC
No. of employees: 6,400
No. of users. 43.2 millions
Customer base: B2C
9. Braintrust
Braintrust is a decentralized talent network that revolutionizes the way businesses connect with freelance professionals. The platform leverages its decentralized nature to provide access to a global pool of talent. The platform is controlled by community members who come together to balance and distribute the rewards for freelancers and organizations. The company has its digital token, BTRST, which can be used to contribute to the governance of the Braintrust platform.
Companies can use Braintrust to find freelance talent for various projects and freelancers, on the other hand, can find job opportunities and negotiate contracts directly with clients, eliminating intermediaries. Global companies like Nestle, Goldman Sachs, Nike, Porsche, Atlassian, etc., rely on Braintrust’s decentralized talent network. The company has raised $123.5 million in multiple rounds of investments.
Country of origin: USA
Industry: Web3 Talent
Services provided: Freelance talent marketplace for web3 projects
Clients and partners: Coinbase, OpenSea, Protocol Labs, Solana Foundation
Date of foundation: 2018
Token: BTRST
No. of employees: 270
No. of users. 102,000
Customer base: B2C, B2B
9. Coinbase
Coinbase is a big player in the cryptocurrency industry, mainly focused on running a cryptocurrency exchange platform. Coinbase offers additional services such as Coinbase Pro (a more advanced trading platform), staking for select cryptocurrencies, and a crypto wallet. The platform lists well over 200 cryptocurrencies and offers support for a variety of fiat currencies.
Besides exchange, the platform offers many other web3-related services such as institutional-grade cryptocurrency custody services, a non-custodial cryptocurrency wallet, crypto payments processing, and a NFT marketplace. The company has also developed Base, an Ethereum Layer 2 (L2) chain that offers a safe, low-cost, developer-friendly way to build on-chain.
Coinbase is a publicly-traded company, under the ticker COIN and has a market capitalization of $17.4 billion.
Country of origin: USA
Industry: DeFi
Services provided: Cryptocurrency Exchange, Wallet
Clients and partners: BlackRock, GrayScale, a16z, OneRiver, Maker
Date of foundation: 2015
No. of employees: 4320
No. of users.: 103 millions
Customer base: B2C
Honorable mentions
While our list of top web3 companies certainly showcases the industry leaders, we want to highlight a few projects we believe are making a solid and meaningful contribution to the growth of web3. This list covers a wide range of projects, each bringing its own unique value to the web3 landscape.
1. Alchemy
Alchemy is a web3 development platform that simplifies and streamlines multichain web3 development. The platform provides tools and infrastructure for developers, startups, and enterprises to build decentralized applications (DApps) and interact with blockchain technology effectively without the complexities of managing blockchain infrastructure in-house.
Experts have compared Alchemy to Amazon Web Services (AWS), considered the world’s largest enterprise cloud computing and web hosting service, due to its track record of providing powerful behind-the-scenes infrastructure to some of the biggest names in blockchain. The core service of Alchemy is to provide a powerful infrastructure solution that works with both the Ethereum mainnet and Layer-2s to help developers build faster, more secure, and more efficient dApps.
The company has raised a total of $564 million in funding over 5 rounds from various investors and has been valued at $10.2 billion.
Country of origin: USA
Industry: Web3 Development
Services provided: Blockchain infrastructure, developer tools, and data analytics
Clients and partners: OpenSea, NFT.com, Metamask, CryptoKitties
Date of foundation: 2017
No. of employees: 300
No. of users. 4 millions
Customer base: B2C, B2B
2. Yuga Labs
Yuga Labs is known for its involvement in the NFT space and has seriously contributed to the growth of NFT’s and the web3 space. The company is best known for creating the BAYC (Bored Ape Yacht Club) collection, which is the most successful NFT series ever. They are responsible for creating very successful NFT series: in the list of the top ten NFT collections by trading volume, five belong to Yuga Labs, including the BAYC and CryptoPunks series.
Yuga Labs is currently working on a metaverse world called the Otherside, which features land parcels that are sold as NFTs. The company is valued at $4 billion after its last seed funding round that raised $450 million.
Country of origin: USA
Industry: Web3 Entertainment
Services provided: NFTs development and projects
Clients and partners: Bored Ape Yacht Club, Mutant Ape Yacht Club, Otherdeed
Date of foundation: 2015
Token: APE
No. of employees: 160
No. of users. 3 millions
Customer base: B2C
3. Candy Digital
Candy Digital is a platform for buying, selling, and trading NFTs (Non-Fungible Tokens) co-founded by Gary Vee. Candy Digital operates on the Palm blockchain, which was used by the company to establish the minimum network fees. The platform has gained attention for its partnerships with companies like Netflix and Warner Brothers, enabling the sale of digital collectibles tied to popular entertainment properties. Their most popular NFT collection was the Los Angeles Dodgers, which was dedicated to one of the main games of the MLB season.
The company has raised about $100 million, with a $1.5 billion preliminary valuation. Recently, Candy Digital announced a merger with the leading web3 technology and production company Palm NFT Studio. The merger will unite the two leading creators of officially licensed digital collectibles.
Country of origin: USA
Industry: Web3 Sports
Services provided: NFTs development and projects for sports teams and leagues
Clients and partners: Major League Baseball, National Basketball Association, National Football League, NASCAR
Date of foundation: 2021
No. of employees: 1,050
No. of users. 11,100
Customer base: B2C, B2B
4. Roblox
Roblox was first launched in 2006, but has evolved over the recent years into one of the most popular virtual playgrounds on the planet. Besides playing, Roblox allows its users to create their own games using its proprietary engine for game creation, Roblox Studio, which can then be played by other players in the platform. The platform has a strong emphasis on user-generated content.
Roblox is one of the early-metaverse projects, focusing on an immersive experience in the 3D environment where users can create different virtual worlds and engage with other users. Since its foundation Roblox has raised a total funding of $918M over 6 rounds. The company is a publicly traded company under the ticker RBLX.
Country of origin: USA
Industry: Gaming
Services provided: Online Game Platform, Game Development tools
Clients and partners: Nike, Gucci, Warner Bros.
Date of foundation: 2015
No. of employees: 1,050
No. of users. 214 million
Customer base: B2C
What challenges do web3 companies face in 2024?
Greater user empowerment, privacy, and security are very appealing, but these promises come hand in hand with a host of complexities. Here’s a list of some of the main challenges that web3 companies are facing.
Scalability and performance issues: Scalability is a key challenge for web3 companies, particularly those developing in blockchain networks like Ethereum. Slow transactions, congestion, high gas fees, and limited throughput are issues that limit the dependence of web3 for daily use. To address these, many web3 companies such as Polygon are developing scaling solutions like Layer 2 solutions, Ethereum 2.0 (Eth2), and the exploration of alternative blockchains.
Legal and jurisdictional issues: The fundamental principle of decentralization, a cornerstone of web3, often clashes with the centralized nature of legal systems. Figuring out which jurisdiction holds the power over a decentralized network or application is a complex matter that creates gray areas for web3 companies.
Lack of regulation: The regulatory landscape surrounding web3 technologies remains uncertain in many jurisdictions. Governments are still trying to figure out how to classify and regulate cryptocurrencies, ICOs, and decentralized finance (DeFi) platforms.This uncertainty might make traditional institutions and cautious users think twice before adopting web3 technologies.
Education and awareness: Many users and stakeholders interested in web3 often struggle to understand its ins and outs. Education and awareness campaigns are essential to demystify blockchain technology, cryptocurrencies, and dApps. Without these, adoption will remain limited to a niche audience.
Adoption by traditional institutions: Big, established institutions and industries are sometimes not so keen on adopting web3 because it can be quite disruptive. Banks, governments, and old-school intermediaries might see decentralization and web3 companies as a threat to their existing ways of doing business and control.
Interoperability: Web3 is made up of various blockchain networks and protocols, each with their own set of standards and technologies. The lack of interoperability between these networks can be a real challenge. Users and developers often struggle to transfer assets or data between different blockchains, which hampers the smooth flow of information and value across the Web3 ecosystem.
User-friendly interfaces: One of the primary challenges of web3 adoption is the complex user experience. Unlike traditional web applications, interacting with decentralized applications often requires users to manage private keys, navigate different wallets, and pay transaction fees in cryptocurrency. This can feel a bit overwhelming for non-tech users and represent a big hurdle to get started.
Final thoughts
The popularity and growth the industry has experienced in the last decade have led to a wave of unparalleled innovation in the web3 ecosystem. The leading companies of the web3 and blockchain industry have brought about solutions to address the needs (and desires) of both consumers and companies: scalability solutions, web3 development tools, analytics platforms, decentralized recruiting networks, and the widespread use of digital marketplaces, among others.
As we look ahead to 2024, the web3 ecosystem is poised for even greater growth and innovation, but there will certainly be some challenges that need to be addressed. However, these challenges also present unique opportunities for collaboration, innovation, and the development of solutions that have the potential to revolutionize industries, empower individuals, and reshape the way we interact with technology and the internet.
About TAIKAI
Join TAIKAI today and become a part of our thriving community of passionate builders. You’ll have the chance to showcase your skills, collaborate with top tech companies, and win exciting prizes. Join now and start hacking your way to success!
