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1、THE GERMAN BLOCKCHAIN REPORT 20222THE GERMAN BLOCKCHAIN REPORT 2022 CONTENTS0101INTRODUCTIONIntroduction -4Editorial-5Foreword by BTC-ECHO -70202RESEARCH METHODOLOGYResearch Methodology -90303EXECUTIVE SUMMARYExecutive Summary -110404VENTURE FUNDING OVERVIEWThe State of Blockchain Venture Funding in
2、 Germany -17Startup Funding-A Snapshot -17Global Venture Funding -18European Venture Funding -18German Venture Funding -18Blockchain Venture Funding-A Snapshot -19 Global Blockchain Venture Funding-A Snapshot-19 European Blockchain Venture Funding Landscape-20 German Blockchain Venture Funding Lands
3、cape -21 Blockchain Funding Analysed by Industries -24German Unicorns -25Germany Investor Watchlist -310505GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEWThe State of Blockchain Venture Funding in Germany -350606BLOCKCHAIN INDUSTRY DEVELOPMENTSIntroduction -46Different Types of Blockchains-46 Public
4、 Blockchains -46 Private Blockchains -46 Permissioned Blockchain -46The German Blockchain Industry-46Example Use Cases-47German Blockchain Companies-49Conclusion-520707BLOCKCHAIN INDUSTRY DEVELOPMENTSRegulatory Snapshot -55The Legal Position of Cryptocurrency in Germany-55 Applicable EU Regulations
5、-55 Domestic German Regulations -55 Classification of Cryptocurrency -55 Upcoming Developments -56 Conclusion -560808REPORT CONCLUSIONReport Conclusion -600909ABOUTAbout-62CV VC Portfolio-63Previous Reports-65Disclaimer-66CONTENTSEXPERT ARTICLESCerik-Central Europes decentralization machine -14Lisk-
6、Interoperability emerging as blockchains most important problem to solve-33Bank Frick-Banking the blockchain sector-44Berlin Partner-Blockchain&Web3“Made in Berlin”-53Fireblocks-Tokenization:The next phase of digital transformation-57Paragon Art-Transforming the$1.7 trillion investment art market-58
7、3THE GERMAN BLOCKCHAIN REPORT 202201.INTRODUCTION01INTRODUCTION4THE GERMAN BLOCKCHAIN REPORT 2022 01.INTRODUCTIONThere is no doubt that Germany is an integral cog in the machine that is the world economy.There is even less doubt about the nations role in the Eurozone.Although Germany does not tower
8、above its European peers in terms of blockchain venture funding,there is no denying its importance as both a significant competitor and a swaying voice as the largest net contributor to the Eurozone.This report aims to shed some light on the current blockchain venture funding behavior and landscape
9、in Germany compared to the rest of the world and Europe as a whole.We provide useful global and European venture funding context,which we compare against the activity in Germany specifically.The German Blockchain Report intends to be a no-nonsense,annual information repository that explores blockcha
10、in-specific funding data for Germany related to companies that have successfully raised blockchain venture funding in the country.This report highlights key blockchain industry developments and use cases that demonstrate the many applications of blockchain technology across various industry sectors
11、in Germany.The report provides a snapshot of multiple points of interest,concluding with a section highlighting significant regulatory positions relating to cryptocurrency and its treatment in Germany and the EU.An ambitious,creative,and technologically-enabled youth has made sure that blockchain an
12、d cryptocurrency technologies have not only been noticed,but have been explored on many levels.So much so that regulators have taken a fair,progressive stance that has allowed for the development of ideas to culminate in businesses addressing real-world problems using blockchain and crypto technolog
13、y.In this report,we highlight the fact that funders have not failed to recognize the opportunity presented by blockchain technology businesses in Germany.Particularly those that focus on sound business models as opposed to the“am Lautesten.”INTRODUCTIONGERMAN BLOCKCHAIN REPORT 2022:THE STATE OF THE
14、BLOCKCHAIN IN GERMANY5THE GERMAN BLOCKCHAIN REPORT 2022 01.INTRODUCTIONRecent events in the crypto sector of the blockchain industry must now mark a global moment whereby a new clear focus is fixed.It is our opinion that this focus must be less on speculation and more on the utility of blockchain te
15、ch rather than only crypto which is the first innings of the revolutionary tech of the century.This is an opportunity for pioneers such as Switzerland and Germany to play a pivotal role in ensuring that this is a time where innovation,solid governance,and integrity will overtake short-term thinking
16、and high speculation and instead continue to focus on the broader capability&capacity of blockchain-to build trust,better ways to transact and interact and truly enable a better future for humanity.Mapping technologys place in the world has become more exciting than ever.It is still the most trusted
17、 business sector,even with a recent trust bump after a period of turbulence.Amid traumatic geopolitics,economic crosswinds,shifting mandates,and changes in the very definition of technology one thing remains constant-technological innovations can solve socioeconomic challenges.In this post-pandemic
18、chaotic world,distrust has become societys default emotion,and almost 60%of people are inclined to distrust organizations.We believe that blockchain is a powerful tool for transforming institutions and rebuilding trust.Many centuries ago,Germany created a tech,the printing press,which gave the peopl
19、e written unchangeable truths and equal access to information.The Gutenberg Bible was produced in 1455.It was the first printed book and allowed the spread of disruptive thinking and sowed the seed of a renaissance that swept over the world.Germany is once again playing a similar role in modern term
20、s.It is evolving and spreading blockchain tech,the technology that allows for trust,security,independence and decentralization,thereby disrupting and heralding better ways to operate,interact,and trust.The huge global upheavals we are experiencing are changing the human mindset,which seeks trust,tra
21、nsparency,and renewal of functioning and well-being.We are in the eye of a modern-day renaissance where emerging new technologies,including the catalyst technology known as blockchain,are helping to bring about renewal.There is now a global blockchain ecosystem of which Germany is a focal hub.It is
22、underpinning this renaissance that is helping humanity rebuild trust and tackles global socioeconomic challenges.CV VC is an early-stage blockchain investor,which,together with its ecosystem accelerator pillar,CV Labs,distinguishes brilliant blockchain minds who are razor focused on the utility of t
23、he technology.Headquartered in the heart of Crypto Valley,Zug,Switzerland,with hubs in Liechtenstein,Africa,and Germany,CV Labs has published The German Blockchain Report to demonstrate our appreciation and understanding of the German blockchain landscape.This is the first edition of an intended ann
24、ual Germany report to gain macro insights over time,such as what we have produced relative to our other country hubs,Switzerland and Africa.Germanys uniqueness is that it has a considerable capability to execute the benefits that blockchain brings to the world,not just its citizens.CV VC is hugely c
25、ommitted to building the future together with blockchain founders in Germany and has already conducted four investments in startups in the country.Germany adopted a federal blockchain strategy in 2019 to enable the innovative potential offered by blockchain technology.In contrast,many other countrie
26、s adopted and still embrace a wait-and-see attitude.Germanys position is a leadership and transformational one,and CV Labs is honored to have commenced activities in Berlin,the capital of the German blockchain ecosystem.Berlin offers an extensive startup ecosystem with access to education,innovative
27、 founders,investors,accelerators,and qualified employees.Berlin has an opportunity-driven mindset and a willingness to take risks.Theres an eagerness to try anything,a distrust of centralization,but a warm embrace of the unfamiliar and gritty.As a result of regulatory assuredness for data security a
28、nd storage and abundant entrepreneurial activity,German blockchain is amply supported by universities offering degrees and professional training programs,as well as engaging in research and technology development activities.Such fertile ground has resulted in 343 blockchain startups,the third highes
29、t in the Euro region,next to Switzerland and the UK.With the majority of these EDITORIAL6THE GERMAN BLOCKCHAIN REPORT 2022 01.INTRODUCTIONbased in Berlin itself,it seems that blockchain companies are using Berlin as an indicator for success:If their application survives in this highly competitive ec
30、osystem,it will most likely compete internationally.Driven by this enabling infrastructure,there has been a blockchain surge in Germany.As seen from the use-case studies in this report,bold new moves are already redefining traditional industrial,financial,health,entertainment,sport,and other sectors
31、.This report focuses on venture capital activity to identify emerging trends in the German industry.This report assesses blockchain startup funding deals throughout Q1,Q2,and Q3 2022.Twenty companies examined have successfully raised$217.6m in funding during this period.Germanys blockchain funding a
32、ccounts for 6.2%of European blockchain funding.Infrastructure and DeFi are two stronghold sectors for VC activity.The German blockchain world is thriving,it is a beacon in the global ecosystem,regularly top-rated,and many other industries are benefiting in the process.This report shows how Germany i
33、s making huge strides in bringing blockchain utility to fruition,we trust that it will enlighten and inform.Providing insights such as this focus on Germany is intrinsic to CV Labs education commitment.Stakes for humanity have never been higher.It is imperative blockchain businesses are given a glob
34、al mandate and this is our intention in our move to Germany,where we are honored to become part of the vibrant blockchain industry and together ensure that blockchains mandate is achieved-build a better way for humanity to work,live,interact and transact.Ulrike Lierow-SchadMD Berlin,CV LabsFlorian K
35、ohlerChairman,CV LabsOlaf HannemannCo-Founder&CIO,CV VC7THE GERMAN BLOCKCHAIN REPORT 2022 FOREWORDPowered by BTC-ECHOwww.btc-echo.de/FOREWORDEspecially in turbulent times,strong ecosystems are essential for resilience and continuous progress alike.This is especially true for the blockchain ecosystem
36、,which has been stirred up by political,economic,and internal events in recent months.Not a day goes by that we at BTC-ECHO do not report on and educate about the blockchain sectors problems,challenges,and potential.More than ever,the crucial question is:How strong are our blockchain ecosystems?This
37、 is precisely where CV VC as a venture capitalist and CV Labs as an accelerator and blockchain ecosystem supporter come in.They have been dedicated to building sustainable and innovative ecosystems since 2016.Despite the ups and downs in the market,CV VC and CV Labs have shown themselves to be relia
38、ble towards the startup sector.This stability and synergy must now be taken out into the world to build bridges between regionally located blockchain entrepreneurs.From Switzerland to Liechtenstein,to Africa,and now also to Germany.Because in line with the opening of the new location of CV Labs Berl
39、in in November 2022,this German Blockchain Report is now intended to provide an important overview of the scenes status quo.This a must-read for anyone interested in the blockchain and crypto economy because one thing is certain:Only those who have the overview can also make good decisions.One might
40、 wonder why CV Labs chose Germany in particular as its next location.Of course,Germany has excellent market potential as the largest economy in Europe.However,there is much more to it than sheer economic size.Many of the beginnings of the blockchain economy had their roots in Germany and Berlin in p
41、articular.As a cosmopolitan city known for its open-minded lifestyle,Berlin attracts people who want to create something new.This is the case for many blockchain developers who,for example,made the beginnings of Ethereum possible from Berlin.In addition to the high level of developer activity in blo
42、ckchain protocols,many crypto startups have also been able to establish themselves in Germany,as this report impressively shows.Thus,the CV Labs German Blockchain Report features the top 20 blockchain companies by funding and an overview of the various industries and use cases.What stands out most i
43、s the diversity of companies.After all,even though most blockchain projects are based in Berlin,promising startups can be found in the financial and industrial sectors all over Germany.Be it in Frankfurt as a financial metropolis or the industrial stronghold of Stuttgart.It is precisely this decentr
44、alized and diverse ecosystem that makes up the remarkable crypto landscape in Germany.For this ecosystem to continue to grow and prosper,we need to build bridges between the old and the new world.We need pioneers like CV Labs who understand the potential of the technology and,above all,help young co
45、mpanies put their ideas into practice.Because in the logic of Web3,its more than ever especially compared to Web 2.0 about cooperation.Lone fighters who isolate themselves dont stand a chance.This is about nothing less than giving the term“network effects”a new,positively connoted meaning.Blockchain
46、 technology moves us away from platform companies that undermine our data sovereignty and generate monopoly returns.Instead,blockchain companies,protocols,and crypto service providers are building a fair,inclusive,and sustainable economy that benefits everyone on the planet.But,to achieve this,we ne
47、ed to break down reservations about the blockchain and crypto economy and create regulatory frameworks that enable the balancing act between security and openness to innovation.An obstacle to this acceptance in Germany is the so-called“German Angst.”In some areas,this phenomenon is preventing crypto
48、 from establishing itself quickly,as reservations on the part of politicians and from sections of society are slowing down the pace of innovation.For this reason,exchange and education with and for all stakeholders are needed to overcome fears and uncertainties.CV Labs also makes a noticeable contri
49、bution by providing clarification and classification through publications and events.This is also the case with this report,which provides an overview of relevant regulations affecting the blockchain sector in Germany.This much should be revealed in advance:German crypto regulation delivers a mixed
50、picture.While we are struggling in some areas,such as digital identity,there are progressive pushes from policymakers in digital securities.Accordingly,it is difficult to generalize about crypto-regulation in Germany.Especially since,as an EU country,important framework conditions come from Brussels
51、.Finally,to return to the opening question of how strong our crypto ecosystems are,I am convinced they will emerge stronger from the current crisis.Even though we have seen many collapses and spectacular bankruptcies in the blockchain sector in 2022,the ecosystem is growing regionally and globally.I
52、n order for tomorrows innovations to survive even in stormy times,reliable partners like CV Labs are needed to act as pillars and intermediaries holding the crypto sector together.According to the German writer Hermann Hesse,who once wrote,“There is magic in every beginning,”CV Labs move to Berlin,i
53、ncluding this publication,also represents a special beginning:The chance to network anew,forge new alliances and create a new dynamic in the ecosystem within the blockchain collective.Great to have you here.Cheers to a decentralized future!Sven WagenknechtEditor-in-ChiefBTC-ECHO8THE GERMAN BLOCKCHAI
54、N REPORT 2022 02.RESEARCH METHODOLOGY8THE GERMAN BLOCKCHAIN REPORT 202202.RESEARCH METHODOLOGY02RESEARCH METHODOLOGY9THE GERMAN BLOCKCHAIN REPORT 2022 02.RESEARCH METHODOLOGYRESEARCH METHODOLOGY 1.REPORT INTENTIONThis is the first edition of an intended annual report providing insights into the Germ
55、an blockchain landscape,industry developments,regulatory overview,and the role of venture funding in the region.This report aims to provide a high-level overview of funding data and market participants in the hopes of identifying trends based on recent market activity.We aim to provide a high-level
56、comparative synopsis to gain macro insights over time.Please note:This report depicts an analysis of Q1,2,and 3 of 2022.Since the report was published before Q4 was complete,this quarters data and insights have not been included in this report.We do take note of the fact that there have been signifi
57、cant events that have taken place during the 4th quarter of 2022.These events and their impact on the German blockchain ecosystem will be analyzed in the 2023 edition of the next German Report.2.COMPANY DATAWe have set out to provide a list of 20 blockchain startups that have raised funding from Q1
58、2022 through Q3 of the same year.We used various sources of data to compile a benchmark database.Sources include various public databases,research reports,LinkedIn profiles,reputable news outlets,press releases,investors,and entrepreneurs.Criteria are as follows:a.Inclusioni.Must meet one of the fol
59、lowing criteria:1.The company is domiciled/headquartered in Germany.ii.Company characteristics:1.Currently operational,and2.Blockchain/cryptocurrency as a primary business or operational focus,and 3.Successfully raised a funding round between Jan 2022 and Sep 2022,and4.Active websiteiii.Funding:1.Pr
60、ivate funding,and 2.Min funding=$100k,and 3.Disclosed,publicly verifiable funding deals.In the case where funding has been totaled,and undisclosed rounds have fallen in between disclosed rounds,the undisclosed rounds have been subtracted or omitted from the total figure.4.Equity funding and funding
61、in the form of convertible notes from traditional financiers.5.All stagesb.Exclusioni.Company types:1.Publicly-traded businesses that trade on any exchange,or OTC,and 2.Consulting firms,and 3.Investors,and 4.Academia,and5.Events and event businesses,and6.Media houses.ii.Funding types:1.Contingent fu
62、nding.Where an amount of funding is promised contingent on the fulfillment of certain milestones,but the business has only received a portion of such funds,the amount not received as yet has not been included.2.Debt(excepting convertible notes),and3.Publicly financed/traded,and 4.Crypto Coin or Toke
63、n Offerings(ICOs/IEOs/ISOs/ITOs et al.)have not been included.5.Public and private grant funding.In the case where funding has been totaled,and grant funding has occurred in between private equity funding rounds,the grant funding has been subtracted or omitted from the total figure.a.*A special ment
64、ion is made of Mintbase,who received a$5m grant from the NEAR Foundation in Apr 2022-which has been excluded.6.Non-cash contributions(such as Google Cloud Credits in the case of Google-accelerated ventures).3.GERMAN UNICORNSa.Inclusion i.A privately-owned tech company valued at$1 billion+,headquarte
65、red in Germany.ii.Although we specifically excluded non-equity funding rounds from our blockchain company funding data,we have included non-equity rounds in our unicorns section.iii.Unicorns across all industries are considered-not just blockchain-related businesses.b.Exclusion i.Publicly traded com
66、panies.ii.Companies that have not publicly disclosed their financial information.*Valuations of businesses included in the German Unicorns list have been sourced from Dealroom.*In cases where a business revenue range was not readily available,we have omitted this metric in this section.4.GERMAN INVE
67、STOR WATCHLISTa.We have included a Watchlist of German investors within the report.i.Inclusion.1.These investors have closed at least two publicly-disclosed funding deals,specifically with German blockchain business.10THE GERMAN BLOCKCHAIN REPORT 2022 02.RESEARCH METHODOLOGY5.GLOBAL CONTEXT AND FIGU
68、RESIn placing our company data in a broader context,we have included significant statistics from various core databases and venture funding reports.We have referenced these reports using hyperlinks in the relevant sections.In sections where the data found in industry-leading reports were contradicto
69、ry,we have provided data ranges and averaged the data of the most credible reports to maintain consistency when drawing inferences from such data.6.CORE DATABASES AND REPORTS UTILIZEDa.CB Insights:State of Blockchain Q3 2022 b.CB Insights:State of Fintech Q3 2022 c.CB Insights:State of Venture Q3 20
70、22d.Chain Analysis:Geography of Cryptocurrency 2022 e.CoinGecko:Q3 Cryptocurrency Report 2022f.Cointelegraph Research:Venture Capital Report Q3 2022 g.Crunchbase h.Dealroom i.Galaxy Digital Research:Crypto&Blockchain Venture Capital-Q3 2022j.KPMG:Venture Pulse Q3 2022k.Pitchbookl.TracxnShould you re
71、quire any further clarity surrounding the research methodologies used or feel that your company has not been included where it should have been,please dont hesitate to reach out to 11THE GERMAN BLOCKCHAIN REPORT 2022 02.RESEARCH METHODOLOGY11THE GERMAN BLOCKCHAIN REPORT 202203.EXECUTIVE SUMMARY03EXE
72、CUTIVE SUMMARY12THE GERMAN BLOCKCHAIN REPORT 2022 03.EXECUTIVE SUMMARYEurope makes up 15%of global venture funding.Europe saw$14.8b raised across 1,584 deals in Q3 of 2022,down 38%and 5%compared to the$23.7b raised and 1,670 deals in the same quarter of 2021.Europe has 158 unicorns,accounting for 13
73、%of the global total and 12%of new global unicorn births.Early-stage businesses bagged 70%of the deal share in Europe for 2022.1,247DEALS26,294DEALS$4M MEDIAN DEAL SIZE34UNICORNS48COMPANIES15%38%5%$14.8BILLIONQ3 22$23.7BQ3 211670 DEALS-Q3 211584DEALSQ3 2270%15813%12%UNICORNS$8B2.40%-GLOBAL 12.40%-EU
74、ROPEAN 28%220DEALSYTDGermany currently boasts(see below-German Unicorns)Mega deals accounted for 145 deals YTD,down 11%from the 163 in 2021.The third quarter of 2022 saw a total of 23 mega deals accounting for$6.5b worth of funding or 44%of total European funding.Current Decocorns(valuation of$10b+)
75、Mega rounds and deals came in at$156b and 768 deals representing decreases of 41%and 34%respectively while early-stage deal share sits at 66%YTD.German businesses raised$8b across 220 deals YTD in 2022,down 28%from the same time last year.While total funding was down relatively significantly,deal co
76、unts are almost exactly on par with the previous year.Interesting to note,while Germanys venture funding value has experienced a significant decrease of 50%on a QoQ basis in 2022,deal count increased by 10%.The numbers coming in at$1.7b and 220 respectively.At$8b,Germany makes up 2.4%of global ventu
77、re funding,and 12.4%of European venture funding YTD.European venture funding has decreased by 13%YTD when compared to Q3 2021,but the number of deals has marginally increased to 5,259.This reflects a total investment amount of$64.3b across all deals.Average YTD deal size is down 29%from$25m to$18m w
78、hen compared to 2021 though the median deal size has remained constant at$4m.Global venture funding reached$329b across 26,294 deals by the close of Q3 of 2022.This represents a decline of 27%in funding compared to the same period a year ago while the deal count for the two periods was almost exactl
79、y on par.Asia and the US lead in global deal share,each concluding over 2,850 deals with Europe being next in line,trailing by 45%.Fintech has experienced its worst quarter since Q4 of 2020 raising$12.9b in Q3 of 2022,down 38%QoQ with the picture looking significantly diferent than it did at this po
80、int last year.27%$451BQ3 21$329BILLIONQ3 222,850+2,850+$3.4B-200 DEALSQ2 22$1.7B-220 DEALSEarly-stage deals in Germany represent 72%of thefunds raised to date this year,an increase of almost 10%compared to 2021.72%OF FUNDS RAISEDQ3 21YTDQ3 2210%ALMOST11%10%29%13%5,259 DEALS$18MYTD$25M2021GLOBAL TOTA
81、LNEW GLOBALBIRTHS163 MEGA DEALS-2021145 MEGADEALSYTD$6.5B$64.3B44%TOTAL EUROPEAN FUNDING 23 MEGA DEALSQ3 22MEGAROUNDSYTD -34%768 DEALS -41%$156B 66%EARLY-STAGE DEAL SHARE DEALSDEALSDEALS1584 38%Q4 20Q3 22GLOBAL VENTURE FUNDINGGERMAN VENTURE FUNDINGBLOCKCHAIN VENTURE FUNDING13THE GERMAN BLOCKCHAIN RE
82、PORT 2022 03.EXECUTIVE SUMMARYAgain,the US leads in terms of deal share with almost half of all deals,with all other regions representing below 25%each.Every major category of blockchain venture funding,except two,have already outpaced 2021s funding figures by the close of Q3 of 2022.Infrastructure&
83、Development saw funding and deal count increases of 55%and 39%respectively when comparing 2022 YTD figures to 2021.Mega deals(rounds of$100m+)brought in$10.4b across 52 deals for the YTD,or 48%of all blockchain funding,with blockchain businesses receiving a 6.59%share of all global venture funding i
84、n 2022 thus far.Throughout this period,a total amount of$218m was raised across various types of rounds.H1 2022 saw the top 3 rounds of the year which included 1 mega deal.Between them,these 3 rounds together make up$146m in funding,or 67%of all funding.with 4 of these having gained their horns in t
85、he first 3 quarters of 2022 representing a 17%increase in the total number of unicorns in the nation.Thus far,blockchain businesses have raised an impressive$21.7b in funding across 1,380 deals.Just a handful of deals shy of breaking the 1,386 count of the entire 2021 calendar year and some$4.5b fro
86、m reaching parity with total funds raised in that year.Early stage deals continue to make up 4 in 5 blockchain venture funding deals.50%30+UNICORNS were born in 2022341,386DEALS2021INFRASTRUCTURE&DEVELOPMENT54$146MUNICORNS ALMOSTDEAL SHARE$21.7B ACROSS 1380 DEALSYTD6.59%55%39%48%$10.4BACROSS 52 DEAL
87、SEuropean blockchain startups raised$1b in Q3 of 2022,putting the region in second place for total blockchain venture funding raised in the quarter.Europe is flanked on either side by the US raising$2.8b and Asia who raised$0.6b over the same period.Europes blockchain venture funding has hit the$1b
88、mark for the third time in as many quarters.This is the first time that this has ever occurred,with Q2 breaking the records for funding raised as well as deal count at$1.4b and 112 deals.In keeping with the global trend,the vast majority of deals done in Europe have been early-stage deals.Europes ea
89、rly-stage deals make up 86%of deal share,4%higher than the global early-stage deal share average.Berlin houses the highest number of unicorns by far at 22,followed by Munich with 5.Q3 22Q1 22Q2 22EUROPEUSAQ3 22$0.6BQ3 22$2.8BQ3 22$1B86%DEAL SHAREEARLY-STAGE DEALS$1.4B$1B$1.1B112DEALS94 DEALS79DEALSM
90、edian deal sizes for Europe and the US are at record high levels of$4 and$6 million respectively.This despite global blockchain mega deals having declined for the last two consecutive quarters.$218M17%FUNDS RAISED67%Berlin bagged 90%of blockchain venture funding.90%BLOCKCHAIN VENTURE FUNDINGIN TOTAL
91、 NUMBER OF UNICORNS225$6M$4MGermany is currently home toGLOBAL BLOCKCHAIN VENTURE FUNDING-A SNAPSHOTGERMAN BLOCKCHAIN VENTURE FUNDING LANDSCAPEGERMAN UNICORNSEUROPEAN BLOCKCHAIN VENTURE FUNDING LANDSCAPE14THE GERMAN BLOCKCHAIN REPORT 2022 GERMANY:CENTRAL EUROPES DECENTRALIZATION MACHINEPowered by Ce
92、rtiKGERMANY:CENTRAL EUROPES DECENTRALIZATION MACHINEBlockchain is all about decentralization.Its the whole point of the technology:if centralization is acceptable,then there are much more efficient ways to maintain databases than distributed ledgers.But if censorship resistance,deterministic executi
93、on,and unbeatable uptime matter,globally-distributed networks of independent nodes are a powerful solution.Centralization is not a binary;its a spectrum.And the world of blockchain has swung back and forth along this spectrum since its inception.Bitcoin was initially mined on just one computer:Satos
94、his.Then it was mined on thousands of enthusiasts machines.Before the advent of Application-Specific Integrated Circuit(ASIC),miners concentrated hash power in the hands of large,professional mining operations.While paving the way for future scaling improvements and providing a considerable reductio
95、n in energy consumption,the transition of Ethereum away from Proof of Work to Proof of Stake has yet to alleviate centralization concerns.Proof of Stake simply takes network power away from miners and gives it to validators.Coinbases recent announcement will automatically opt retail and institutiona
96、l customers into receiving additional ETH staking rewards powered by MEV-boost(which censors transactions associated with addresses on the US Treasury Departments blacklist)represents one step further on the slippery slope towards irrevocable centralization.Ethereum is held to a higher standard of d
97、ecentralization than other smart contract blockchains because it explicitly prizes this value.In contrast,other networks compromise on decentralization in favor of scalability gains or fee reductions.Maintaining Ethereums decentralization is key to ensuring the network continues to provide value to
98、users.And this is where Germany has an important role to play.While a concerningly large percentage of Ethereum validators are located in the United States(45.3%),Germany with 22.8%of nodes is home to the next largest concentration of network validators.Germanys outsized contribution(it provides a l
99、ittle over half the number of network validators as the United States with just one-quarter of the population)is a powerful bulwark against geographical centralization.Geographical decentralization is key to overall network decentralization.Were any one nation or region to dominate node distribution
100、 too much,they would be in a position to censor transactions or control the network to their benefit.The idea is for the Ethereum network to be distributed globally,with validators from many different nations,each with their motivations,interests,and ideologies.This is how Ethereum accomplishes its
101、mission of becoming the“worlds computer.”Decentralization as a National Security PriorityWeve already seen meaningful steps towards state censorship of Ethereum.The US Treasury Departments blacklisting of dozens of wallet addresses associated with the cryptocurrency mixer Tornado Cash is a prime exa
102、mple.This is not to say that OFAC was not acting well within its mandate.Still,a world in which the United States can enforce such dictates over the majority of Ethereum validators is a world in which it commands great influence over the options both political and practical available to other nation
103、s,including allies such as Germany.Decentralization could become a serious national security issue for governments that want to cut off access to certain platforms and protocols and governments that want to preserve access.Its not difficult to imagine a scenario in which the interests of Germany and
104、 the United States differ on foreign policy and financial sanctions including cryptocurrencies and decentralized financial protocols become a key point of contention.Preserving access to distributed networks becomes a matter of preserving national sovereignty,and access to globally-decentralized fin
105、ancial markets is a matter of survival.In such a scenario,the fact that Germany is home to the second-largest number of Ethereum network validators would be a significant strategic advantage.And this is not just hypothetical.We are already seeing the beginnings of a“decentralization arms race,”in wh
106、ich nations are vying for control over the distribution of network power to influence the direction of major protocols.However,the fundamentals of the technology are resistant(though not quite completely impervious)to this kind of influence.While nations exert a large degree of control over centrali
107、zed financial networks and organizations,this is less practicable a possibility when it comes to DeFi.Governments must adapt their strategies to face the reality of censorship-resistant,globally-distributed networks.RegulationDespite previously lukewarm statements on the technology from officials,th
108、e blockchain industry dovetails nicely with the broader European mission of which Germany is a key driver.The motto of the European Union In varietate concordia(United in diversity)could just as easily be the motto of blockchain enthusiasts worldwide.The EU has been at the forefront of consumer data
109、 privacy,with the General Data Protection Regulation(GDPR)systems enforcement 15Powered by CertiKof transparency,security,and pseudo-anonymity serving as a model for regulation in nearly a dozen other countries.Encoding a right to privacy into the law is perfectly compatible with(and indeed even enh
110、anced by)blockchain technology.The recent finalization of the text of the Markets in Crypto-Asset(MiCA)regulation provides insight into the future of blockchain and Web3 projects in Germany and Europe more broadly.Exempting DeFi protocols that can operate without any intermediary is an intelligent m
111、ove that recognizes the realities of this new technology.And requiring projects to publish a whitepaper before being allowed onto regulated trading platforms should help cut down on the number of copy-paste scams that continue to plague the industry.The provision requiring team members and major sta
112、keholders to provide personal details and proof of an absence of a criminal record sets a relatively high standard of doxxing.However,it is one that many retail users and investors may appreciate.CertiKs KYC process is the leading identity verification and due diligence service in Web3,providing pri
113、vate identity verification for project teams through a rigorous vetting process while maintaining the highest data protection standards.MiCAs omission of mandatory pre-deployment auditing and post-deployment monitoring feels like an oversight.Especially in light of federal authorities across the Atl
114、antic recommending investors“ensure the DeFi investment platform has conducted code audits performed by independent auditors.”If regulators are happy to require the dissemination of a technical whitepaper,it would logically follow that these projects should undergo an audit to ensure that their code
115、 does what it says and lives up to the promises made in the whitepaper.Security is essential to consumer protection;a project could just as easily rug-pull its users with a deliberate scam as it could do so unintentionally with losses resulting from substandard security.Raising the level of transpar
116、ency and security across the Web3 world involves setting standards that clearly communicate to users the risks and responsibilities of interacting with decentralized blockchain applications.CertiKs industry-standard pre-deployment auditing has secured the code of over 3,600 Web3 projects.Our combina
117、tion of manual review,AI-powered automated review,and advanced formal verification ensures the most comprehensive error detection possible.Skynet is our proprietary on-chain monitoring and analysis platform.It performs continuous AI-based scanning of smart contract code using our growing database of
118、 vulnerabilities while working around the clock to identify anomalies the moment they occur with active flash loan detection and DEX liquidity monitoring.Blockchains Global FutureA world leader in engineering and manufacturing with a long history of precision and excellence,Germany is uniquely posit
119、ioned to help shepherd decentralized blockchain technology into the mainstream.The countrys contribution to the decentralization of Ethereum the worlds largest smart contract platform is impressive and of fundamental importance to the security and functionality of the network.Nations that are ideolo
120、gically committed to free,fair markets and censorship resistance are ideally positioned to benefit from decentralized blockchain technology.As the benefits of decentralized finance and other Web3 applications become clear to users and regulators alike,we are optimistic that the potential of this tec
121、hnology to provide security,privacy,and transparency will continue to be realized.The sovereignty that decentralized networks offer to middle powers Germany in particular is likely to become more evident in the years to come as larger global powers compete between themselves to exert maximum control
122、 over centralized systems.Decentralization is a value in and of itself,and security needs to be built into blockchain technology from the ground up to ensure maximum functionality and user protection.At CertiK,our mission is to raise security and transparency standards across the entire Web3 world,a
123、nd we look forward to working with teams,projects,and organizations that share these values.Professor Gu is the Tang Family Assistant Professor of Computer Science at Columbia University.He holds a Ph.D.in Computer Science from Yale University and a Bachelors degree from Tsinghua University.He is th
124、e primary designer and developer of CertiKOS and SeKVM.Gu has received:an SOSP Best Paper Award,a CACM Research Highlight,and a Yale Distinguished Dissertation Award.Professor Ronghui GuCEO&Co-Founder,CertiKTHE GERMAN BLOCKCHAIN REPORT 2022 GERMANY:CENTRAL EUROPES DECENTRALIZATION MACHINE16THE GERMA
125、N BLOCKCHAIN REPORT 2022 02.RESEARCH METHODOLOGY16THE GERMAN BLOCKCHAIN REPORT 202204.VENTURE FUNDING OVERVIEW04VENTURE FUNDING OVERVIEW17THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWTHE STATE OF VENTURE FUNDING IN GERMANYINTRODUCTION This section investigates the state of blockchain
126、 and cryptocurrency venture funding in Germany in relation to sector-agnostic venture funding as a whole.We present the businesses that have successfully raised funding rounds in 2022 from Q1 through Q3 in order of funds raised,while also drawing attention to formidable blockchain businesses that ha
127、ve had a hand in sculpting a vibrant blockchain ecosystem in the already-vibrant startup hotspot that is Germany.This being the inaugural German Blockchain Report published by CV VC,we begin our blockchain venture funding data for specific companies in 2022,and hope to build on this in further insta
128、llments of the Report as data accumulation occurs over time.STARTUP FUNDING-A SNAPSHOTA comparison of German blockchain-specific venture funding-particularly over a timespan of only three quarters-would not mean very much without some context relative to sector-agnostic venture funding both globally
129、 and in Europe.As we are all aware,much has changed globally over the past year as weve witnessed geopolitical,macroeconomic,and security shifts on a scale which has likely not been seen for nearly a century.Therefore we try to provide a means to make sense of figures in a broader context.It is impo
130、rtant to point out that it has been a bumpy road for venture funding as of late.2021 saw a myriad of records broken on all fronts whereas 2022 saw the emergence of due caution and the brakes being applied across the board in venture funding generally.It would seem that investors have taken a far mor
131、e prudential approach to venture funding in 2022 when compared to the more maverick attitude that was present in 2021.Caution has been highly prized and this years figures are modest in comparison to the figures achieved by this time last year.Somehow though,blockchain venture funding has bucked thi
132、s trend with all indicators pointing to 2022 turning out to break all of the previous years records.By some measures certain pundits and sources have chalked the year up to already having surpassed previous highs set with regards to total funding as well as total deal count.In looking at the sector-
133、agnostic venture funding data we can see that the annual variation in total European venture funding(for years 2018 through 2021)is over 60%of that of Global venture funding.The variation in Germany is more still,although it much more closely resembles European trends when compared to Global ones.Th
134、e German startup scene has been vibrant throughout the last two decades,with the past 5 years only having seen this ramp up with the current years YTD total funding already having surpassed all but the highs of 2021.While it seems unlikely that 2022s total venture funds raised or total deals closed
135、will transcend the highs of 2021 we do expect the figures to end up being shy by only a small margin.Germany enjoys a relatively unique position from an economic perspective where it has numerous cities that each contribute significantly,and uniquely to the economy.More so than in other European nat
136、ions where only one or two cities are significant from an economic perspective.When it comes to startups however,the epicenter is undoubtedly Berlin.This is even more true when we consider blockchain startups.Berlin is certainly the Capital of capital when it comes to blockchain venture funding as e
137、videnced by the city raising almost 90%of all blockchain venture funding for the Year to Date.We will now provide some key insights and figures into global venture funding before delving in to blockchain-specific venture funding.Below are some key insights:ANNUAL REGIONAL VENTURE FUNDING GROWTH COMP
138、ARISON2018$00%-50%50%100%150%200%250%300%YoY GrowthFunding(Billions)$100BL$200BL$300BL$400BL$500BL$600BL$700BL20022(YTD)GermanyEuropeGlobalYoY GrowthFundingGermanyEuropeGlobalGermanyEuropeGlobalYoY GrowthFundingGermanyEuropeGlobal18THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVER
139、VIEWGlobal Venture Funding:Global venture funding reached$329b across 26,294 deals by the close of Q3 of 2022.This represents a decline of 27%in funding compared to the same period a year ago while the deal count for the two periods was almost exactly on par.It seems unlikely that venture funding wi
140、ll breach the$630b level reached in 2021,though we may see a deal count very close to or perhaps exceeding the 35,821 deals concluded in that year.Average YTD deal size is down 29%from$25m to$18m when compared to 2021 though the median deal size has remained constant at$4m.Q3 VC global investment hi
141、t a QoQ low that has not been seen since Q2 of 2020 even though the US,China,Germany,Sweden all had one or more mega deals.All these jurisdictions saw decreases(even significant decreases)QoQ.Mega rounds and deals came in at$156b and 768 deals representing decreases of 41%and 34%respectively while e
142、arly-stage deal share sits at 66%YTD.Global first-time venture financing is continuing at a steady rate in terms of deal size having already surpassed the deal value of all but one of the past 5 years(2021),with deal count looking set to do the same.Unicorn births have also fallen to 237 YTD for a t
143、otal count of 1,192 compared with 400 and 871 at the close of Q3 in 2021.According to data compiled by Failory,the current Decocorn(valuation of$10b+)count sits at 48 companies.Asia and the US lead the pack in global deal share each concluding over 2,850 deals with Europe being next in line,trailing
144、 by 45%.It is clear that there is a more conservative outlook for funders,and that they are looking for profitability and underlying,long term value as opposed to chasing the unjustified valuations that we have become used to in recent years.This is evidenced by a number of significant down rounds s
145、uch as Klarnas$800m raise at a$6.7b valuation down 85%from$45.6 billion in 2021.Fintech has experienced its worst quarter since Q4 of 2020 raising$12.9b in Q3 of 2022,down 38%QoQ with the picture looking significantly different than it did at this point last year.The sector is down by almost all mea
146、sures.European Venture Funding:Europe makes up 15%of global venture funding in 2022 Europe saw$14.8b raised across 1,584 deals in Q3 of 2022,down 38%and 5%compared to the$23.7b raised and 1,670 deals in the same quarter of 2021.European venture funding has decreased by 13%YTD when compared to Q3 202
147、1,but the number of deals has marginally increased to 5,259.This reflects a total investment amount of$64.3b across all deals.Mega deals accounted for 145 deals YTD,down 11%from the 163 in 2021.The third quarter of 2022 saw a total of 23 mega deals accounting for$6.5b worth of funding or 44%of total
148、 European funding.Europes share of deals by region has remained constant throughout the first 3 quarters of 2022 at 20%.The other regions which have seen the same behaviour are Latin America and Canada.The likes of Africa and Australia have seen variances of up to 50%in 2022.Early-stage businesses b
149、agged 70%of the deal share in Europe for 2022.Europes unicorn counts sits at 158 with 3 new unicorns having been born during Q3 of 2022.This represents 13%of the global unicorn total and 12%of new global unicorn births.German Venture Funding:At$8b,Germany makes up 2.4%of global venture funding,and 1
150、2.4%of European venture funding YTD.German businesses raised$8b across 220 deals YTD in 2022,down 28%from the same time last year.While total funding was down relatively significantly,deal counts are almost exactly on par with the previous year.Interesting to note is that while Germanys venture fund
151、ing value has experienced a significant decrease of 50%on a QoQ basis in 2022,deal count increased by 10%.The numbers coming in at$1.7b and 220 respectively.Early-stage deals made up the lions share of all deals concluded in Germany at 72%for the funds raised to date this year,an increase of almost
152、10%over 2021s early-stage deal share.Germany currently boasts 34 unicorns.19THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWGLOBAL BLOCKCHAIN VENTURE FUNDING-A SNAPSHOT Thus far blockchain businesses have raised an impressive$21.7b in funding across 1,380 deals.Just a handful of deals s
153、hy of breaking the 1,386 count of the entire 2021 calendar year and some$4.5b from reaching parity with total funds raised in that year.Again,the US leads in terms of deal share with almost half of all deals going to the region,with all other regions representing below 25%each.Despite the prodigious
154、 changes in the geopolitical climate,the lagging effects of a global pandemic,and an overarching crypto market crash,it would seem that blockchain venture funding is poised to have another record-breaking year.This after global blockchain venture funding increased by 694%in 2021.If things continue a
155、t the current velocity,we believe that we may well see blockchain funding top its previous high despite the bear roaming the current crypto asset markets.Early stage deals continue to make up 4 in 5 blockchain venture funding deals,indicating a fast-growing,ambitious industry that funders are welcom
156、ing with open arms.It is becoming apparent that there is confidence in the longevity of cryptocurrency and blockchain technology for business use cases.Despite the current elevated levels of uncertainty that have caused a slowdown in global venture funding,value investments actively continue to flow
157、 in to businesses with solid use cases and profitable business models.Although blockchain unicorn births have slowed slightly from the astonishing 40+births seen in 2021,there have already been 30+unicorns born in 2022,and mega deals continue to roll in.Mega deals(rounds of$100m+)brought in$10.4b ac
158、ross 52 deals for the year-to-date,or 48%of all blockchain funding with blockchain businesses receiving a 6.59%share of all global venture funding thus far in 2022.It is evident that blockchain venture funding as a percentage of all venture funding is on the rise both globally,as well as when compar
159、ing Europes blockchain funding to its regional venture funding total as a whole.Blockchain funding as a percentage of total venture funding is at a record high on a year-to-date basis both globally,as well as for Europe-where it currently sits at 5.44%for the year.Blockchain venture funding is in fu
160、ll swing,defying the softness in overall venture funding.Every major category of blockchain venture funding except two had already outpaced 2021s funding figures by the close of Q3 of 2022.The only categories where YTD funding had not topped 2021 funding levels were,Custody and Exchanges.There were
161、also only two categories that had not broken 2021 deal count thresholds,these being Exchanges and DeFi.The most significant standout category being Infrastructure&Development which saw funding and deal count increases of 55%and 39%respectively when comparing 2022 YTD figures to the 2021 calendar yea
162、r-which further contributes to our view that long-term investors are here to stay.ANNUAL REGIONAL BLOCKCHAIN VENTURE FUNDING GROWTH COMPARISON$00%-100%100%200%300%400%500%600%$5BL$10BL$15BL$20BL$25BL$30BL$35BL200212022(YTD)GermanyEuropeGlobalYoY GrowthFundingGermanyEuropeGlobal700%YoY Gro
163、wthFunding(Billions)$40BLBLOCKCHAIN FUNDING BY QUARTER 22GLOBAL$10BQ1 22$7.1BQ2 22$4.6BQ3 22$21.7BYTDEUROPE$1.1BQ1 22$1.4BQ2 22$1BQ3 22$3.5BYTDGERMANY$139.4MQ1 22$54.5MQ2 22$23.6MQ3 22$217.6MYTDBLOCKCHAIN DEALS BY QUARTER 22GLOBAL505Q1 22473Q2 22402Q3 221,380YTDEUROPE94Q1 22112Q2 2279Q3 22285YTDGERM
164、ANY7Q1 229Q2 224Q3 2220YTD20THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWEuropean Blockchain Venture Funding Landscape:European blockchain startups raised$1b in Q3 of 2022,putting the region in second place for total blockchain venture funding raised in the quarter.Europe is flanked
165、on either side by the US raising$2.8b and Asia who raised$0.6b over the same period.The US showing 195 deals,Asia with 97,and Europe with 79 despite having raised more than Asia.Not only are global blockchain venture funding and deals showing signs of heading for a record breaking year,median deal s
166、izes in Europe and the US specifically are already at record high levels with deal sizes of$4 and$6 million respectively.This record being broken despite global blockchain mega deals having declined for the last two consecutive quarters.In keeping with the global trend,the vast majority of deals don
167、e in Europe have been early-stage deals.Europes early-stage deals make up 86%of deal share,4%higher than the global early-stage deal share average.One of the few blockchain funding statistics in which Europe stands above the US is the total funding raised by crypto custody providers.Europe raised$17
168、7m against the US$165m specifically for crypto custody providers despite the US having a higher deal count of 11 to Europes 6.Europes blockchain venture funding has hit the$1b mark for the third time in as many quarters.This is the first time that this has ever occurred,with Q2 breaking the records
169、for funding raised as well as deal count at$1.4b and 112 deals.GERMAN BLOCKCHAIN FUNDING AS A%OF BLOCKCHAIN FUNDING BY REGIONGERMAN BLOCKCHAIN FUNDING AS A%OF BLOCKCHAIN FUNDING BY REGION20%40%60%80%100%0%Q1 22Q2 22Q3 22YTDGlobalEuropeGlobalEurope20%40%60%80%100%0%Q1 22Q2 22Q3 22YTDGlobalEuropeGloba
170、lEurope1%0.7%0.5%1%13%4%2%6%1%2%1%1%7%8%2%6%BLOCKCHAIN VENTURE FUNDING COMPARISON YTD VS 21GLOBAL$21.7BYTD$26.2B2021$4.5BYTD VS 2021(DIFF)EUROPE$3.5BYTD3.5B2021$0YTD VS 2021(DIFF)GERMANY$217.6MYTD$255M2021$37.3MQ3 2221THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEW3%|PRE-SEED#of compan
171、ies:418%|SEED ROUND#of companies:924%|SERIES A#of companies:37%|VENTURE ROUND#of companies:248%|FUNDING ROUND#of companies:2GERMAN BLOCKCHAIN FUNDING BY ROUND TYPES(Q1-Q3 22)$103,600,000$15,500,000$38,610,901$52,375,315$7,539,573This section highlights 20 German blockchain companies to help create i
172、nsights surrounding the blockchain venture funding landscape in Germany.The companies examined have successfully raised funding from the start of the 2022 calendar year through the end of Q3 2022.Throughout this period,a total amount of$218m was raised across various types of rounds.What was the mos
173、t striking throughout the course of the research done for this report,was the lack of freely available data on blockchain companies in Germany.The country has long been competitive on the global stage as far as tech companies go.We found it to be rather perplexing as to why it would prove so painful
174、ly difficult to find freely-available blockchain funding data in a country with a budding startup scene along with hundreds of blockchain startups.Off the back of this,we went ahead and identified who the blockchain businesses were that have raised funding this year.Some of our key findings to follo
175、w.GERMAN BLOCKCHAIN VENTURE FUNDING LANDSCAPE TOP 20 FUNDING DATA SUMMARYBASECOMPANY COUNT20FUNDED IN TIME PERIOD$217,625,789 FUNDING ROUND-MODESeed Round22THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWGERMAN BLOCKCHAIN FUNDING BY CITY 22$195,014,888BERLIN$4,024,440DSSELDORF$11,195,06
176、5MUNICH$2,160,272STUTTGART$1,645,921EBERSWALDE$134,244HAMBURG$3,000,000GRNWALD$450,959LIMBURGERHOF$100,000,000+$10,000,000-$99,999,999$1,000,000-$9,999,999$125,000-$999,999BERLIN#of companies:121%|STUTTGART#of companies:15%|MUNICH#of companies:20.2%|LIMBURGERHOF#of companies:20.1%|HAMBURG#of compani
177、es:11%|GRNWALD#of companies:11%|EBERSWALDE#of companies:12%|DSSELDORF#of companies:190%5%GERMAN BLOCKCHAIN FUNDING BY CITY 2223THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWSome key takeaways for 2022:German blockchain businesses have raised$218m across 20 deals YTD,some$37m shy of 20
178、21s$255m.Germanys blockchain funding accounts for only 1%of global blockchain funding while accounting for 6.2%of European blockchain funding.One of our primary criterion for inclusion in this report is that funding should be publicly available and verifiable.Interesting to note is that there were a
179、 total of 8 German blockchain businesses that raised funding within our time period that had undisclosed funding data.There were 8 German cities present in our data set.Out of the 8,Berlin bagged just under 90%of all German blockchain funding over the period with Munich being the only other city hou
180、sing more than a single blockchain business that fit our criteria for inclusion.H1 2022 saw the top 3 rounds of the year which included 1 mega deal.Between them,these 3 rounds together make up$146m in funding,or 67%of all funding.The only current German unicorn which is crypto-centric is Worldcoin,t
181、hough Trade Republic also has a large crypto offering,the former gaining its horn earlier this year.Although Germanys blockchain venture funding total is unlikely to reach levels from 2021,we expect to see more upcoming unicorn valuations in the near future.TOP 5 GERMAN BLOCKCHAIN FUNDING DEALS 22 Y
182、TDCOMPANYROUND AMOUNTCITY%OF FUNDINGWORLDCOIN$100,000,000 BERLIN46%COMPOSABLE FINANCE$32,000,000 BERLIN15%SOBA$13,600,000 BERLIN6%ULTIMATE(BY UNSTOPPABLE FINANCE)$12,875,315 BERLIN6%CHAINFLIP$10,000,000 BERLIN5%GERMAN BLOCKCHAIN QUARTERLY FUNDING 22GERMAN BLOCKCHAIN QUARTERLY DEALS 22$0-50%-75%-25%0
183、%25%50%QoQGrowthFunding(Billions)$50BL$100BL$150BL$200BL$250BLQ1 22Q2 22Q3 22Funding(Per Quarter)Funding(YTD)QoQ GrowthDeals(Per Quarter)Deals(YTD)QoQ Growth0-50%-75%-25%0%25%50%QoQGrowthDeals510152025Q1 22Q2 22Q3 22BLOCKCHAIN FUNDING AS A%OF TOTAL VENTURE FUNDING BY REGION20%40%60%80%100%0%20182019
184、20202021GlobalEuropeEuropeGermany2022(YTD)2%3%1%1%4%7%1%2%4%5%3%24THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEW$120,307,697INFRASTRUCTURE&DEVELOPMENT$57,734,501 DEFI$13,600,000GAMING$12,643,051 NFTS$7,595,065 CUSTODY$450,959 SELF SOVEREIGN IDENTITY$2,294,516 SUPPLY CHAIN&VERIFICATION
185、$3,000,000 ANALYTICSGERMAN BLOCKCHAIN FUNDING BYINDUSTRY 22TOP 3 BLOCKCHAIN INDUSTRIES WITH THE MOST SUCCESSFULLY RAISED FUNDING IN 22(Q1-Q3)%Business Count$57,734,501 DEFI$120,307,697 INFRASTRUCTURE&DEVELOPMENT$12,643,051 NFTs56355%27%6%BLOCKCHAIN FUNDING ANALYSED BY INDUSTRIESIn keeping with globa
186、l blockchain trends,Germanys highest-funded blockchain business industry was Infrastructure&Development making up an impressive 55%of all blockchain funding.DeFi was in second place with a comparatively-modest 27%.It is striking however,that Germany does not have a single exchange that was funded in
187、 the year-to-date.WHICH BLOCKCHAIN INDUSTRIES SUCCESSFULLY RAISED THE MOST FUNDS IN 2022(Q1-Q3)INDUSTRYFUNDS RAISED(2022 Q1-Q3)BUSINESS COUNT%ANALYTICS$3,000,00011%CUSTODY$7,595,06514%DEFI$57,734,501627%GAMING$13,600,00016%INFRASTRUCTURE&DEVELOPMENT$120,307,697555%NFTS$12,643,05136%SELF SOVEREIGN ID
188、ENTITY$450,95910.2%SUPPLY CHAIN&VERIFICATION$2,294,51621%25THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEW$3,100,000,000VALUATIONCelonis(2011)The Celonis Execution Management System offers tools and applications,the Celonis Studio,and platform capabilities for business executives and u
189、sers.It helps companies manage every step of execution management,from analytics to strategy and planning,management,actions,and automation.Celonis has thousands of customers,including ABB,AstraZeneca,Bosch,Coca-Cola,Citibank,Dell,GSK,John Deere,LOral,Siemens,Uber,Vodafone,and Whirlpool.Headquarters
190、:MunichIndustries:Analytics,Big Data,Business Intelligence,SaaSGrover(2015)Grover is a platform that allows users to rent tech products through monthly subscriptions.With Grover,subscribers have access to over 3,000 different tech products,including smartphones,laptops,virtual reality gear,wearables
191、,and smart home appliances.This service allows users to keep,switch,buy,or return products depending on their needs and budget.Headquarters:BerlinIndustries:Consumer Electronics,E-Commerce,Rental,Subscription ServiceN26(2013)N26 provides mobile banking solutions to customers in the European Union th
192、rough its subsidiary.It provides international money transfer,investment,overdraft,cash withdrawal,and store deposits.N26 offers easy mobile banking solutions that include online banking features like making and handling of current accounts,fixed accounts,and other banking services.This allows custo
193、mers to manage and control their banking details conveniently via a smartphone application.Headquarters:BerlinIndustries:Banking,Finance,Financial Services,FinTechGorillas(2020)Gorillas is a grocery delivery service that strives to provide an aggregate of supermarket products to consumers within 10
194、minutes of ordering.Headquarters:BerlinIndustries:Delivery,Delivery Service,E-Commerce,E-Commerce Platforms,Grocerywefox(2015)Wefox is a digital insurance company that provides its own and third-party products through human advisors rather than through direct channels.By using analytics,wefox achiev
195、es better loss ratios than the market.Technology allows wefox to have 90%straight-through processing and a central product factory that ships product innovations internationally.Wefox has built up a network of thousands of digitally enabled advisors across Europe which increases customer satisfactio
196、n,reduces customer acquisition costs,increases cross-selling,and decreases churn.Headquarters:BerlinIndustries:FinTech,Insurance,InsurTech,SoftwareTrade Republic(2015)Trade Republic is a mobile-only broker that offers a commission-free platform,making it easier for investors to get started.The compa
197、ny is designed for a new generation of investors looking for a more mobile,intuitive,and faster experience.Headquarters:BerlinIndustries:Cryptocurrency,Finance,Financial Services,FinTech,Trading PlatformGERMAN UNICORNSCriteria:Private tech companies from all sectors valued at$1 billion and above tha
198、t are headquartered in Germany.$13,000,000,000VALUATION$3,100,000,000VALUATION$9,000,000,000VALUATION$5,500,000,000VALUATION$1,000,000,000VALUATION$4,500,000,000VALUATION2.4FUNDING IN BILLIONS(USD)1.3FUNDING IN BILLIONS(USD)1.7FUNDING IN BILLIONS(USD)1.3FUNDING IN BILLIONS(USD)2.3FUNDING IN BILLIONS
199、(USD)1.3FUNDING IN BILLIONS(USD)$10M TO$50MESTIMATED REVENUE$10M TO$50MESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE-ESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE26THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWFlixBus(2011)FlixMobility is a transporta
200、tion company that offers new,affordable,and environmentally-friendly travel options via the FlixBus and FlixTrain brands.Thanks to a unique business model and innovative technology,the startup has quickly established Europes largest long-distance bus network and launched the first green long-distanc
201、e trains in 2018.FlixMobility has changed how over 100 million people have traveled throughout Europe,and has created thousands of new jobs in the mobility industry.Headquarters:MunichIndustries:E-Commerce,Public Transportation,Transportation,TravelFlink Food(2020)Flink is a developer of an online p
202、latform used to order and deliver multi-category grocery products.Its application offers a wide selection of convenience items like fresh herbs,fruits,bread,essentials,and home supplies,which enable people to get necessities delivered to the door within ten minutes while saving transit costs.Headqua
203、rters:BerlinIndustries:E-Commerce,Food and Beverage,Food Delivery,GroceryBerlin Brands Group(2005)Berlin Brands Group(BBG)creates,builds,buys,and scales consumer brands globally.They distribute more than 4,800 products to consumers in 28 countries worldwide.In 2021,they achieved unicorn status,makin
204、g them one of Europes largest digital companies.BBG products are sold across over 100 channels,including direct-to-consumer e-commerce,online marketplaces,and wholesale.Their passion lies in kitchen appliances,garden&living,sports,and HiFi.Headquarters:BerlinIndustries:Consumer Electronics,E-Commerc
205、e,RetailRazor Group(2020)Razor is a global consumer holding company that partners with e-commerce merchants to acquire and scale brands.Razor uses significant growth capital with extensive e-commerce expertise to take these acquired merchants to the next stage of development.Razor focuses on specifi
206、c product categories,long-term value enhancement,and first-class customer satisfaction.Headquarters:BerlinIndustries:Brand Marketing,Business Development,E-Commerce,Internet,RetailGetYourGuide(2009)GetYourGuide is an online platform that allows users to book tours,attractions,and activities worldwid
207、e.The company offers various services,which can be booked and purchased through its website or mobile application.These services include tours and excursions,tickets to tourist attractions,and cooking classes.GetYourGuide operates by connecting customers with service providers;the customer service i
208、s free,but the provider pays GetYourGuide a commission on each sale.GetYourGuide has built an extensive database of providers and tourists from all over the world who use their services.Headquarters:BerlinIndustries:Consumer Reviews,E-Commerce,Hospitality,Recreation,Tourism,TravelEnpal(2017)Enpal is
209、 a solar leasing firm that provides customers with solar power systems to reduce their electricity expenditure.Enpals product is an all-inclusive green energy solution.Headquarters:BerlinIndustries:Energy,Environmental Consulting,Renewable Energy,Solar$3,100,000,000VALUATION$3,000,000,000VALUATION$1
210、,000,000,000VALUATION$1,800,000,000VALUATION$1,000,000,000VALUATION$5,000,000,000VALUATION$1,200,000,000VALUATION1.2FUNDING IN BILLIONS(USD)0.96FUNDING IN BILLIONS(USD)1FUNDING IN BILLIONS(USD)0.78FUNDING IN BILLIONS(USD)1FUNDING IN BILLIONS(USD)0.89FUNDING IN BILLIONS(USD)$100M TO$500MESTIMATED REV
211、ENUE-ESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE-ESTIMATED REVENUE-ESTIMATED REVENUE$50M TO$100MESTIMATED REVENUE27THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWVolocopter(2011)Volocopter is an urban air mobility service provider that develops battery-powered electric air taxis.It
212、 offers a holistic approach to the UAM market by developing a full ecosystem to connect all the vital parts to get the industry off the ground.This includes multipurpose aircraft(VoloCity and VoloDrone),physical and digital infrastructure(VoloPort and VoloIQ),and partnerships with global leaders in
213、their respective fields.Headquarters:BruchsalIndustries:Aerospace,Air Transportation,Drones,Robotics,TransportationSellerX(2020)SellerX is Europes leading aggregator of e-commerce businesses.Their goal is to be the Buyer of Choice for top Amazon FBA and other e-commerce sellers and to establish an i
214、nnovative new model for the future of consumer goods globally.They have over 750 employees,over 40 brands,and sell over 25,000 products.Headquarters:BerlinIndustries:Brand Marketing,Consumer Goods,E-CommercePersonio(2015)Personio provides cloud-based HR management and recruiting solutions and softwa
215、re for startups,small-and medium-sized enterprises.The company enables its customers to store and manage all employee data and HR processes in one place,including vacation and sick days,approvals,salary,attendance,employee documents,performance,reporting,and employee onboarding.Its recruiting functi
216、on comprises applicant tracking,interview scheduling,candidate reviews,and many other features.Headquarters:MunichIndustries:Employment,Human Resources,Recruiting,SaaSQontigo(2019)Qontigo provides solutions to empower investors with the intelligence they need to make targeted,sustainable investments
217、.Their award-winning STOXX and DAX indices and Axioma analytics provide sophisticated solutions at scale,backed by modern technology and unparalleled client focus.Headquarters:EschbornIndustries:Finance,Financial Services,Risk ManagementTIER Mobility(2018)TIER Mobility provides shared,light electric
218、 vehicles like e-scooters,e-bikes,and e-mopeds.The company helps cities reduce their dependence on cars and is committed to being climate-neutral.Headquarters:BerlinIndustries:Electric Vehicle,GreenTech,Ride Sharing,TransportationInfarm(2013)Infarm is a company that builds and distributes efficient
219、vertical farms throughout cities.Infarms smart modular farms offer a resilient,transparent,and affordable alternative food system.The company distributes its farms throughout the urban environment to grow fresh produce for the citys inhabitants.Headquarters:BerlinIndustries:Agriculture,AgTech,Intern
220、et of Things,Machine Learning$3,100,000,000VALUATION$1,700,000,000VALUATION-VALUATION$2,000,000,000VALUATION$1,000,000,000VALUATION$1,000,000,000VALUATION$2,000,000,000VALUATION0.78FUNDING IN BILLIONS(USD)0.72FUNDING IN BILLIONS(USD)0.72FUNDING IN BILLIONS(USD)0.61FUNDING IN BILLIONS(USD)0.77FUNDING
221、 IN BILLIONS(USD)0.65FUNDING IN BILLIONS(USD)-ESTIMATED REVENUE-ESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE-ESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE$100M TO$500MESTIMATED REVENUE28THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWForto(2016)The company provides innovative techn
222、ology and services that improve global supply chains beyond just transportation from point A to point B.Their easy-to-use and intuitive platform allows customers to optimize their supply chains and improve their efficiency.With over 2,000 customers and 9 global offices,Forto employs over 200 people.
223、Headquarters:BerlinIndustries:Freight Service,Logistics,Shipping,Software,Supply Chain ManagementNuCom Group(2018)NuCom Group is a strategic partner that helps digital consumer internet companies grow.They work with ProSiebenSat.1 Group to add marketing power and operational expertise in order to pu
224、rsue buy-and-build strategies.In the Commerce&Ventures segment,ProSiebenSat.1 bundles the Groups majority and minority investment areas.Headquarters:UnterfohringIndustries:Consumer,E-Commerce,LifestyleOmio(2013)Omio provides a search tool that compares rail,air,bus,and car travel options for destina
225、tions.The tool is designed to suggest nearby airports and train routes connecting where travelers want to go.It also estimates the time length of each route.After pulling in diverse data sources to offer various route options,Omio makes it easier to visualize which routes are better and compare the
226、cost of different travel options.The platform displays a comparative chart based on what is the cheapest or fastest.Omio was founded in 2012 and is headquartered in Berlin,Germany.Headquarters:BerlinIndustries:Internet,Search Engine,Software,Travel,Travel AccommodationsOneFootball(2008)OneFootball s
227、trives to fuel the worlds obsession with football.Reaching more than 70 million football fans worldwide every month across its platform and social media channels,OneFootball is the most popular football media platform for the new generation of football fans.It offers single live football matches in-
228、app on a pay-per-view basis and operates a 24-hour newsroom to provide fans worldwide with the comprehensive football content they crave,from statistics and live scores of 200+leagues and competitions worldwide to breaking news,highlight clips,transfer rumors,and live streaming.Headquarters:BerlinIn
229、dustries:Apps,Mobile Apps,News,Software,SportsMambu(2011)Mambu is a software-as-a-service banking engine provider that empowers lenders and depositors of all sizes to design,launch,service,and scale their banking and lending portfolios.Mambus platform allows for more than 7,000 loan and deposit prod
230、ucts,serving over eight million end customers in 46 countries.With over three million active accounts,Mambu is one of the worlds leading banking providers.Headquarters:BerlinIndustries:Banking,Financial Services,FinTech,Lending,SaaSSolarisbank(2016)Solarisbank is a technology company that offers mod
231、ular banking services which enable other companies to offer their financial services.These partners integrate Solarisbanks services directly into their product offerings via APIs.The platform provides bank accounts and payment cards,identification and lending services,digital asset custody,and servi
232、ces provided by integrated third-party providers.Headquarters:BerlinIndustries:Banking,Financial Services,FinTech,Information Technology$3,100,000,000VALUATION$2,100,000,000VALUATION$1,000,000,000VALUATION$1,000,000,000VALUATION$1,500,000,000VALUATION$2,000,000,000VALUATION$5,400,000,000VALUATION0.5
233、9FUNDING IN BILLIONS(USD)0.44FUNDING IN BILLIONS(USD)0.48FUNDING IN BILLIONS(USD)0.4FUNDING IN BILLIONS(USD)0.5FUNDING IN BILLIONS(USD)0.4FUNDING IN BILLIONS(USD)$100M TO$500MESTIMATED REVENUE$10M TO$50MESTIMATED REVENUE$1M TO$10MESTIMATED REVENUE$10M TO$50MESTIMATED REVENUE$500M TO$1BESTIMATED REVE
234、NUE$1B TO$10BESTIMATED REVENUE29THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWContentful(2013)Contentful helps businesses create and manage digital experiences for their customers.It enables greater speed and scale than traditional CMS solutions.Contentful unifies content in a single
235、hub,structures it for use in any digital channel,and integrates seamlessly with hundreds of other tools through open APIs.Companies such as Chanel,Bang&Olufsen,Shiseido,Shopify,BP,and many others rely on Contentfuls platform.Headquarters:BerlinIndustries:Cloud Computing,Content,Developer Tools,SaaS,
236、Softwaresennder(2015)sennder is a digital freight forwarder that connects large commercial shippers with small freight carriers in continental Europe.sennder provides a new level of automation,transparency,and efficiency to the European road freight market.sennders digital connection to over 10,000
237、vehicles allows for almost unlimited capacities.sennder digitalizes the truckload-shipping ecosystem by providing mobile apps to drivers,fleet management tools to carrier managers,and logistics management solutions to shippers.Headquarters:BerlinIndustries:Freight Service,Industrial Automation,Logis
238、tics,Shipping,Supply Chain ManagementTaxfix(2016)Taxfix makes tax declarations accessible for everyone by simplifying complex tax filing systems.The Taxfix team includes more than 150 employees,including tax advisors,lawyers,and developers.Headquarters:BerlinIndustries:Accounting,Apps,Softwarecommer
239、cetools(2006)commercetools is a platform that enables companies to power their(e)commerce sites and businesses.It has a cloud-native and API-first architecture,which allows companies to adapt and scale in a fast-changing market.It is funded by Insight Partners and Accel and has offices in the United
240、 States,Germany,the Netherlands,Great Britain,Spain,Singapore,Vietnam,and Australia.Headquarters:MunichIndustries:Cloud Computing,E-Commerce,E-Commerce Platforms,Information Technology,SaaS,ShoppingStaffbase(2014)Staffbase is a platform that helps companies and their employees work together by provi
241、ding an internal communications tool.Staffbase supports leaders in various industries with their own branded app to engage their diverse,disconnected,and distributed workforce.Headquarters:ChemnitzIndustries:Business Information Systems,Collaboration,Human Resources,Private Social Networking,Virtual
242、 WorkforceABOUT YOU(2014)ABOUT YOU is a fashion and technology corporation that aspires to digitalize classic shopping by creating an inspiring and personalized shopping experience for its customers.ABOUT YOU is a place where people can discover fashion that fits their personality from a range of mo
243、re than 1,200 brands.Their consistent focus on personalization,inspiration,and mobile shopping makes ABOUT YOU one of the largest fashion e-tailers in Germany.Headquarters:HamburgIndustries:E-Commerce,Fashion,Marketing,Personalization,Retail,Shopping$3,100,000,000VALUATION$3,000,000,000VALUATION$1,9
244、00,000,000VALUATION$1,000,000,000VALUATION$659,000,000VALUATION$1,200,000,000VALUATION$1,100,000,000VALUATION0.35FUNDING IN BILLIONS(USD)0.31FUNDING IN BILLIONS(USD)0.33FUNDING IN BILLIONS(USD)0.3FUNDING IN BILLIONS(USD)0.34FUNDING IN BILLIONS(USD)0.31FUNDING IN BILLIONS(USD)$1M TO$10MESTIMATED REVE
245、NUE$10M TO$50MESTIMATED REVENUE-ESTIMATED REVENUE-ESTIMATED REVENUE$10M TO$50MESTIMATED REVENUE$1M TO$10MESTIMATED REVENUE30THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWAgile Robots AG(2018)Agile Robots provides intelligent robot system development and application services,with a foc
246、us on 7-degree-of-freedom lightweight arms and general-purpose robot controllers,as well as robot vision systems.Headquarters:GilchingIndustries:Artificial Intelligence,Industrial Automation,RoboticsLast funding Date:2022 Scalable Capital(2014)Scalable Capital is on its way to becoming one of Europe
247、s leading digital investment platforms.The fintech brings people and technology-based investing together with the goal of democratizing financial investments.In addition to services for private investors(B2C),Scalable Capital pursues numerous cooperations with renowned business clients(B2B).Headquar
248、ters:MunichIndustries:Asset Management,Financial Services,FinTechChrono24(2003)Chrono24 operates as a marketplace for luxury watches.More than 3,000 professional dealers and 30,000 private sellers list over 500,000 watches on the platform.Chrono24 attracts more than 20 million watch enthusiasts from
249、 over 120 countries.Headquarters:KarlsruheIndustries:E-Commerce,Fashion,Jewelry,MarketplaceWorldcoin(2019)Worldcoin is a new global digital currency that will launch by giving a free share to every human on Earth.This new global digital currency will offer a secure and efficient way for people to tr
250、ansfer money worldwide.Headquarters:BerlinIndustries:Cryptocurrency Global new unicorn births have slowed down significantly across all major regions with Q3 of 2022 seeing only 25 businesses gaining their horns representing a decline of 71%QoQ-the lowest unicorn birth rate since Q1 2020.Germany is
251、currently home to 34 unicorns,with 4 of these having gained their horns in the first 3 quarters of 2022 representing a 17%increase in the total number of unicorns in the nation.In Germany,Berlin houses the highest number of unicorns by far at 22,followed by Munich with 5.NEW BLOCKCHAIN UNICORN BIRTH
252、S BY YEAR200212022(YTD)GLOBAL3414133EUROPE10042$3,100,000,000VALUATION$1,000,000,000VALUATION$3,000,000,000VALUATION$946,000,000VALUATION$1,400,000,000VALUATION0.3FUNDING IN BILLIONS(USD)0.13FUNDING IN BILLIONS(USD)0.21FUNDING IN BILLIONS(USD)0.27FUNDING IN BILLIONS(USD)$50M TO$100MESTIMA
253、TED REVENUE-ESTIMATED REVENUE$10M TO$50MESTIMATED REVENUE-ESTIMATED REVENUE31THE GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWGERMAN INVESTOR WATCHLISTThe following investors have closed at least two publicly-disclosed blockchain venture funding deals.A&T CAPITALALSTIN CAPITALANIMOCA CAP
254、ITALATLANTIC LABSBITKRAFTBLOCKCHAIN FOUNDERS GROUPBLOCKROCKETBLOCKTOWER CAPITALCHAINLINKCOINBASE VENTURESCRYPTO.COM CAPITALEARLYBIRD VENTURE CAPITALF-LOG VENTURESGLOBAL FOUNDERS CAPITALGRAVITYX CAPITALGREENFIELD ONEHASHKEY CAPITALHIGH-TECH GRNDERFONDSILAVSKA VUILLERMOZ CAPITALMAPLEBLOCK CAPITAL32THE
255、 GERMAN BLOCKCHAIN REPORT 2022 04.VENTURE FUNDING OVERVIEWCONCLUSIONIt is clear that Germany has gathered significant momentum as a global cryptocurrency stakeholder.In addition to the friendly regulatory treatment of crypto assets that individuals enjoy,there is also a significant amount of funding
256、 being raised by businesses advancing the industry and its infrastructure as a whole.If we take these things in conjunction with the fact that German blockchain funding as a percentage of total funding has almost doubled,and the high number of blockchain startups,it is difficult to come to the concl
257、usion that the future of blockchain in Germany is indeed bright.MULANA CAPITALPOLKABRIDGE VENTURESPOLYGON STUDIOSSCYTALE VENTURESSHIMA CAPITALTYKHE BLOCK VENTURESW3.FUND33THE GERMAN BLOCKCHAIN REPORT 2022 INTEROPERABILITY EMERGING AS BLOCKCHAINS MOST IMPORTANT PROBLEM TO SOLVEPowered by LINTEROPERAB
258、ILITY EMERGING AS BLOCKCHAINS MOST IMPORTANT PROBLEM TO SOLVEEvery week,new corporations and institutions are making their move into blockchain.The capacity requirements for the rapidly expanding landscape have outgrown any single chain.In fact,thousands of independent blockchains for various use ca
259、ses are now in operation.There has been tremendous innovation in these alternatives,but most cannot properly communicate with each other.Blockchains are independent protocols with strict communication standards,and while some scale was managed through this spread,it also fragmented the ecosystem.Man
260、y existing blockchains recognize this problem of accessibility and must now decide how to implement an interoperability solution on their live networks.Its hazardous to make significant upgrades in production and must be done carefully,but new projects can plan interoperability from the start.What i
261、s blockchain interoperability?There are different approaches,but to put it simply,blockchain interoperability is the ability to communicate securely across independent blockchain networks.“More precisely,we say that two blockchains are interoperable if a transaction or state transition of one chain
262、can depend on a transaction or state transition of the other chain.”Lisks Head of Research Alessandro Ricottone,Ph.D.Some projects thoughtfully implemented cross-chain mechanisms into their concept at an early stage.They act as a base layer for other compliant blockchains to connect.These“layer 1”ch
263、ains typically include a software development kit(SDK)for launching blockchains.Why is interoperability important for blockchain?Since each blockchain network is isolated,token holders of a specific chain will only have access to the services of that chain.Interoperability gives options to the indiv
264、idual and allows the capital to flow freely.It matters because empowering users is what Web3,aka the decentralized web,is all about.Many decentralized services and economic models will flourish when users can take advantage of interoperability.Decentralized finance(DeFi)is a promising blockchain use
265、 case that will be improved when tokens can easily be transferred from one chain to another.What are some blockchain interoperability solutions?Early interoperability models are already being tested.Were still in an experimental phase,but the future is promising.Here are some of the best blockchain
266、interoperability concepts:Bridges:A bridge transfers assets from one chain to another.It uses a smart contract to lock access to tokens on one chain and mint a replacement version on another.The resulting replacement tokens are considered“wrapped”and are representative versions of the original.Tezos
267、 Wrap Protocol,Solana Wormhole,and Binance Smart Chain are among the top bridges by volume.Sidechains:These are autonomous blockchains that communicate via a two-way peg.They have a complete consensus mechanism,such as Delegated Proof-of-Stake(DPoS),and can continue to operate if there are problems
268、with a connected chain.For example,Lisks solution for sidechains relies on cross-chain certification,meaning data from one chain is submitted by sending a signed object called a certificate.Its essential that upon the cross-chain handshake,both blockchains speak the same language,and applying a stan
269、dard of communication is the key to that relationship.Oracles:Oracles add interoperability with real-world data.They bridge the gap between on-chain and off-chain knowledge and give smart contracts and blockchain apps what they need to execute.Its critical that data-starved blockchain networks can o
270、btain a reliable source of truth.Many use cases rely on this information stream.The most common application is exchange rate data for decentralized finance(DeFi),but other uses include API data and verifiable random numbers.Atomic Swaps:They utilize a smart contract that enables two-way peer-to-peer
271、 decentralized trading.They ensure the success of a transaction by making both parties meet their obligations before they can continue.Decentralized exchanges can help,but atomic swaps dont require any intermediaries.Whats next for blockchain interoperability?Over the next few years,blockchain inter
272、operability will provide the communication paths necessary for the decentralized web to thrive.It will heal the damage done to the cohesion of the greater blockchain ecosystem and usher in a new era of collaboration.New economic models and information systems that put the user first are possible,but
273、 well forever be divided and conquered unless we unite,tear down the walls,and build bridges.Max KordekCEO&Co-Founder,Lisk34THE GERMAN BLOCKCHAIN REPORT 2022 02.RESEARCH METHODOLOGY34THE GERMAN BLOCKCHAIN REPORT 202205.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEW05GERMAN BLOCKCHAIN INDUSTRY AND C
274、OMPANY OVERVIEW35THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEWANALYTICSCUSTODYDEFIGAMINGINFRASTRUCTURE&DEVELOPMENTNFTsIDENTITY&VERIFICATIONSELFSOVEREIGNSUPPLYCHAINGERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEWINTRODUCTIONGermany is home to a number of innovati
275、ve startups,as well as some of the largest companies in the world.Our data collection and research process identified 20 blockchain-specific companies that received funding between January 2022 and September 2022.One of the most notable aspects of the German blockchain scene is its diversity.The ind
276、ustry includes a wide range of companies,from startups,developing cutting-edge applications to established players looking to leverage the technology for their businesses.This section explores the various applications and integrations of blockchain technology in Germany.GERMAN BLOCKCHAIN INDUSTRY AN
277、D COMPANYOVERVIEW*Businesses in this section have been grouped first by the alphabetical order of their respective industry categories,and then in descending order by the amount of funds raised that they have raised in our funding time period.36THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN
278、INDUSTRY AND COMPANY OVERVIEWImmutable InsightImmutable Insight is an IT company that offers blockchain and cryptocurrency products and services such as analytical reports,asset analyses,portfolio strategies,back-testing of investment hypotheses,and advisory services for boards of directors.Founded:
279、2018Headquarters:Grnwald$7,500,000TOTAL FUNDING$3,000,000FUNDING Q1-Q3 2022Seed RoundLAST FUNDING TYPE01ANALYTICSAnalytics companies focus on building tools to extract meaningful information about the data that has been recorded on blockchains.37THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN
280、 INDUSTRY AND COMPANY OVERVIEWTanganyTangany provides a custody“Wallet as a Service”for businesses to easily integrate blockchain technology into legacy and new systems via an API.The provided infrastructure comes with the ability to create and store private keys safely,to sign transactions,and to s
281、end those transactions via connectors to the chosen blockchain.The connectors enable clients to connect to different public and private blockchains.Founded:2018Headquarters:Munich$7,800,000TOTAL FUNDING$7,600,000FUNDING Q1-Q3 2022Seed RoundLAST FUNDING TYPE02CUSTODYCustody businesses provide key sto
282、rage and security-related products and services for businesses that require outsourced crypto asset security.38THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEW03DEFIDecentralized Finance(DeFi)encompasses financial products and services that run on public,permissio
283、nless blockchains.The offerings are similar to those in the traditional financial world but without the need for a trusted third-party intermediary to be involved.$39,000,000TOTAL FUNDING$2,900,000TOTAL FUNDING$18,100,000TOTAL FUNDING$2,800,000TOTAL FUNDING$1,800,000TOTAL FUNDING$5,500,000TOTAL FUND
284、ING$32,000,000FUNDING Q1-Q3 2022$2,900,000FUNDING Q1-Q3 2022$12,900,000FUNDING Q1-Q3 2022$2,800,000FUNDING Q1-Q3 2022$1,645,921FUNDING Q1-Q3 2022$5,500,000FUNDING Q1-Q3 2022Series ALAST FUNDING TYPEPre-SeedLAST FUNDING TYPESeries ALAST FUNDING TYPEPre-SeedLAST FUNDING TYPESeed RoundLAST FUNDING TYPE
285、Venture RoundLAST FUNDING TYPEComposable FinanceComposable Finance develops blockchain infrastructure and developer tools to address the issue of blockchain interoperability and to ease frictions in deploying dApps on Layer 1 as well as Layer 2 blockchains.Founded:2021Headquarters:BerlinUltimate(by
286、Unstoppable Finance)Unstoppable Finance is building a next-gen crypto wallet to bring DeFi to retail investors globally.Founded:2021Headquarters:BerlinLI.FILI.FI is a company building DeFi middleware for the application layer of blockchains.A bridge and a DEX aggregation protocol simplifies abstract
287、s away the most crucial financial infrastructure and software tools to move in and out of any position on any chain making it simple for DeFi and TradFi businesses to have interoperability between chains-while having tools for monitoring,analytics,and fail-safes.Founded:2021Headquarters:BerlinPilePi
288、le is a cryptocurrency as a service platform for fintechs,startups,and neobanks to easily integrate crypto and DeFi into their existing infrastructure.Founded:2022Headquarters:BerlinAlloyAlloy is a B2C DeFi company that focuses on building tools and infrastructure for legacy financial businesses to
289、integrate into the world of DeFi.Founded:2021Headquarters:BerlinGreentradeGreentrade accelerates the funding of new carbon projects by turning long-term purchase agreement into tradeable digital assets and making them available for corporate investors.Founded:2021Headquarters:EberswaldeCompanies are
290、 sorted by descending order by the amount of funds raised39THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEWSobaSoba is a web3 online multiplayer open world and gaming platform with integrated no-code game-making tools that will utilize NFTs to.Everyone can easily
291、create their own games without needing to know how to code and play games that others have created.Founded:2018Headquarters:Berlin$13,600,000TOTAL FUNDING$13,600,000FUNDING Q1-Q3 2022Seed RoundLAST FUNDING TYPE04GAMINGGaming businesses include those businesses that are building games or related prod
292、ucts in the web3 space.40THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEW05INFRASTRUCTURE&DEVELOPMENTInfrastructure and Development businesses are those that are building the underlying blockchain infrastructure and developer tools.This would include businesses th
293、at are working on protocols,consensus mechanisms,chain interoperability,developer tools et.al.$125,000,000TOTAL FUNDING$4,000,000TOTAL FUNDING$16,000,000TOTAL FUNDING$280,000TOTAL FUNDING$9,900,000TOTAL FUNDING$100,000,000FUNDING Q1-Q3 2022$4,000,000FUNDING Q1-Q3 2022$10,000,000FUNDING Q1-Q3 2022$28
294、0,000FUNDING Q1-Q3 2022$6,000,000FUNDING Q1-Q3 2022Funding RoundLAST FUNDING TYPESeed RoundLAST FUNDING TYPEVenture RoundLAST FUNDING TYPEPre-SeedLAST FUNDING TYPESeed RoundLAST FUNDING TYPEWorldcoinWorldcoin is currently building a privacy-focussed protocol called Privacy-Preserving Proof-of-Person
295、hood Protocol(PPPoPP)and aims to onboard a billion users via an airdrop of tokens after they have confirmed their unique identity.Founded:2019Headquarters:BerlinChainflipChainflip is a decentralized,trustless protocol that enables cross-chain swaps between different blockchains.Founded:2020Headquart
296、ers:Berlinpeaqpeaq focuses on building decentralized infrastructure for the Economy of Things.Their EVM-compatible network aims to solve fragmentation,trust,scaling,and interoperability issues to enable devices and machines to autonomously exchange,synchronize and trade data in real-time.In addition
297、 to the network itself,peaq has also created a range of blockchain and software tools to make development and integration into their ecosystem seamless.Founded:2017Headquarters:BerlinChain4TravelChain4Travel performs the KYC,and provides the application suite for the Camino Network.A blockchain buil
298、t specifically to cater to travel and leisure dApps.Founded:2021Headquarters:Dsseldorfbasenode.iobasenode.io is an accounting solution for digital assets that offers seamless crypto invoicing and portfolio tracking.Founded:2021Headquarters:BerlinCompanies are sorted by descending order by the amount
299、 of funds raised41THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEW06NFTsNon-fungible tokens are tokenized representations of value that are issued and administered on a blockchain.Think digital baseball cards or collectibles except with mathematical proof that you
300、r piece is 100%unique.$8,500,000TOTAL FUNDING$4,350,000TOTAL FUNDING$1,500,000TOTAL FUNDING$7,500,000FUNDING Q1-Q3 2022$3,600,000FUNDING Q1-Q3 2022$1,500,000FUNDING Q1-Q3 2022Series ALAST FUNDING TYPEFunding RoundLAST FUNDING TYPEPre-SeedLAST FUNDING TYPEMintbase IncMintbase develops tools to enable
301、 developers to create their own NFT platforms.Founded:2019Headquarters:BerlinbitsCrunchbitsCrunch is an analytics firm that provides AI-enabled securing services to protect the integrity of the blockchain and NFT ecosystems.bitsCrunch specializes in providing data-driven insights to combat wash trad
302、ing,fraud,and inaccurate valuations relating to NFTs.Founded:2021Headquarters:MunichFUELFUEL platform enables creators to launch,manage,and grow their NFT collection using a broad range of tools.Founded:2022Headquarters:BerlinCompanies are sorted by descending order by the amount of funds raised42TH
303、E GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AND COMPANY OVERVIEWfilancorefilancore provides a Self Sovereign Identity management platform for the IoT space.Their Identity Gateway is an Identity as a Service solution that enables interactions between actors in an IoT ecosystem.Found
304、ed:2019Headquarters:Limburgerhof$450,000TOTAL FUNDING$450,000FUNDING Q1-Q3 2022Seed RoundLAST FUNDING TYPE07SELF SOVEREIGN IDENTITYSelf Sovereign Identity businesses focus on creating,managing,and verifying identity on a blockchain.43THE GERMAN BLOCKCHAIN REPORT 2022 05.GERMAN BLOCKCHAIN INDUSTRY AN
305、D COMPANY OVERVIEW08SUPPLY CHAIN&VERIFICATIONBlockchains are immutable,append-only,unhackable ledgers by design.As a result,they are an excellent means of providing proof of the current state of affairs.Supply chain&verification businesses make use of the technology to provide stakeholders with a fl
306、awless means to verify the authenticity of a product and its history.$2,200,000TOTAL FUNDING$160,000TOTAL FUNDING$2,200,000FUNDING Q1-Q3 2022$130,000FUNDING Q1-Q3 2022Seed RoundLAST FUNDING TYPESeed RoundLAST FUNDING TYPEAsvinasvin develops solutions for managing the cybersecurity and provenance of
307、software supply chains for multiple domains such as automotive,aerospace,telecom,medical,energy,and industrial systems.asvin provides a distributed ledger-based solution and services to record software bills of materials,track and trace all software-related processes,document regulatory compliant me
308、thods,and derive software supplier risks analytic insights.Founded:2018Headquarters:StuttgartTracifierTracifier is a blockchain-based traceability application used for supply chain and certificate verification.The solution provides an authoritative record of provenance for role players throughout th
309、e agricultural and logistical supply chain.Founded:2019Headquarters:HamburgCompanies are sorted by descending order by the amount of funds raised44THE GERMAN BLOCKCHAIN REPORT 2022 BANKING THE BLOCKCHAIN SECTORPowered by Bank Frickwww.bankfrick.li/BANKING THE BLOCKCHAIN SECTORCurrently,nearly 10,000
310、 tokens and coins are listed on Coinmarketcap.In addition,there are countless companies whose business model revolves around crypto assets or blockchain technology.These include centralized crypto exchanges,brokers,traders,and developers.These companies share a common problem they have struggled to
311、open a business account or provide fiat access for their clients.Lack of regulatory frameworkThe banking sector has been one of the most heavily regulated sectors in the past 30 years.In particular,the global financial crisis triggered by the Lehman bankruptcy resulted in significantly tighter secto
312、r supervision through implementing guidelines such as Basel III and Mifid II.Understandably,most banks are still reluctant to expand their services to the blockchain sector.With the Markets in Crypto Assets(MiCA)regulation,the European Union is now the first major economic region in the world to com
313、e forward.If the last outstanding points are finally decided,it will still take another 18 months until the regulation finally comes into force time enough for banks to expand their resources,but this hardly helps the blockchain start-ups today.In addition,the banking world will likely continue to h
314、old back until the US presents its regulations and provides clarity.The current administration is working flat out to balance enabling innovation in the financial sector and combating illegal activity.However,it remains unclear when these rules will be ready and applicable.Small jurisdictions lead t
315、he wayHowever,some jurisdictions and banks have recognized blockchains potential and have already implemented regulations.Among these select jurisdictions are Switzerland and Liechtenstein,over which Crypto Valley spans.While Switzerland introduced the legal framework in the DLT Act in 2021,the Prin
316、cipality of Liechtenstein already provided the necessary legal certainty for companies and banks in 2020.This legal certainty has meanwhile attracted over 1,128 companies to the region as of 2021(source:PWC).This includes giants such as Ethereum or the Cardano Foundation and put Crypto Valley on the
317、 international map as a future-driving location for the industry.With Liechtenstein,an EEA member is also represented,which enables the companies based there to offer their services to the rest of the EEA,effectively setting the course for the future via direct communication channels between the ind
318、ustry and the Financial Market Authority(FMA).Prerequisites for banking servicesThe banks from the region that are already working intensively on the subject thus create a decisive benefit.They enable young,emerging start-ups in the industry to access traditional banking services.At the same time,ba
319、nks are actively driving innovation by implementing and expanding business areas in the blockchain industry.However,it is important to distinguish between traditional banks and neo-banks.Neo-banks have the advantage of being able to build a new business model from scratch and are primarily implement
320、ing new services such as custody,staking,lending,and asset management of digital assets.On the other hand,traditional banks are leading a transition to blockchain banking via the structures of traditional banking that have been in place for many years.This is done by providing access to well-establi
321、shed transactional banking while offering the entire infrastructure and range of classic banking services.Bank Frick refers to this integration as crossover finance.A key advantage of the banks of the Crypto Valley is the deep understanding of their clients business models,which they have acquired t
322、hrough the relationships built over the years with start-ups from all sectors of the blockchain industry.This allows banks to efficiently bridge compliance and make complex business cases understandable,removing the fear of the unknown.The regulation of the sector is advancing inexorably,and thus th
323、e market in the segment will be more fiercely contested in the future.However,while most banks continue to stand on the sidelines and watch or even scale back their tentative involvement,the banks of Crypto Valley have been actively gaining experience for many years and have been shaping the sector
324、from the very beginning.This gives the Crypto Valley even more legitimacy to be the most important hub for the industry worldwide.Christos MaloussisSenior Relationship Manager-Blockchain Banking,Bank Frick45THE GERMAN BLOCKCHAIN REPORT 2022 02.RESEARCH METHODOLOGY45THE GERMAN BLOCKCHAIN REPORT 20220
325、6.GERMAN BLOCKCHAIN INDUSTRY DEVELOPMENTS06GERMAN BLOCKCHAIN INDUSTRY DEVELOPMENTS46THE GERMAN BLOCKCHAIN REPORT 2022 06.GERMAN BLOCKCHAIN INDUSTRY DEVELOPMENTSGERMAN BLOCKCHAIN INDUSTRY DEVELOPMENTSINTRODUCTION In 1450,a German goldsmith invented a technology that transformed the world.His name was
326、 Johannes Gutenberg,and his printing press disrupted Europes centuries-old ironclad power structures.The churchs control over the distribution of the written word was broken.Pope Alexander VI,in a belated overreaction,threatened ex-communication in 1501 to anyone printing non-approved items.Just six
327、teen years later,Martin Luther was hammering his 95 Theses to the door of the castle in Wittenberg,and the Reformation had begun.The repository of knowledge moved out of monasteries and into public libraries and open universities.Access to cheap books created a sudden rise in literacy and an explosi
328、on of ideas in art,science,and exploration.Ferdinand Magellan,Christopher Columbus,Amerigo Vespucci,and Marco Polo set off to discover new worlds.Botticelli painted The Birth of Venus,Da Vinci painted the Mona Lisa and The Last Supper,and Michelangelo carved the statue of David and painted The Creat
329、ion of Adam on the roof of the Sistine Chapel.Galileo and Copernicus said the sun,not the Earth,was the center of the solar system,Thomas Hobbes wrote Leviathan,and Rene Descartes famously said,“Cogito ergo sum.”Its no exaggeration to say that Gutenbergs printing press was the catalyst that sparked
330、the peak of the European Renaissance in the 1600s.The next great leap forward would be the steam-driven First Industrial Revolution in the late 1700s.The Second,in the 1870s,was driven by electricity and mass production,and the Third,around 1969,with nuclear power and the Internet.Throughout history
331、,revolutionary technologies have driven transformation.When they occur,renewal emerges and nudges the world toward better efficiencies and improved well-being.We are currently undergoing another tectonic shift-a new Renaissance-underpinned by the revolutionary technology known as blockchain.Blockcha
332、in is powering a new wave of technological change that is disrupting the ironclad global power structures that currently control the Internet.Blockchain is much more than something on which cryptocurrencies are built.Its unique properties are redefining how we use the Internet and own data.It is dri
333、ving a decisive new phase of the World Wide Web-Web3.Blockchain makes it possible for data to become decentralized and for ownership to be returned to the user.What Gutenbergs printing press did for the Renaissance,blockchain is doing to the Internet,and once again,Germany is playing a pivotal role in this new digital era.DIFFERENT TYPES OF BLOCKCHAINS While blockchain initially made a name for it