As venture capital firms continue to flood the crypto and digital asset space with more money, a stampede of unicorns is emerging unlike anything the space has ever witnessed. 18 unicorns-companies with a valuation of $1 billion or more-have been newly minted this calendar year.
Why now?
There is no hot trend or complicated explanation for why crypto is having its moment
- It is the maturation of the industry and everything that goes along with that evolution that is making companies like Bitpanda, Ledger, and BlockFi hit the magical unicorn mark
- One of the main aspects of that maturation is the buildup of the ecosystem around crypto, which is now starting to create its own $1 billion-plus companies
Big checks
TaxBit recently became a unicorn in the crypto space when it closed a $130 million Series B earlier this month.
- The company raised its Series A and Series B within about seven months of each other due to its faster-than-expected growth, as well as significant investor interest in the company.
Legitimacy and Regulation
The embracing of the crypto world by more traditional banks, investment institutions and companies likely has helped jumpstart many of the large growth firms and institutional investors into the space after years of shying away.
- Companies going public in the space like Coinbase, Circle and Robinhood have further justified the space-especially with investors now able to see the volume handled by those companies.
