The State Of Crypto:
Entrepreneurship Report 2019


A note from Daniel Gouldman, CEO & co-founder, Ternio
“We’re almost there.”
This line has now become a running joke between my wife and I because it’s a phrase she’s heard me repeat so many times since co-founding Ternio.
Like many other crypto founders have come to realize, building a company in this space is hard and “we’re almost there” is what you need to tell yourself everyday to maintain momentum as you fight to turn your vision into a reality.
Elon Musk once said, “Being an entrepreneur is like eating glass and staring into the abyss of death.” If that’s the case for entrepreneurs in other industries, I don’t even want to think about what those who are crazy enough to start a crypto company are eating as they stare into the abyss.
But attracting more founders to eat glass is exactly what we need to do as an industry. We need more entrepreneurs with big ideas and we need more investors that are brave enough to back them.
Fortunately, many founders have been bit by the crypto bug and over 5,000 startups have been launched in the space in the past five years.
Who are these entrepreneurs? Where are they from? And how many jobs have they created?
To answer these questions and more, we spent the past two months collecting and analyzing publicly available data from a hand-built database of 5,331 companies operating in the crypto and blockchain ecosystem.

Here Are Some Highlights


  • 2,577 startups have received funding, either VC, angel, or via an ICO. (Note: This does not include in the startups that raised capital but did not disclose the amount).
  • 472 (18%) of those startups have either closed or are no longer active. These startups combined raised $4.7 billion from investors.
  • 56 (2.3%) startups have been acquired.
  • 5.7% of crypto startups are led by women, the rest are lead by men.
  • 63% of crypto CEOs are white.
  • 38% of crypto startups were founded by first-time founders.
  • NYC is the most popular city for crypto startups.
  • US is the leading country with the United Kingdom in second.
  • Crypto and blockchain focused companies currently employee an estimated 86,443 people across the world.

Part 1: Crypto Entrepreneurship by the Numbers

Since 2014, over 5000 crypto-focused startups have launched raising billions of dollars from investors.
We identified 2,577 companies that had raised funding of any kind and disclosed the amount. Of these 2,577 organizations, 472 (18.3%) had either closed or were inactive (No employees listed on Linkedin and/or website no longer works) and 56 (2.2%) had been acquired.

The 472 organizations that were identified as closed or inactive raised a total of $4,719,628,584 from investors.

Read The Full Report

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