Due to the popularity of blockchain, many startups choose to build their activity based on this technology. We look at the Best UK blockchain startups and highlight the reasons for their success.
Best UK Blockchain Startups and Businesses in 2021
Although distributed ledger technology is relatively novel in some parts of the world, many startups and businesses from the United Kingdom have been relying on the power of blockchain technology for years.
The disruptive technology based on the idea of a distributed ledger has been used in various sectors in the UK. It includes energy, security, healthcare, crypto trading, transport, logistics, the Internet of Things, and much more. Of course, the financial sector remains the primary focus of blockchain in the UK.
Also read: 8 Best Free Cryptocurrency Apps for iPhone
Blockchain professionals in the UK recognized its constructive and destructive power, the latter embodied in crypto mining. It is something that is not particularly friendly to the environment. That’s why there’s a developing conversation about ESG (Environmental, Social and Corporate Governance). It advocates new uses of blockchain that will be environmentally friendly.
But blockchain is here to stay, and new blockchain startups in the UK come up all the time. Using a blockchain for a startup makes crowdfunding much easier as companies can invest in cryptocurrency and support the business.
Let’s take a glance at successful startups-turned-companies that rely on blockchain technology and are still turning investors’ heads in the UK.
Must visit: cryptocurrency apps for android
Blockchain.com is a blockchain-based company in the UK that began as a startup. Founded in 2011, it offers a range of cryptocurrency-related services, such as a cryptocurrency wallet, an exchange, application programming interfaces (APIs), and more. It has records of more than $1 trillion in cryptocurrency transactions and is one of the successful projects that operates at total capacity.
The platform was founded by Nicolas Cary, who joined forces with Benjamin Reeves and Peter Smith to find the UK-headquartered company. The startup managed to collect a total of $190m through funding and was supported by some top-tier investment organizations, including Google Ventures and Lightspeed Venture Partners.
The company continued to raise money for its projects. For example, in March 2021, it raised another $300m in Series C round, and it seems that investors are always eager to entrust it with their funds.
The idea behind Elliptic is to bring compliance to the world of digital currencies, which are still unregulated. The platform offers analytics based on distributed ledger technology and certification for cryptocurrency ventures, regulatory bodies, and financial organizations. In addition to that, it helps with financial crime risk management, regulatory compliance, and more.
It was a couple of years after its founders started exploring the emerging world of cryptocurrencies. That is when they noticed the lack of regulation. Elliptic was established in London and managed to collect $100m across all series of investments. Evolution Equity Partners, SignalFire, SoftBank Vision Fund, and others were its supporters. The last funding round took place on October 11, 2021, when the company raised $60m.
SETL is a blockchain-based company that aims to improve settlements and payments taking place on the blockchain. Peter Randall founded it, and its headquarters are in London, UK. The company has managed to collect a total of $39m through funding, with two big investing groups supporting it so far — Credit Agricole CIB and Deloitte.
SETL has big goals, and it seems that it’s doing pretty well, as Banque de France (BDF) managed to use the company’s blockchain service, which powered IZNES (a funding platform) to make the first-ever CBDC transaction.
Alexander Gorelik and Irra Ariella Khi were the founders of Zamna in London. The award-winning company focuses on the aviation industry by building identity platforms compliant with the General Data Protection Regulation (GDPR). It helps with facilitating the process of passenger identity verification and making it more secure. The platform’s primary underlying technology is blockchain.
So far, the company has managed to collect a total of $5.9m through funding, with investors such as LocalGlobe, International Airlines Group, and Oxford Capital Partners.
Headquartered in Cambridge, UK, Fetch. AI focuses on resolving complex obstacles by developing an open-access network based on artificial intelligence (AI) — machine learning, to be precise. It aims to speed up and improve the process of building an economy revolving around the distributed ledger with the help of artificial intelligence.
Humayun Sheikh is the founder of the platform, who joined forces with Thomas Hain and Toby Simpson in 2017. Since then, it has managed to collect a total of $26m through several funding rounds, including an ICO in February 2019. Apart from GDA Group, the other two recognized investors include Outlier Ventures and Blockwall Management.
Recently, Fetch, AI claimed to have been a hacking attack target on Binance and lost $2.6m. London’s High Court has ordered the popular cryptocurrency exchange to identify and freeze the accounts used by the potential hackers.
Further Opportunities for UK Blockchain Startups
As you can see, blockchain is a part of many projects in the UK, and the best UK blockchain startups in this article are excellent examples of how it upgrades various industries. Therefore, it’s safe to say that blockchain technology is a prospective solution for every new business. It aims to offer a transparent, fair, and decentralized solution. In addition to that, it could help with funding, thanks to ICOs. There are still many spheres in the UK where the integration of blockchain and further improve its operations.