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The Block: Analysis of 5 innovative projects worth paying attention to.

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Therefore, this article focuses on five startup companies in the cryptocurrency industry that may one day replace the companies that went bankrupt last year.

The Block: A Look at 5 Innovative Projects Worth Paying Attention To

Author: Frank Chaparro, Editor-in-Chief of The Block

Translated by: PANews

Over the past year, FTX, Genesis, Voyager, and Three Arrows have all exited the cryptocurrency stage. It has been a year of significant change, not only for the entire cryptocurrency industry, but also for the author. However, this has also provided an opportunity to focus on emerging small businesses. This is truly exciting, especially for new entrepreneurs and first-time founders who stand out. They are still passionate and friendly, not discouraged by the challenges of running a company. Therefore, this article focuses on five startups in the cryptocurrency industry that may one day replace the companies that went bankrupt last year.

Ostium Labs

The encryption startup company Ostium Labs has raised $3.5 million in funding and has received support from investors such as General Catalyst, LocalGlobe, SIG, and Balaji Srinivasan. The company is developing a digital commodity perpetual swap agreement, seeking a more transparent and flexible alternative to traditional derivative platforms to attract traditional commodity traders and cryptocurrency traders. The platform will support perpetual trading of assets pegged to oil, bitcoin, and several major currencies, aiming to bring real-world assets onto the blockchain. The project has established a partnership with Chaos Labs and plans to use Chainlink for price feeds. Ostium Labs aims to directly provide a wider range of asset-class on-chain trading to fill market gaps.

JKLabs

JKLabs is a startup company in the encryption industry, aiming to solve governance issues in the DeFi and web3 ecosystems by providing a platform that facilitates on-chain decision-making and community participation. Unlike traditional governance platforms that rely on token voting, JKLabs uses on-chain reputation to determine the influence of participants in the governance process, thus achieving more meaningful and fair participation. This approach enables projects to organize competitions, hackathons, and grant programs, while providing opportunities for community members to profit and expand their audience, in order to explore more transparent and effective governance models in the encryption industry. The company recently raised $2 million in pre-seed funding from various investors.

Fractal

Fractal is a startup founded by Aya Kantorovich and Alex Elkrief, which has raised $6 million to develop a platform aimed at improving transparency in digital asset clearing and settlement. The company aims to prevent user losses due to bankruptcies of companies such as Three Arrows and FTX, allowing customers to monitor their positions in real time and limiting collateral for loans to blue-chip cryptocurrencies to ease liquidity issues faced by counterparties.

Turnkey

Turnkey is a startup led by former Coinbase Custody executives, which has received $7.5 million in seed funding. The company aims to provide a developer-first platform for protecting and managing digital assets in the cryptocurrency industry. The platform aims to provide flexible, programmable solutions for generating wallets and signing transactions on different blockchain networks, addressing the increasingly complex issues of on-chain transactions. According to Chainalysis, this move is in response to users' growing concerns about the security of digital assets, as this year's cryptocurrency hacking incidents have resulted in a record $3.8 billion in losses.

Architect

Former FTX.US president Brett Harrison has raised $5 million in funding from investors such as Coinbase Ventures and Circle Ventures to establish a new company called Architect. Architect will focus on providing software trading tools for DeFi to meet the needs of large investors and institutions. The company aims to develop institutional-grade trading technology to simplify access to decentralized protocols and centralized exchanges for corporations, large traders, and trading firms.