Not very long ago, any firm would need to go through rigorous operations to be able to operate in a country. Things have changed with globalisation and the advent of the blockchain era, in which startups are based out of anywhere in the world and raising money in millions and some, in billions. How different is it for cryptocurrency-based startups as opposed to others on the market? Here’s the reveal:
The Growth Can be Painstakingly Slow
A few years back, in 2015, Magister Advisors reported about getting to see five blockchain/bitcoin-based unicorns in 2016. It wasn’t until August 2017, when Coinbase was coined as the first-ever cryptocurrency unicorn startup. The firm had a $1.6 billion valuation at that time because of a $108 million funding round that was announced.
This gap of two years clearly depicts that the growth for blockchain-based startups is anything but rapid.
You Don’t Always Need a Product
If you take a look at unicorns like Airbnb, Uber, Lyft etc., you’ll find that most of them have a product to offer. But this is not the case with blockchain-based startups.
OmiseGo and Qtum are two more startups to touch the $1 billion mark. These firms went on to become the first ERC20 tokens, …