Radar Landscapes Crypto Exchanges and Wallets Landscape of the United States
Crypto Exchanges and Wallets industry in the United States — illustrated cover for the Crypto Exchanges and Wallets Landscape of the United States
Radar · Industry landscape · the United States

Crypto Exchanges and Wallets Landscape of the United States

2,049 Crypto Exchanges and Wallets companies in the United States, in one picture: who is hiring, who is raising money, who founded them, where they are based, what the news is about, which skills employers want and where the research is going. Updated August 2026.

2,049companies tracked
$17.1Bdisclosed funding
48hiring right now
681events · 24 months
394,791news articles · 12 months

Who leads Crypto Exchanges and Wallets in the United States

Shows the 2,049 tracked companies, highlighting the top hiring firms, best‑funded firms, and the number currently hiring or with disclosed funding rounds.

open roles
Hiring now
ranked by live open roles
  1. 01Coinbase12last posted Jul 2026
  2. 02Airswift10last posted May 2026
  3. 03Riot Platforms7last posted Jun 2026
  4. 04Kraken6last posted Jan 2026
  5. 05Uphold5last posted May 2026
  6. 06Wintermute5last posted Jun 2026
  7. 07CoinTracker4last posted Feb 2026
  8. 08Satoshi Energy4last posted Feb 2026
48 companies hiring · 0 posted in the last 30 days
disclosed funding
Most funded
disclosed totals, all rounds
  1. 01Marathon Digital Holdings$1.8BPost IPO · Jul 2025
  2. 02Coinbase$1.8BPost IPO · Aug 2021
  3. 03Core Scientific$1.1BPost IPO · Aug 2024
  4. 04Kraken$866.7MSeries D · Feb 2026
  5. 05Riot Platforms$648.8MPost IPO · Dec 2024
  6. 06Genesis Digital Assets$556MSeries D · Sep 2021
  7. 07Voyager$485.4MPost IPO · May 2022
  8. 08ETHZilla$425MPost IPO · Jul 2025
495 companies with disclosed rounds · $17.1B total
revenue
Revenue leaders
official filings first, else latest snapshot
  1. 01Coinbase$1.4BFY2025 filing
  2. 02Ondo$618.7MFY2025 filing
  3. 03Cipher Mining$34.8MFY2025 filing
  4. 04Kraken$21.3MFY2023 filing
  5. 05Marathon Digital Holdings$17.4MFY2020 filing
  6. 06BitMine$11MFY2026 filing
  7. 07LM Funding$8.8MFY2023 filing
  8. 08Gryphon Digital Mining$2.1MFY2023 filing
12 companies with a revenue figure
headcount
Largest teams
ranked by tracked headcount
  1. 01Coinbase3,416tracked employees
  2. 02Gemini551tracked employees
  3. 03Yellow Card Financial217tracked employees
  4. 04Voyager199tracked employees
  5. 05Crossover Markets176tracked employees
  6. 06BitMart165tracked employees
  7. 07Bullish113tracked employees
  8. 08CoinTracker83tracked employees
50 companies with headcount data
share of events
Share of voice
share of all tracked sector news events, 24 months
  1. 01TeraWulf16.6%155 tracked events
  2. 02Kraken12.6%118 tracked events
  3. 03Core Scientific11.6%108 tracked events
  4. 04Coinbase10.5%98 tracked events
  5. 05Gryphon Digital Mining5.0%47 tracked events
  6. 06Bullish3.3%31 tracked events
  7. 07Tandem2.9%27 tracked events
  8. 08Riot Platforms2.8%26 tracked events
934 tracked events across 67 companies
web reach
Most-used apps
the sites in this sector the web visits most
  1. 01Coinbasetop 50kcoinbase.com
  2. 02Pi Networktop 50kminepi.com
  3. 03Krakentop 50kkraken.com
  4. 04Axiomtop 50kaxiom.trade
  5. 05MetaMasktop 100kmetamask.io
  6. 06NonKYCtop 500knonkyc.io
  7. 07Poloniextop 500kpoloniex.com
  8. 08Trust Wallettop 500ktrustwallet.com
401 companies here run a site with a measured audience · 34 of them sit inside the web’s top million
articles
In the news
Prism news coverage, last 12 months
  1. 01Coinbase24,471articles in the window
  2. 02Kraken7,858articles in the window
  3. 03Ondo1,719articles in the window
  4. 04Trust Wallet1,296articles in the window
  5. 05Core Scientific778articles in the window
  6. 06Pi Network739articles in the window
  7. 07BitMart641articles in the window
  8. 08Wintermute561articles in the window
103 of these companies drew sector coverage in the window
Radar

See all 2,049 Crypto Exchanges and Wallets companies in the United States

Filter by funding, headcount, hiring and location, and export the list.

How the Crypto Exchanges and Wallets ecosystem in the United States grew, 2016–2025

Shows the annual count of companies founded from 2016‑2025, with the highest year being 2021 at 319 and 84 founded in 2025.

Companies founded / year
new Crypto Exchanges and Wallets companies in the United States
2016: 602017: 1802018: 2082019: 1102020: 1492021: 3192022: 2282023: 2172024: 1922025: 84
20162025
peak 319 in 2021
Companies raising / year
with a disclosed round that year
20162025
peak 124 in 2021
Disclosed funding / year
sum of disclosed rounds (USD)
2016: 47,329,8272017: 319,431,7382018: 862,671,1772019: 196,495,6792020: 178,381,4802021: 4,408,673,8952022: 2,495,117,8502023: 1,360,329,0242024: 2,641,748,6802025: 3,708,417,958
20162025
peak $4.4B in 2021

Where Crypto Exchanges and Wallets companies in the United States are based

Lists the cities with the most companies, led by San Francisco (258) and New York City (244), followed by Miami, Los Angeles, and Chicago.

San Francisco skyline — Crypto Exchanges and Wallets hub in the United States
Hub 01
San Francisco
258 Crypto Exchanges and Wallets companies
34% of the Crypto Exchanges and Wallets companies across these hubs
258companies
$4.4Bdisclosed funding
12hiring now
Photo Wikipedia · San Francisco · CC BY-SA 4.0
New York City skyline — Crypto Exchanges and Wallets hub in the United States
Hub 02
New York City
244 Crypto Exchanges and Wallets companies
32% of the Crypto Exchanges and Wallets companies across these hubs
244companies
$2.3Bdisclosed funding
8hiring now
Photo Wikipedia · New York City · CC BY-SA 4.0
Miami skyline — Crypto Exchanges and Wallets hub in the United States
Hub 03
Miami
55 Crypto Exchanges and Wallets companies
7% of the Crypto Exchanges and Wallets companies across these hubs
55companies
$393.3Mdisclosed funding
Photo Wikipedia · Miami · CC BY-SA 4.0
Los Angeles skyline — Crypto Exchanges and Wallets hub in the United States
Hub 04
Los Angeles
53 Crypto Exchanges and Wallets companies
7% of the Crypto Exchanges and Wallets companies across these hubs
53companies
$63.4Mdisclosed funding
1hiring now
Photo Wikipedia · Los Angeles · CC BY-SA 4.0
Chicago skyline — Crypto Exchanges and Wallets hub in the United States
Hub 05
Chicago
47 Crypto Exchanges and Wallets companies
6% of the Crypto Exchanges and Wallets companies across these hubs
47companies
$231.1Mdisclosed funding
3hiring now
Photo Wikipedia · Chicago · CC BY-SA 4.0
Austin, a Crypto Exchanges and Wallets hub in the United States
Hub 06
Austin
42 Crypto Exchanges and Wallets companies
5% of the Crypto Exchanges and Wallets companies across these hubs
42companies
$88Mdisclosed funding
generated artwork
Wilmington, a Crypto Exchanges and Wallets hub in the United States
Hub 07
Wilmington
39 Crypto Exchanges and Wallets companies
5% of the Crypto Exchanges and Wallets companies across these hubs
39companies
$38.8Mdisclosed funding
2hiring now
generated artwork
Palo Alto, a Crypto Exchanges and Wallets hub in the United States
Hub 08
Palo Alto
29 Crypto Exchanges and Wallets companies
4% of the Crypto Exchanges and Wallets companies across these hubs
29companies
$439.4Mdisclosed funding
3hiring now
generated artwork

The Crypto Exchanges and Wallets market map of the United States: what these companies actually do

Breaks down the main product sub‑categories and revenue models, noting fintech (2,033) and subscription revenue (1,521) as the largest groups.

  • Fintech2,033 companies · $17.1B raised · 48 hiring
  • Blockchain in Financial Services1,869 companies · $13.9B raised · 47 hiring
  • Consumer Digital1,642 companies · $11.6B raised · 33 hiring
  • Web 3.01,041 companies · $10.1B raised · 25 hiring
  • Decentralized Finance714 companies · $4.2B raised · 15 hiring
  • Enterprise Tech630 companies · $9.9B raised · 24 hiring
  • Deep Tech405 companies · $7.1B raised · 9 hiring
  • Yield Farming238 companies · $1.7B raised · 4 hiring
  • Enterprise Software186 companies · $2.7B raised · 6 hiring
  • Marketplaces132 companies · $321M raised · 4 hiring
  • SaaS82 companies · $1.2B raised · 3 hiring
  • Blockchain Protocols45 companies · $806.4M raised · 2 hiring

Monetization

How Crypto Exchanges and Wallets companies make money

How many companies earn revenue each way. Plenty use more than one model, so the counts add up to more than the sector.

Subscription1,521
Commission on Transaction1,379
E-Commerce - Service598
Fee-For-Service351
Advertising203
E-Commerce - Product135
Freemium132
Lending61

Funding, M&A and the deals moving Crypto Exchanges and Wallets in the United States

Counts 681 corporate events in the past two years, including earnings releases, funding rounds, mergers and acquisitions, key‑person moves, and contracts.

Earnings 148Funding 120M&A 102Leadership 87Contracts 54Assets 38Announcement 32Capital 23Lawsuit 15IPO 12
  • M&ABullish has entered into a definitive agreement to acquire Equiniti, a leading global transfer agent serving nearly 3,000 issuer clients.2026-05-05
  • M&AThe move builds on earlier acquisitions of marine weather analytics provider OpenOcean in 2022.2026-04-24
  • M&AAccording to a release, the buyer is Toronto-based Apotex, billed as Canada’s largest pharmaceutical company.2026-04-23
  • M&AKraken has acquired Bitnomial, a futures and options exchange website, in a tech M&A deal valued at $550 million.2026-04-22
  • FundingCore Scientific is preparing a $3.3 billion debt offering as it accelerates its transition from bitcoin mining to high-performance computing infrastructure.2026-04-22
  • FundingHelium Real Estate Tech Real Estate Services B2C $539K - Albinder Dhindsa (Eternal), Kunal Shah (CRED), Pankaj Chaddah (Shyft), Mohit Gupta (COYU), Akriti Chopra (Eternal), Gunjan Patidar, Nitin Gupta (Uni Cards)2026-04-18
  • FundingAround the same time, Google increased its backstop for TeraWulf to US$3.2 billion to support debt financing.2026-04-16
  • Fundinga $1bn raise by Octopus Energy spin out Kraken which was valued at $8.65bn.2026-04-13
  • FundingCrossover Markets Group — Raised: $31M About: Crossover Markets is a digital asset trading technology firm. Key Investors: Tradeweb, Wintermute, Ripple, DRW, Virtu2026-04-06
  • M&ATroutman Pepper Locke represented Georgia Banking Company, Inc. (GBC), the parent company of Georgia Banking Company, in its definitive agreement to merge with Tandem Bancorp, Inc. (Tandem), the parent company of Tandem Bank.2026-03-31

Mergers and acquisitions

Deals from the last 24 months where a Crypto Exchanges and Wallets company in the United States was the buyer or the one bought, newest first. “Undisclosed” means the price was never published — not that the deal was worth nothing.

AcquirerTargetDeal valueStatusDate
Bullishequiniti$4.2BAnnounced2026-05-05
sinayOpenOceanundisclosedCompleted2026-04-24
apotexCumberlandundisclosedAnnounced2026-04-23
KrakenBitnomial$550MAnnounced2026-04-22
PaywardBitnomial$550MAnnounced2026-04-17
saudi energyKrakenundisclosedPending2026-04-13

Who is listing, hiring leaders, launching and winning work

Details specific events such as IPO filings, leadership changes, product launches, and contract wins for companies in the sector.

IPO pipeline
3 companies listed or filing · last 24 months
  • BullishIPO · NYSE · BLSH · 8 reportsApr 2026
  • KrakenIPO · London Stock Exchange · 5 reportsApr 2026
  • CoinbaseDirect Listing · 1 reportDec 2025
Leadership moves
38 tracked people moves · last 12 months
  • Crossover MarketsJay Patel · Appointment → Global Head of MarketsMay 2026
  • BastionJoanna Barnes · Appointment → Executive Media DirectorApr 2026
  • BastionAlicia Tutty · Appointment → Media PartnerApr 2026
  • StarrVichai Laotrakul · Appointment → Chief Executive OfficerApr 2026
  • KrakenRon Francis · Resignation — was President of Hockey OperationsApr 2026
  • Chaos LabsOmer Goldberg · Departure — was Aave’s primary risk partnerApr 2026
  • CoinbaseJose del Corral · Appointment → Vice President of Customer ExperienceMar 2026
  • CoinbaseFred Ehrsam · Appointment → Member of President’s Council of Advisors on Science and TechnologyMar 2026
Product launches
tracked launches · last 12 months
  • LuxorCommander (Software)Apr 2026
  • TemplumLimited-time private market investment window (Private market investment window)Mar 2026
  • CoinbaseAgentic Wallets (Wallet infrastructure)Feb 2026
  • FusepayFusepay Digital Payment Platform (Payment Platform)Nov 2025
  • CoinbaseDigital Token Offering PlatformNov 2025
  • HurupayEarn (Savings product)Oct 2025
  • HurupayInvest (Investment platform)Oct 2025
Contract wins
20 customer wins · last 24 months
Workforce actions
3 companies cutting roles · last 24 months
  • Coinbase~660 roles reported · cost reduction, AI challengesMay 2026
  • Cumberlandscale undisclosedApr 2026
  • Kraken~1,100 roles reported · macroeconomic factorsAug 2025
Regulatory & litigation
10 regulatory events · 13 tracked suits · 24 months
  • Coinbaseconditionally approved for National Trust Company Charter — Office of the Comptroller of the Currency (OCC)Apr 2026
  • TeraWulfreject application — Federal Energy Regulatory CommissionApr 2026
  • StarrlicensedDec 2025
  • Alt 5 Sigmanot in compliance with listing rule 5250(c)(1) — Nasdaq Stock Market LLCDec 2025
  • new york v upholdCredEarn settlement dispute · SettledMay 2026
  • exodus v web3 consulting, Garth HowatMerger enforcement / acquisition dispute · FiledApr 2026
Earnings pulse
companies reporting results · last 24 months
21 companies reporting149 company-quarters trackedbeat 22miss 30in line 0

Half of these companies grew revenue faster than +34.5%, half slower.

Who is building Crypto Exchanges and Wallets in the United States

Profiles 1,093 founders and CEOs across 721 firms, showing top alma maters like Stanford (23) and common prior employers such as Microsoft (17).

Founders and chief executives12 of 1,093, from the best-funded companies on this page
Fred Thiel
CEO & Chairman
Fred Thiel

Thiel Advisors, Oden Technologies, Navigate Ventures, Graham Partners, ex-Sequent Software, Utimaco, Predixion Software, AssetPoint.

Brian Armstrong
Co-Founder & Co-CEO
Brian Armstrong

Coinbase, NewLimit · Ex-Founder & CEO UniversityTutor, Airbnb · Rice University BS 2005, MS 2006

David Ripley
CEO
David Ripley
repeat founder

Lucent Technologies, Kraken Digital Asset Exchange, The Boston Consulting Group, Syclo.University of Illinois Urbana-Champaign BS 1999…

Jason Les
CEO
Jason Les

Binary Digital SG.UC Irvine BS 2010

Marco Krohn
Co-Founder
Marco Krohn

Co-Founder & CEO Genesis Mining & Blockchain Consulting, UniCredit CIB. Leibniz University Hannover PHD 2005

Cameron Winklevoss
Co-Founder
Cameron Winklevoss

Co-Founder Gemini, ex-USRowing, ConnectU. Harvard University 2004, University of Oxford MBA 2010

Mo Shaikh
Co-Founder & Co-CEO
Mo Shaikh

Ex-Consensys. Hunter College BS, University of Rochester - Simon Business School MBA

Charles Naut
Co-Founder
Charles Naut
repeat founder

Ex-Lightspeed, Intuit, Co-Founder Playbook HR, myCollegeSTAT, Microsoft. Stanford University BS 2012.

Francesco Agosti
Co-Founder & CTO
Francesco Agosti

Ex-0x, Yelp, Code at Uni. Duke University BS 2015

Sreeram Kannan
Founder & CEO
Sreeram Kannan

College of Engineering, Guindy BE 2006, University of Illinois Urbana-Champaign MSc 2011, PhD 2012

Donald Trump
Co-Founder
Donald Trump

University of Pennsylvania BS

Nader Al-Naji
Founder
Nader Al-Naji

Ex-Founder Basis, Google. Princeton University BS 2013

Where the founders studied
alma mater on record for 174 of 1,093 founders
Stanford University23
Massachusetts Institute of Technology17
University of Pennsylvania13
Harvard University13
Cornell University13
Columbia University9
University of California (Berkeley)9
University of California (Los Angeles)7
Where they worked before
a previous employer on record for 88 of 1,093 founders
Microsoft17
Google12
Facebook10
Goldman Sachs9
Amazon8
Uber7
eBay6
Morgan Stanley6
Founders flagged as repeat founders
of 950 founders with a profile on this page
16
carry a repeat-founder flag
  • flagged as repeat founders16
  • no repeat-founder flag934
Women and men among the founders
first names matched for 956 of 1,093 founders
7%
of matched founders are women
  • women66
  • men890
Inferred from first names, using 119 million people who state their own gender: a first name counts only where at least 20 of them share it and at least 90% of those share the same gender. The other 137 founders go in neither column.
Radar

Look up the people behind Crypto Exchanges and Wallets companies in the United States

Search founders, executives and operators by company, role and location.

Who funds Crypto Exchanges and Wallets in the United States

Summarizes 901 funding rounds since 2016 from 1,544 investors, with a typical round size of $4 million.

Investor · most active investors since 2016RoundsLedLatest
Coinbase5612Mar 2026
Polychain3222Dec 2024
Andreessen Horowitz2717Jun 2025
Pantera Capital2517Feb 2026
Y Combinator2511Jan 2026
Digital Currency Group225May 2024
Alameda Research205Aug 2022
Electric Capital1811Feb 2025
Multicoin Capital1810Sep 2024
CMT Digital185Oct 2025
Stage mix · rounds since 2016
Seed & Angel475
Series A–B230
Series C+ / PE37
Grants, debt & other159

The typical round is $4M — half were bigger, half smaller.

The biggest Crypto Exchanges and Wallets funding rounds in the United States

Highlights the largest disclosed round—Kraken’s $600 million Series D—and lists ten other large recent rounds.

CompanyRoundSizeWhenBackers
KrakenSeries Dmega-round$600MSep 2025Jane Street, DRW Trading Group, HSG +2 more
Genesis Digital AssetsSeries Dmega-round$431MSep 2021Kingsway Capital, Electric Capital, Ribbit Capital +3 more
GeminiSeries Amega-round$423.9MNov 2021Morgan Creek Capital Management, 10T, ParaFi +5 more
CoinbaseSeries Emega-round$300MOct 2018Tiger Global Management, Y Combinator, Wellington +3 more
BitMineSeries Bmega-round$252.5MJun 2025
RainSeries Cmega-round$250MJan 2026Iconiq Capital, Sapphire Ventures, DRAGONFLY +6 more
American BitcoinSeries D$220MNov 2025Solari Capital, Tony Robbins, Charles Hoskinson +1 more
HeliumSeries D$200MFeb 2022Tiger Global Management, FTX, Seven Seven Six +14 more
KrakenSeries D$200MNov 2025Citadel Securities
DeSoSeries D$200MOct 2022Sequoia Capital, Coinbase, Andreessen Horowitz +1 more
Venture round sizes · 2023–2025
<$1M32
$1–10M114
$10–50M45
$50–250M14
>$250M2

207 venture rounds with a disclosed amount in the window.

Fresh cheques · last 6 months

What the news says about Crypto Exchanges and Wallets in the United States

Counts 394,791 news articles in the last year, with frequent topics on cryptocurrency’s impact on forex, regulatory compliance, interest‑rate decisions, and economic indicators.

News volume
Crypto Exchanges and Wallets coverage across United States · articles per quarter
2021Q2: 47,8752021Q3: 49,4202021Q4: 46,3912022Q1: 71,8032022Q2: 75,9612022Q3: 66,3682022Q4: 73,9782023Q1: 73,5992023Q2: 78,8712023Q3: 73,6472023Q4: 75,2142024Q1: 81,1622024Q2: 63,2042024Q3: 77,3242024Q4: 103,4152025Q1: 126,4182025Q2: 99,5322025Q3: 87,5522025Q4: 86,5562026Q1: 104,123
2021Q22026Q1
peak 126,418 in 2025Q1 · 394,791 articles in the last 12 tracked months
Tone of coverage
share of articles by dominant sentiment (positive / neutral / negative)
202120232025
Positive-tone share moved 67% → 66%, negative 31% → 32% across 2021–2025.

What the coverage is about

The subjects that dominate Crypto Exchanges and Wallets news in United States. The arrow shows whether each one is being written about more or less than a year ago.

  • Cryptocurrency impact on forex markets256,313▲+41%
  • Regulatory compliance in foreign exchange trading50,160▲+85%
  • Interest rate decisions and impacts44,468▲+22%
  • Economic indicators (gdp, cpi, unemployment)41,972▲+12%
  • Commodity trading and price changes40,735▲+58%
  • Federal reserve policy meeting summaries39,448▲+24%
  • Central bank monetary policy announcements38,221▲+12%
  • Trade wars and geopolitical impacts38,211▲+22%
  • Macroeconomic indicators in forex analysis33,018→+1%
  • Central bank monetary policies impacting forex31,100→+4%
Most-covered companies · last 12 months

103 Crypto Exchanges and Wallets companies here were named in the news over this period.

Prism

Watch Crypto Exchanges and Wallets coverage in United States as it happens

Prism follows these subjects story by story — which companies are named, what is said about them and how the tone moves.

Momentum

The words getting louder — and quieter

Which terms are showing up in more stories than a year ago, and which are fading. The percentage is the change in how many articles mention them.

stablecoin fx impact+124%etf trading+146%etfs+141%decentralized forex+97%sector etfs+140%etf structures+145%etf products+156%exchange-traded funds+152%forex liquidity+52%crude oil prices+46%
interest differentials fx-39%monetary easing-34%monetary stance shift-33%currency intervention-41%simulated gambling apps-60%

The pressures the press keeps returning to

Three recurring angles in United States Crypto Exchanges and Wallets coverage, and whether each is getting more attention year on year (through 2025).

Regulatory Risk ▲ rising
548,133 articles touch this dimension · 57.5% critical tone
20212025
signals: currency intervention policies, inflation reports fx, quantitative easing forex
Funding Momentum ▲ rising
109,149 articles touch this dimension · 42.3% critical tone
20212025
signals: inflation reports fx, currency intervention policies, trade deficits fx
Growth ▲ rising
140,684 articles touch this dimension · 48.3% critical tone
20212025
signals: gdp growth forex, inflation reports fx, trade deficits fx

Crypto Exchanges and Wallets jobs in the United States: who is hiring and what they ask for

Reports 4,856 job postings from 205 employers in the past year, noting common skills like Python and React and a median advertised salary of $84 k.

4,856postings · last 12 months
6,991postings tracked overall
205employers advertising
$84kmedian advertised salary/yr (n=389)

Demand

The Skills Employers Ask For

What Crypto Exchanges and Wallets employers in the United States put in their job ads. The bar is how many postings ask for it; the arrow shows whether demand grew or shrank against the year before.

  • python153
  • typescript142
  • sql124
  • react106
  • javascript88
  • rust87
  • postgres67
  • redis64
  • react native61
  • graphql60
What level are these roles?
Entry49
Intern61
Senior1,022
Lead251
Manager1,318
What they pay, by level
  • Manager$76k/yr (n=96)
  • Senior$150k/yr (n=32)
Most advertised titles
  • Security208
  • Sales Associate/Stock147
  • Assistant Manager/Co-Manager136
  • Junior Assistant Manager71
  • Shoe Coordinator48
  • Software Engineer47

What Crypto Exchanges and Wallets research in the United States is working on

Lists 3,926 U.S.‑affiliated academic papers, divided into identified problems (818), cautions (317), and opportunities (1,503).

How this field talks about itself
United States-affiliated Crypto Exchanges and Wallets papers (gold) against all published research (grey)
Descriptive27.2% · 17.6%1.5×
Breakthrough21.3% · 26.4%0.8×
Problem-identifying17.0% · 9.6%1.8×
Promising17.0% · 37.4%0.5×
Cautionary8.1% · 4.3%1.9×
Comparative5.6% · 3.8%1.5×

United States-affiliated Crypto Exchanges and Wallets literature runs 1.5× more “descriptive” than science at large (27.2% vs 17.6% baseline).

How the work is done
Methods-led32.6%
Empirical30.0%
Reviews19.4%
Position pieces13.3%
Theoretical4.7%
How the research reads

83% positive · 4% neutral · 13% negative, across 3,926 papers.

The institutions doing the work · United States
  • Cornell University6k
  • University of Maryland, College Park4k
  • State Street4k
  • National Bureau of Economic Research3k
  • University of California, San Diego3k
  • Johns Hopkins University3k

ranked by how often their work is cited

Leading researchers · United States-affiliated work

Andrew Miller · Christian Cachin · Elli Androulaki · Artem Barger · Vita Bortnikov · Konstantinos Christidis · Elaine Shi · Ahmed E. Kosba

The most-cited breakthroughs
  • Hawk: The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts · 2k cites
  • Zerocash: Decentralized Anonymous Payments from Bitcoin · 2k cites
  • SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies · 1k cites
  • Enabling Blockchain Innovations with Pegged Sidechains · 577 cites
  • Hyperledger Fabric: A Distributed Operating System for Permissioned Blockchains · 506 cites
Common problems researchers identify741 papers · 7 recurring themes
Fundamental Blockchain Security Issues — Common problems researchers identify
Problems · theme 01
Fundamental Blockchain Security Issues
169 papers · 22.8% of this block
2022: 1,902 of every 10,000 papers on this subject2023: 1,943 of every 10,000 papers on this subject2024: 1,501 of every 10,000 papers on this subject2025: 1,351 of every 10,000 papers on this subject2022: 1,902 of every 10,000 papers on this subject2023: 1,943 of every 10,000 papers on this subject2024: 1,501 of every 10,000 papers on this subject2025: 1,351 of every 10,000 papers on this subject▼ -29% share2022→2025 share of research on this subject
Researchers highlight core security and technical challenges in blockchain and cryptocurrency systems.
Blockchain · Cryptocurrency · Distributed ledger · Computer security
“Blockchain Technology: Transforming Libertarian Cryptocurrency Dreams to Finance and Banking Realities”
169 of these papers raise it as a problem
Economic and Payment Risks — Common problems researchers identify
Problems · theme 02
Economic and Payment Risks
166 papers · 22.4% of this block
2022: 1,318 of every 10,000 papers on this subject2023: 1,274 of every 10,000 papers on this subject2024: 1,218 of every 10,000 papers on this subject2025: 1,242 of every 10,000 papers on this subject2022: 1,318 of every 10,000 papers on this subject2023: 1,274 of every 10,000 papers on this subject2024: 1,218 of every 10,000 papers on this subject2025: 1,242 of every 10,000 papers on this subject▼ -6% share2022→2025 share of research on this subject
Studies flag financial instability, network effects, and money‑laundering concerns linked to crypto payments.
Cryptocurrency · Asset · Econometrics · Payment
“CRYPTOCURRENCIES, NETWORK EFFECTS, AND SWITCHING COSTS”
166 of these papers raise it as a problem
Regulatory and Legal Gaps — Common problems researchers identify
Problems · theme 03
Regulatory and Legal Gaps
115 papers · 15.5% of this block
2022: 160 of every 10,000 papers on this subject2023: 151 of every 10,000 papers on this subject2024: 86 of every 10,000 papers on this subject2025: 122 of every 10,000 papers on this subject2022: 160 of every 10,000 papers on this subject2023: 151 of every 10,000 papers on this subject2024: 86 of every 10,000 papers on this subject2025: 122 of every 10,000 papers on this subject▼ -24% share2022→2025 share of research on this subject
Papers point out unclear legislation and enforcement difficulties surrounding virtual currencies.
Cryptocurrency · Legislation · Virtual currency · Enforcement
“Cryptocurrencies for the Payment of Products or Services: Risks, Accounting Practices and Regulations”
115 of these papers raise it as a problem
Malware and Ransomware Threats — Common problems researchers identify
Problems · theme 04
Malware and Ransomware Threats
91 papers · 12.3% of this block
2022: 1,661 of every 10,000 papers on this subject2023: 1,684 of every 10,000 papers on this subject2024: 1,233 of every 10,000 papers on this subject2025: 679 of every 10,000 papers on this subject2022: 1,661 of every 10,000 papers on this subject2023: 1,684 of every 10,000 papers on this subject2024: 1,233 of every 10,000 papers on this subject2025: 679 of every 10,000 papers on this subject▼ -59% share2022→2025 share of research on this subject
Analyses focus on malicious software targeting cryptocurrency platforms and related security breaches.
Computer security · Malware · Cryptocurrency · Ransomware
“A Survey on Ethereum Systems Security”
91 of these papers raise it as a problem
Currency Abuse and Transparency — Common problems researchers identify
Problems · theme 05
Currency Abuse and Transparency
80 papers · 10.8% of this block
2022: 472 of every 10,000 papers on this subject2023: 475 of every 10,000 papers on this subject2024: 333 of every 10,000 papers on this subject2025: 399 of every 10,000 papers on this subject2022: 472 of every 10,000 papers on this subject2023: 475 of every 10,000 papers on this subject2024: 333 of every 10,000 papers on this subject2025: 399 of every 10,000 papers on this subject▼ -15% share2022→2025 share of research on this subject
Research examines how digital currencies can facilitate laundering, tax evasion, and identity concealment.
Cryptocurrency · Currency · Digital currency · Virtual currency
“Bitcoin: Technical Background and Data Analysis”
80 of these papers raise it as a problem
Central Bank Digital Currency Design — Common problems researchers identify
Problems · theme 06
Central Bank Digital Currency Design
67 papers · 9.0% of this block
2022: 476 of every 10,000 papers on this subject2023: 481 of every 10,000 papers on this subject2024: 338 of every 10,000 papers on this subject2025: 408 of every 10,000 papers on this subject2022: 476 of every 10,000 papers on this subject2023: 481 of every 10,000 papers on this subject2024: 338 of every 10,000 papers on this subject2025: 408 of every 10,000 papers on this subject▼ -14% share2022→2025 share of research on this subject
Works discuss policy and technical choices needed for implementing sovereign digital currencies.
Digital currency · Central bank · Currency · Financial system
“Design Choices for Central Bank Digital Currency: Policy and Technical Considerations”
67 of these papers raise it as a problem
Financial Inclusion via Mobile Payments — Common problems researchers identify
Problems · theme 07
Financial Inclusion via Mobile Payments
53 papers · 7.2% of this block
2022: 1,031 of every 10,000 papers on this subject2023: 1,008 of every 10,000 papers on this subject2024: 1,114 of every 10,000 papers on this subject2025: 1,233 of every 10,000 papers on this subject2022: 1,031 of every 10,000 papers on this subject2023: 1,008 of every 10,000 papers on this subject2024: 1,114 of every 10,000 papers on this subject2025: 1,233 of every 10,000 papers on this subject▲ +20% share2022→2025 share of research on this subject
Studies address gaps in digital payment access and the role of fintech for underserved users.
Mobile payment · Financial inclusion · Payment · FinTech
“Financial Exclusion in the Digital Payment Space”
53 of these papers raise it as a problem
Cautions266 papers · 5 recurring themes
Market Dynamics and Adoption Risks — Cautions
Cautions · theme 01
Market Dynamics and Adoption Risks
82 papers · 30.8% of this block
2022: 1,967 of every 10,000 papers on this subject2023: 1,974 of every 10,000 papers on this subject2024: 1,356 of every 10,000 papers on this subject2025: 714 of every 10,000 papers on this subject2022: 1,967 of every 10,000 papers on this subject2023: 1,974 of every 10,000 papers on this subject2024: 1,356 of every 10,000 papers on this subject2025: 714 of every 10,000 papers on this subject▼ -64% share2022→2025 share of research on this subject
Authors caution about volatile market behavior and social‑media influences on crypto adoption.
Cryptocurrency · Econometrics · Computer security · Market capitalization
“An Experimental Study of Cryptocurrency Market Dynamics”
82 of these papers raise it as a problem
Decentralization and Database Limits — Cautions
Cautions · theme 02
Decentralization and Database Limits
67 papers · 25.2% of this block
2022: 1,994 of every 10,000 papers on this subject2023: 2,024 of every 10,000 papers on this subject2024: 1,547 of every 10,000 papers on this subject2025: 1,464 of every 10,000 papers on this subject2022: 1,994 of every 10,000 papers on this subject2023: 2,024 of every 10,000 papers on this subject2024: 1,547 of every 10,000 papers on this subject2025: 1,464 of every 10,000 papers on this subject▼ -27% share2022→2025 share of research on this subject
Research warns of scalability and consistency challenges inherent in decentralized ledger architectures.
Blockchain · Cryptocurrency · Database transaction · Computer security
“Platforms, blockchains and the challenges of decentralization”
67 of these papers raise it as a problem
CBDC Stability and Capital Impact — Cautions
Cautions · theme 03
CBDC Stability and Capital Impact
62 papers · 23.3% of this block
2022: 1,437 of every 10,000 papers on this subject2023: 1,414 of every 10,000 papers on this subject2024: 1,398 of every 10,000 papers on this subject2025: 1,554 of every 10,000 papers on this subject2022: 1,437 of every 10,000 papers on this subject2023: 1,414 of every 10,000 papers on this subject2024: 1,398 of every 10,000 papers on this subject2025: 1,554 of every 10,000 papers on this subject▲ +8% share2022→2025 share of research on this subject
Papers raise concerns about cross‑border digital asset flows and systemic risks from central bank tokens.
Digital currency · Currency · Payment · Central bank
“Central Bank Digital Currency: Central Banking For All?”
62 of these papers raise it as a problem
Legal Uncertainty and Energy Use — Cautions
Cautions · theme 04
Legal Uncertainty and Energy Use
37 papers · 13.9% of this block
2022: 460 of every 10,000 papers on this subject2023: 461 of every 10,000 papers on this subject2024: 318 of every 10,000 papers on this subject2025: 368 of every 10,000 papers on this subject2022: 460 of every 10,000 papers on this subject2023: 461 of every 10,000 papers on this subject2024: 318 of every 10,000 papers on this subject2025: 368 of every 10,000 papers on this subject▼ -20% share2022→2025 share of research on this subject
Analyses highlight ambiguous regulatory frameworks and the environmental cost of cryptocurrency mining.
Cryptocurrency · Virtual currency · Futures contract · Currency
“Bitcoin: The Economic Case for a Global, Virtual Currency Operating in an Unexplored Legal Framework”
37 of these papers raise it as a problem
Pandemic‑Driven Volatility — Cautions
Cautions · theme 05
Pandemic‑Driven Volatility
18 papers · 6.8% of this block
2022: 236 of every 10,000 papers on this subject2023: 136 of every 10,000 papers on this subject2024: 48 of every 10,000 papers on this subject2025: 33 of every 10,000 papers on this subject2022: 236 of every 10,000 papers on this subject2023: 136 of every 10,000 papers on this subject2024: 48 of every 10,000 papers on this subject2025: 33 of every 10,000 papers on this subject▼ -86% share2022→2025 share of research on this subject
Studies note heightened cryptocurrency price swings linked to global health crises.
Volatility · Coronavirus disease 2019 · Cryptocurrency · Pandemic
“A Model of Cryptocurrencies”
18 of these papers raise it as a problem
Opportunities1,315 papers · 7 recurring themes
Scalable Blockchain Architectures — Opportunities
Opportunities · theme 01
Scalable Blockchain Architectures
292 papers · 22.2% of this block
2022: 1,901 of every 10,000 papers on this subject2023: 1,942 of every 10,000 papers on this subject2024: 1,500 of every 10,000 papers on this subject2025: 1,348 of every 10,000 papers on this subject2022: 1,901 of every 10,000 papers on this subject2023: 1,942 of every 10,000 papers on this subject2024: 1,500 of every 10,000 papers on this subject2025: 1,348 of every 10,000 papers on this subject▼ -29% share2022→2025 share of research on this subject
Research proposes frameworks to improve blockchain stability, throughput, and smart‑contract functionality.
Blockchain · Cryptocurrency · Smart contract · Computer security
“Stability and Scalability of Blockchain Systems”
Advanced Cryptographic Analytics — Opportunities
Opportunities · theme 02
Advanced Cryptographic Analytics
263 papers · 20.0% of this block
2022: 1,673 of every 10,000 papers on this subject2023: 1,699 of every 10,000 papers on this subject2024: 1,248 of every 10,000 papers on this subject2025: 767 of every 10,000 papers on this subject2022: 1,673 of every 10,000 papers on this subject2023: 1,699 of every 10,000 papers on this subject2024: 1,248 of every 10,000 papers on this subject2025: 767 of every 10,000 papers on this subject▼ -54% share2022→2025 share of research on this subject
Works explore machine‑learning and cryptographic tools for de‑anonymizing and securing crypto networks.
Computer security · Cryptocurrency · Malware · Cryptography
“Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain”
Investment and Liquidity Strategies — Opportunities
Opportunities · theme 03
Investment and Liquidity Strategies
257 papers · 19.5% of this block
2022: 596 of every 10,000 papers on this subject2023: 592 of every 10,000 papers on this subject2024: 372 of every 10,000 papers on this subject2025: 558 of every 10,000 papers on this subject2022: 596 of every 10,000 papers on this subject2023: 592 of every 10,000 papers on this subject2024: 372 of every 10,000 papers on this subject2025: 558 of every 10,000 papers on this subject▼ -6% share2022→2025 share of research on this subject
Papers investigate portfolio diversification, market‑liquidity dynamics, and new crypto investment models.
Cryptocurrency · Volatility · Market liquidity · Portfolio
“Cryptocurrencies: applications and investment opportunities”
Predictive Price Modeling — Opportunities
Opportunities · theme 04
Predictive Price Modeling
154 papers · 11.7% of this block
2022: 352 of every 10,000 papers on this subject2023: 329 of every 10,000 papers on this subject2024: 145 of every 10,000 papers on this subject2025: 75 of every 10,000 papers on this subject2022: 352 of every 10,000 papers on this subject2023: 329 of every 10,000 papers on this subject2024: 145 of every 10,000 papers on this subject2025: 75 of every 10,000 papers on this subject▼ -79% share2022→2025 share of research on this subject
Studies develop deep‑learning and sentiment‑analysis techniques to forecast cryptocurrency price movements.
Cryptocurrency · Econometrics · Volatility · Sentiment analysis
“Predictive Analysis of Cryptocurrency Price Using Deep Learning”
Efficient Transaction Processing — Opportunities
Opportunities · theme 05
Efficient Transaction Processing
142 papers · 10.8% of this block
2022: 1,179 of every 10,000 papers on this subject2023: 1,129 of every 10,000 papers on this subject2024: 1,163 of every 10,000 papers on this subject2025: 1,321 of every 10,000 papers on this subject2022: 1,179 of every 10,000 papers on this subject2023: 1,129 of every 10,000 papers on this subject2024: 1,163 of every 10,000 papers on this subject2025: 1,321 of every 10,000 papers on this subject▲ +12% share2022→2025 share of research on this subject
Research introduces privacy‑preserving, auditable transaction methods for blockchain and CBDC platforms.
Database transaction · Cryptocurrency · Payment · Transaction processing
“Intelligent Transaction Techniques for Blockchain Platforms”
Government‑Backed Digital Money — Opportunities
Opportunities · theme 06
Government‑Backed Digital Money
142 papers · 10.8% of this block
2022: 1,437 of every 10,000 papers on this subject2023: 1,414 of every 10,000 papers on this subject2024: 1,398 of every 10,000 papers on this subject2025: 1,554 of every 10,000 papers on this subject2022: 1,437 of every 10,000 papers on this subject2023: 1,414 of every 10,000 papers on this subject2024: 1,398 of every 10,000 papers on this subject2025: 1,554 of every 10,000 papers on this subject▲ +8% share2022→2025 share of research on this subject
Works examine how state‑issued digital currencies can enhance oversight while leveraging decentralized tech.
Digital currency · Currency · Payment · Government
“The Rise of Digital Money”
Innovative Consensus Mechanisms — Opportunities
Opportunities · theme 07
Innovative Consensus Mechanisms
65 papers · 4.9% of this block
2022: 21 of every 10,000 papers on this subject2023: 19 of every 10,000 papers on this subject2024: 11 of every 10,000 papers on this subject2025: 11 of every 10,000 papers on this subject2022: 21 of every 10,000 papers on this subject2023: 19 of every 10,000 papers on this subject2024: 11 of every 10,000 papers on this subject2025: 11 of every 10,000 papers on this subject▼ -46% share2022→2025 share of research on this subject
Papers propose novel proof‑of‑work variants to boost mining efficiency and protocol performance.
Proof-of-work system · Proof of concept · Cryptocurrency · Protocol
“Proof of Luck”

Which of these themes are growing fastest

Tracks how the share of different research themes has changed worldwide from 2022 to 2025.

Problems
how much more (or less) of the world’s research on this subject each theme took up, 2022→2025
gaining sharelosing share
Financial Inclusion via Mobile Payments▲+20%
Economic and Payment Risks▼-6%
Central Bank Digital Currency Design▼-14%
Currency Abuse and Transparency▼-15%
Regulatory and Legal Gaps▼-24%
Fundamental Blockchain Security Issues▼-29%
Malware and Ransomware Threats▼-59%
Cautions
how much more (or less) of the world’s research on this subject each theme took up, 2022→2025
gaining sharelosing share
CBDC Stability and Capital Impact▲+8%
Legal Uncertainty and Energy Use▼-20%
Decentralization and Database Limits▼-27%
Market Dynamics and Adoption Risks▼-64%
Pandemic‑Driven Volatility▼-86%
Opportunities
how much more (or less) of the world’s research on this subject each theme took up, 2022→2025
gaining sharelosing share
Efficient Transaction Processing▲+12%
Government‑Backed Digital Money▲+8%
Investment and Liquidity Strategies▼-6%
Scalable Blockchain Architectures▼-29%
Innovative Consensus Mechanisms▼-46%
Advanced Cryptographic Analytics▼-54%
Predictive Price Modeling▼-79%
Prism

Go deeper on Crypto Exchanges and Wallets research and innovation

Research themes, patent activity and the companies commercialising them, in one place.

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Radar finds and filters the companies. Prism watches what is being said about them.

About this data: built from Fliar's company, founder, funding, hiring, jobs, news and research trackers, covering the United States. Counts are of companies we track, not of every company that exists. Updated August 2026.
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