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Funding and advertised pay are reported in USD; filed accounts retain their stated source currency and basis.

Exchange-rate basis

Indicative conversions use ECB reference rates dated 2026-09-14, applied consistently across all periods. They are not historical exchange rates. Indian rupees may use crore (1 crore = 10 million); other currencies use K, M and B. CSV downloads, source documents and quoted news headlines retain their original currencies.

THE THE UNITED STATES EDITION 2026

the United States’s
crypto exchanges and wallets industry,
in focus.

The companies, capital and talent shaping crypto exchanges and wallets in the United States. Find the leaders. Understand the segments. See where the activity is.

Explore in Radar Read the key signals
Snapshot: Funding in USD
Illustrated cover for Crypto Exchanges and Wallets Industry Landscape of the United States
US
COMPANIES · CAPITAL · TALENT

An industry ecosystem,
measured in context.

Crypto Exchanges and Wallets illustration
Companies tracked 2,049Crypto Exchanges and Wallets ecosystem in the United States Disclosed funding $17.09B495 companies · all recorded rounds Companies hiring 48With open roles at the snapshot Tracked open roles 1120 employers posted in the preceding 30 days
MEET THE COMPANIES

Explore the United States’s crypto exchanges and wallets leaders

24 featured companies from the funding, hiring, revenue and team-size leaderboards.

Expand panel +
Explore the full landscape
Crypto Exchanges and Wallets company highlights in the United States, snapshot 30 August 2026
Company
Marathon Digital Holdingsmara.com$1.8B—60Financial figure available in RadarView in Radar
Coinbasecoinbase.com$1.8B12 roles3,416$7.18BFYFY2025 filing
Core Scientificcorescientific.com$1.14B—286$319.02MFYFY2025 filing
Krakenkraken.com$866.69M6 roles2Financial figure available in RadarView in Radar
Riot Platformsriotplatforms.com$648.8M7 roles3$647.43MFYFY2025 filing
Genesis Digital Assetsgenesisdigitalassets.com$556M—89—
Voyagerinvestvoyager.com$485.42M—199—
ETHZillaethzilla.com$425M———
Airswiftairswift.io—10 roles12—
Upholduphold.com—5 roles14—
Wintermutewintermute.com—5 roles53—
CoinTrackercointracker.io—4 roles83—
Satoshi Energysatoshienergy.com—4 roles9—
Axiomaxiom.trade————
BitMartbitmart.com——165—
BitMinebitminetech.io———Financial figure available in RadarView in Radar
Bullishbullish.com——113—
Cipher Miningciphermining.com——26$223.94MFYFY2025 filing
Crossover Marketscrossovermarkets.com——176—
Geminigemini.com——551—
Gryphon Digital Mininggryphondigitalmining.com——11Financial figure available in RadarView in Radar
LM Fundinglmfunding.com——8$8.84MFYFY2025 filing
MetaMaskmetamask.io——139—
NonKYCnonkyc.io————
24 featured companies

Locked revenue figures are available in Radar; the eight company financial previews stay the same throughout this page. A dash means the figure is outside these featured lists. Revenue years vary by company; the figures are not a like-for-like revenue comparison. Compare annual accounts ↗

Company discovery

Recorded evidence only
THE KEY SIGNALS

Crypto Exchanges and Wallets industry KPIs in the United States

A few useful ratios bring the size of this ecosystem into perspective.

30 August 2026
Hiring participation2.3%

48 of 2,049 tracked companies have open roles.

Funding participation27.3%

559 of 2,049 tracked companies have a recorded round.

Top 3 funding share27.7%

Share of disclosed capital received by the three largest recorded recipients.

Median disclosed round$4M

Midpoint of 754 rounds with a disclosed amount.

Scale is concentrated. Opportunity is broader. The three largest funding recipients hold 27.7% of disclosed capital, while 72.7% of tracked companies have no recorded funding round.

Explore the segments →
CAPITAL & COMPANY FORMATION

How the United States crypto exchanges and wallets has grown

Recorded company formation and disclosed funding across the complete annual series shown.

Expand panel +
2016 — 2025

Disclosed funding by year

Sum of recorded funding rounds · USD

the United States crypto exchanges and wallets
$0$1.26B$2.51B$3.77B$5.03B2016: $47.33M20162017: $319.43M20172018: $862.67M20182019: $196.5M20192020: $178.38M20202021: $4.41B20212022: $2.5B20222023: $1.36B20232024: $2.64B20242025: $3.71B2025
View the numbers
Annual crypto exchanges and wallets funding and company formation in the United States
YearFunding (USD)FoundedRaising
2016$47.33M6012
2017$319.43M18022
2018$862.67M20846
2019$196.5M11037
2020$178.38M14941
2021$4.41B319124
2022$2.5B228124
2023$1.36B21782
2024$2.64B19287
2025$3.71B8468
WHERE CAPITAL SITS

Funding concentration

Share of all disclosed company funding.

  • Marathon Digital Holdings10.5%
  • Coinbase10.5%
  • Core Scientific6.6%
  • Other companies72.3%

Funding by stage

901 recorded rounds since 2016

NUMBER OF ROUNDS
Seed & Angel475 52.7%
Series A–B230 25.5%
Series C+ / PE37 4.1%
Grants, debt & other159 17.6%

Recent recorded rounds

Latest recorded rounds · USD
8 rounds

Swipe or scroll horizontally to browse.

Series A05/2026
Foundation $6.4M

Backed by Fulgur Ventures and Arche Capital.

Conventional Debt04/2026
Drift $100M

Backed by Tether.

Seed04/2026
Enhanced $1M

Backed by Maximum Frequency Ventures and GSR and others.

Grant (prize money)04/2026
Drift —

Backed by Tether.

Largest and notable recorded rounds

Each card is one recorded round
10 cards

Swipe or scroll horizontally to browse.

Series A11/2021
Geminigemini.com$423.9M

Backed by Morgan Creek Capital Management and 10T and others.

Series C01/2026
Rainrain.xyz$250M

Backed by Iconiq Capital and Sapphire Ventures and others.

Series D10/2022
DeSodeso.com$200M

Backed by Sequoia Capital and Coinbase and others.

THE BUSINESS BEHIND THE ACTIVITY

Revenue, profitability & financial strength

Annual accounts for reporting companies linked to this landscape, on like-for-like currency and reporting bases.

Expand panel +
USD · millions · consolidated

Display conversions use the dated reference rates above. Where a verified rate is unavailable, figures retain their source currency. Each reporting cohort keeps its currency and accounting basis separate.

FY2023 · annual statements grouped by reported fiscal year; exact entity periods remain on preview rows · 11 reporting entities from 16 eligible matches.

Revenue in covered accounts$4,111.6m

Sum of reporting-entity revenue; not the United States market sales.

Net profit / loss$-329.0m

Combined result for the same cohort.

Aggregate net margin-8.0%

Combined net income ÷ combined revenue.

Median company revenue$13.0m

The middle covered reporting entity.

Profitable entities+9.1%

1 of 11 covered entities.

Top-five concentration+99.6%

Share of covered revenue from the five largest entities.

Annual account trend

Reported cohort totals by year; coverage is stated for every period.

Bar height shows revenue. Changes in coverage can affect totals.

Profitability has two perspectives

FY2023 · 11 reporting entities

Open the company accounts

Up to eight fixed company previews show financial amounts. Search and sort the wider company list, then continue in Radar.

11 reporting entities
Continue your financial research in Radar

Explore full company accounts and filings.

View financials in Radar ↗
THE UNITED STATES · INDUSTRY COHORTS

How does crypto exchanges and wallets compare?

Each pair uses the same year, currency and reporting basis. Cohort overlap is disclosed.

IndustryCovered / eligibleRevenue totalMedian revenueNet profit / lossAggregate marginProfitable shareOverlap

Available-account cohorts are not estimates of whole industries. Overlapping entities can occur in more than one cohort; do not add cohort totals.

Coverage, calculations & financial sources

Filed annual accounts for exact designated national identifiers. Every aggregate and peer pair uses one fiscal year, source currency and reporting basis; periods, coverage and overlap are explicit; 2026 partials are excluded.

The same up to eight reporting entities remain open across years, filters and sorts. Other company figures are available in Radar.

Source currencies and accounting bases stay separate. Missing accounts are excluded rather than treated as zero. Exact reporting periods appear on company previews. Annual totals can change with coverage and do not measure growth of a fixed company cohort.

DIGITAL FOOTPRINT

Web traffic, app reach and release cadence

How the the United States companies on this page show up online: the sites people visit, the apps they install, and how often those apps ship.

Busiest websites

44 of the 2,049 companies on this page carry a measured traffic record (2.1%); these are the largest of those, by monthly visits. The median among them is 56,243 visits.

CompanyMonthly visitsAuthorityMobile
Coinbasecoinbase.com26,496,8038156.1%
BitMartbitmart.com12,622,701482.7%
Krakenkraken.com8,486,4867353.9%
MetaMaskmetamask.io4,529,0267938.6%
Geminigemini.com2,756,5035631.8%
Phantomphantom.com1,605,7515533.6%
Relayrelay.link1,492,018403%
Binance.USbinance.us1,022,8415365.9%
Exodusexodus.com772,1464947.2%
Lighterlighter.xyz571,974362.5%

Visits and authority are third-party web estimates, not company-reported figures.

Most-installed apps

153 of these companies (7.5%) publish at least one Android app — 176 apps in all, carrying 417.7M installs between them.

AppInstallsRatingStore category
Pi NetworkPi Network134.7M4.3Social
Trust: Crypto & Bitcoin WalletTrust Wallet77.4M4.5Finance
Coinbase: Buy Crypto & StocksCoinbase58.5M4.4Finance
MetaMask: Trade CryptoMetaMask46.5M4.5Finance
Base: Built to Trade & EarnCoinbase20M4.1Finance
PhantomPhantom19.4M4.6Finance
Kraken: Buy Crypto & StocksKraken8.5M4.4Finance
Uphold: Buy BTC, ETH and 300+Uphold6.9M4.5Finance
Exodus: Crypto & PaymentsExodus6.1M4.5Finance
BitMart: Buy Crypto & StocksBitMart4.6M3.6Finance

Installs are lifetime totals to date at the June 2026 store reading — a measure of reach, not of people using an app today.

App reach by segment

The busiest app inside each of this page’s own segments, with the quarterly release trend behind it (2024Q1–2026Q2).

SegmentAppsInstallsLeading appRelease trend
Cryptocurrencies173416.7MPi Network 134.7M
Blockchain Infrastructure31261.9MTrust: Crypto & Bitcoin Wallet 77.4M
Non Fungible Tokens20124.8MMetaMask: Trade Crypto 46.5M
Investment Tech577.6MApeX Protocol: Crypto Exchange 105.8K
Cybersecurity347.3MEdge - Bitcoin & Crypto Wallet 842.1K
Digital Remittance31MSentz – The Global Payment App 874.3K
Telecom Operators3757.1KHelium Hotspot 524.8K
Payments350KNest Wallet 32.8K

A company can carry several segment tags, so these rows overlap and should not be added together. Trend lines are zero-based and share one quarter grid, so a flat line is a quiet segment, not a missing one.

Release cadence by quarter

New apps published, beside apps whose most recent update landed in that quarter — the second bar is how much of the shelf is still being maintained.

2023Q2: 72023Q2: 02023Q22023Q3: 52023Q3: 22023Q32023Q4: 52023Q4: 32023Q42024Q1: 82024Q1: 42024Q12024Q2: 32024Q2: 52024Q22024Q3: 32024Q3: 52024Q32024Q4: 22024Q4: 62024Q42025Q1: 62025Q1: 52025Q12025Q2: 62025Q2: 62025Q22025Q3: 42025Q3: 82025Q32025Q4: 102025Q4: 172025Q42026Q1: 62026Q1: 212026Q1

Darker bars are new releases, lighter bars apps updated. 162 of 176 apps carry a release date. The series ends at 2026Q1, the last quarter that closed before the June 2026 reading.

INSIDE THE INDUSTRY

The the United States crypto exchanges and wallets market map

Explore the segments behind the headline numbers.

Expand panel +

Where companies are building

Rank segments by scale, hiring or disclosed funding.

Fintech2,033
Blockchain in financial services1,869
Consumer digital1,642
Web 3.01,041
Decentralized finance714
Enterprise tech630
Deep tech405
Yield farming238
Enterprise software186
Marketplaces132
Saas82
Blockchain protocols45

Companies can sit in several segments. Counts and funding overlap.

SEGMENT TO EXPLORE

Fintech

The largest measured segment in this report snapshot.

2033companies
2.4%have hiring activity

48 companies hiring · $17.08B disclosed funding

Explore in Radar

How companies make money

Common revenue models; a company can use more than one.

Subscription1,521
Commission on transaction1,379
E-commerce - service598
Fee-for-service351
Advertising203
E-commerce - product135
Freemium132
Lending61
THE COMPANIES IN MOTION

Who is listing, hiring leaders, launching and winning work

Recorded corporate activity linked to companies in this landscape.

Expand panel +
Recent corporate headlines 10 dated reports
Mergers & acquisitionsbullish.com ↗

Bullish has entered into a definitive agreement to acquire Equiniti, a leading global transfer agent serving nearly 3,000 issuer clients.

Mergers & acquisitionsopenocean.finance ↗

The move builds on earlier acquisitions of marine weather analytics provider OpenOcean in 2022.

Mergers & acquisitionscumberland.io ↗

According to a release, the buyer is Toronto-based Apotex, billed as Canada’s largest pharmaceutical company.

Mergers & acquisitionsbitnomial.com ↗

Kraken has acquired Bitnomial, a futures and options exchange website, in a tech M&A deal valued at $550 million.

Funding roundscorescientific.com ↗

Core Scientific is preparing a $3.3 billion debt offering as it accelerates its transition from bitcoin mining to high-performance computing infrastructure.

Funding roundshelium.com ↗

Helium 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)

Funding roundsterawulf.com ↗

Around the same time, Google increased its backstop for TeraWulf to US$3.2 billion to support debt financing.

Funding roundskraken.com ↗

a $1bn raise by Octopus Energy spin out Kraken which was valued at $8.65bn.

Funding roundscrossovermarkets.com ↗

Crossover Markets Group — Raised: $31M About: Crossover Markets is a digital asset trading technology firm. Key Investors: Tradeweb, Wintermute, Ripple, DRW, Virtu

Mergers & acquisitionstandem.chat ↗

Troutman 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.

Full recorded event mix

Top 10 categories among 681 recorded events in the 24-month window.

Earnings
148
Funding rounds
120
Mergers & acquisitions
102
Leadership moves
87
Contracts
54
Asset acquisitions
38
Company announcements
32
Capital infusions
23
Lawsuit
15
IPO activity
12
7 activity cards

Swipe or scroll horizontally to browse.

IPO pipeline

3 companies with recorded IPO activity

Bullish ↗

IPO · NYSE8 reports

Kraken ↗

IPO · London Stock Exchange5 reports

Coinbase ↗

Direct Listing1 reports

Leadership moves

38 tracked people moves

Jay Patel

Appointment Global Head of Markets

Bastion ↗
Joanna Barnes

Appointment Executive Media Director

Bastion ↗
Alicia Tutty

Appointment Media Partner

Starr ↗
Vichai Laotrakul

Appointment Chief Executive Officer

Kraken ↗
Ron Francis

Resignation Previously President of Hockey Operations

Chaos Labs ↗
Omer Goldberg

Departure Previously Aave’s primary risk partner

Coinbase ↗
Jose del Corral

Appointment Vice President of Customer Experience

Coinbase ↗
Fred Ehrsam

Appointment Member of President’s Council of Advisors on Science and Technology

Product launches

Products, platforms and features in the recorded window

Luxor ↗
Commander

Software

Templum ↗
Limited-time private market investment window

Private market investment window

Coinbase ↗
Agentic Wallets

Wallet infrastructure

Fusepay ↗
Fusepay Digital Payment Platform

Payment Platform

Coinbase ↗
Digital Token Offering Platform

Platform

Hurupay ↗
Earn

Savings product

Hurupay ↗
Invest

Investment platform

Workforce actions

3 companies with reported reductions

Coinbase ↗

660 rolescost reduction, AI challenges

Cumberland ↗

Scale not stated roles

Kraken ↗

1,100 rolesmacroeconomic factors

Regulatory events

10 recorded events

Coinbase ↗

conditionally approved for National Trust Company CharterOffice of the Comptroller of the Currency (OCC)

TeraWulf ↗

reject applicationFederal Energy Regulatory Commission

Starr ↗

licensed

Alt 5 Sigma ↗

not in compliance with listing rule 5250(c)(1)Nasdaq Stock Market LLC

Litigation

13 tracked suits

Company
new york v uphold

CredEarn settlement disputeCivil · Settled

Company
exodus v web3 consulting, Garth Howat

Merger enforcement / acquisition disputeCivil · Filed

Earnings pulse

Reported company results in the recorded window.

21companies
149period observations
34.5%median reported growth

Median across 96 reported growth observations; companies may contribute multiple periods.

Mergers and acquisitions

Company-linked deal reports; status is preserved as recorded.

Acquirer → targetStatusDateValue / context
Bullish→equinitiAnnounced2026-05-05$4.2B
sinay→OpenOcean ↗Completed2026-04-24Not stated in snapshot
apotex→Cumberland ↗Announced2026-04-23Not stated in snapshot
Kraken→Bitnomial ↗Announced2026-04-22$550.0M
Payward→Bitnomial ↗Announced2026-04-17$550.0M
saudi energy→Kraken ↗Pending2026-04-13Not stated in snapshot

A discussion or rumour is not a completed transaction. An unstated value is not zero.

PEOPLE & OPPORTUNITY

The talent market

4,856 postings in the preceding 12 months. The full 6,991-posting snapshot covers 205 employers.

Expand panel +

Most advertised job titles

Security208
Sales Associate/Stock147
Assistant Manager/Co Manager136
Junior Assistant Manager71
Shoe Coordinator48
Software Engineer47
0 internship postings

529 tracked postings mention remote work.

The seniority mix

2,701 postings specify a level.

unspecified
4,290
manager
1,318
senior
1,022
lead
251
intern
61
entry
49

Skills employers mention

Top skills across 6,991 tracked postings in the available jobs snapshot.

Python
153
Typescript
142
Sql
124
React
106
Javascript
88
Rust
87
Postgres
67
Redis
64
React Native
61
Graphql
60
ADVERTISED PAY$83.7K/ year

Median across 389 postings with pay data, expressed in USD.

Salary by seniority

manager$76.2K/ year96 postings
senior$150.0K/ year32 postings

Advertised posting medians do not describe all employees or roles.

THE PEOPLE BUILDING THE FIELD

Founders and leaders

1,093 founders and chief executives across 721 companies.

Expand panel +
12 profiles

Swipe or scroll horizontally to browse.

Education networks

174 profiles with education records.

Stanford University
23
Massachusetts Institute of Technology
17
University of Pennsylvania
13
Harvard University
13
Cornell University
13
Columbia University
9
University of California (Berkeley)
9
University of California (Los Angeles)
7

Prior employers

88 profiles with prior-work records.

Microsoft
17
Google
12
Facebook
10
Goldman Sachs
9
Amazon
8
Uber
7
eBay
6
Morgan Stanley
6

Profiles cover recorded founders and leaders; contact details remain in Radar.

NEWS INTELLIGENCE

How this industry appears in the news

394,791 articles in the measured 12-month window.

Expand panel +
394,791articles in the measured year
104,123articles in 2026Q1
66.3%positive tone in the latest complete year

News volume trends

Crypto Exchanges and Wallets coverage across United States · articles per complete quarter

036,34572,690109,036145,3812021Q2: 47,8752021Q22021Q3: 49,4202021Q4: 46,3912022Q1: 71,8032022Q2: 75,9612022Q22022Q3: 66,3682022Q4: 73,9782023Q1: 73,5992023Q2: 78,8712023Q22023Q3: 73,6472023Q4: 75,2142024Q1: 81,1622024Q2: 63,2042024Q22024Q3: 77,3242024Q4: 103,4152025Q1: 126,4182025Q2: 99,5322025Q22025Q3: 87,5522025Q4: 86,5562026Q1: 104,1232026Q1
View quarterly article counts
QuarterArticles
2021Q247,875
2021Q349,420
2021Q446,391
2022Q171,803
2022Q275,961
2022Q366,368
2022Q473,978
2023Q173,599
2023Q278,871
2023Q373,647
2023Q475,214
2024Q181,162
2024Q263,204
2024Q377,324
2024Q4103,415
2025Q1126,418
2025Q299,532
2025Q387,552
2025Q486,556
2026Q1104,123

Article volume measures coverage, not market sales.

Tone of coverage over time

2021
104,520 positive · 1,945 neutral · 48,483 negative
2022
166,704 positive · 3,438 neutral · 117,640 negative
2023
171,818 positive · 4,115 neutral · 125,098 negative
2024
210,468 positive · 4,288 neutral · 110,068 negative
2025
265,088 positive · 6,819 neutral · 127,721 negative

Leading coverage topics

Crypto Exchanges and Wallets coverage across United States · ranked by full-period article count.

Cryptocurrency Impact On Forex Markets256,313 articles in the full recorded period
81,231 recent · 57,768 prior
Regulatory Compliance In Foreign Exchange Trading50,160 articles in the full recorded period
15,481 recent · 8,369 prior
Interest Rate Decisions And Impacts44,468 articles in the full recorded period
12,179 recent · 10,011 prior
Economic Indicators (Gdp, Cpi, Unemployment)41,972 articles in the full recorded period
11,031 recent · 9,846 prior
Commodity Trading And Price Changes40,735 articles in the full recorded period
14,676 recent · 9,321 prior
Federal Reserve Policy Meeting Summaries39,448 articles in the full recorded period
10,893 recent · 8,776 prior
Central Bank Monetary Policy Announcements38,221 articles in the full recorded period
9,609 recent · 8,549 prior
Trade Wars And Geopolitical Impacts38,211 articles in the full recorded period
12,303 recent · 10,086 prior
Macroeconomic Indicators In Forex Analysis33,018 articles in the full recorded period
8,350 recent · 8,263 prior
Central Bank Monetary Policies Impacting Forex31,100 articles in the full recorded period
7,691 recent · 7,409 prior

Recent and prior counts use the source comparison windows.

Topics gaining and losing attention

Crypto Exchanges and Wallets coverage across United States

KeywordRecentPriorChange
stablecoin fx impact13,4346,005124%
etf trading8,2473,359146%
etfs7,1692,969141%
decentralized forex6,9863,54997%
sector etfs6,8642,864140%
etf structures6,4212,622145%
etf products6,3392,481156%
exchange-traded funds4,7021,865152%
forex liquidity3,8252,52152%
crude oil prices3,6522,49346%
interest differentials fx8171,350-39%
monetary easing8711,324-34%
monetary stance shift8641,294-33%
currency intervention7261,230-41%
simulated gambling apps4541,135-60%

Event and signal lenses

Crypto Exchanges and Wallets coverage across United States

All complete annual cohorts shown
Rising

Regulatory Risk

548,133 classified articles

currency intervention policies, inflation reports fx, quantitative easing forex

57.5% critical · 28.3% positive
Rising

Funding Momentum

109,149 classified articles

inflation reports fx, currency intervention policies, trade deficits fx

42.3% critical · 40.8% positive
Rising

Growth

140,684 classified articles

gdp growth forex, inflation reports fx, trade deficits fx

48.3% critical · 33.5% positive

Crypto Exchanges and Wallets coverage across United States. Topic labels describe recorded classifications and can include broad context.

RESEARCH SIGNALS

What Crypto Exchanges and Wallets research is working on

3,926 papers in the recorded india scope.

Expand panel +
3,926papers
35,070worldwide comparison pool
3,926India-affiliated papers

Research orientation

Descriptive
1,067
Breakthrough
837
Problem-identifying
666
Promising
666
Cautionary
317
Comparative
221
Critical
152

Contribution mix

Methods-led
1,281
Empirical
1,179
Reviews
760
Position pieces
521
Theoretical
185

Tone counts: 3,257 positive · 162 neutral · 507 negative.

Common problems researchers identify
818 papers · 20.8% of this field
  • Cryptocurrency596 papers
  • Blockchain186 papers
  • Digital currency147 papers
  • Currency128 papers
  • Computer security117 papers
  • Payment95 papers
  • Database transaction70 papers
  • Virtual currency57 papers

Landmark: Blockchain distributed ledger technologies for biomedical and health care applications

Cautions
317 papers · 8.1% of this field
  • Cryptocurrency222 papers
  • Digital currency59 papers
  • Blockchain56 papers
  • Currency53 papers
  • Computer security34 papers
  • Database transaction33 papers
  • Payment32 papers
  • Volatility22 papers

Landmark: Information propagation in the Bitcoin network

Opportunities
1,503 papers · 38.3% of this field
  • Cryptocurrency1,038 papers
  • Blockchain367 papers
  • Computer security225 papers
  • Database transaction208 papers
  • Payment159 papers
  • Digital currency116 papers
  • Currency114 papers
  • Asset76 papers

Landmark: Hawk: The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts

Leading institutions

Cornell University
5,880
University of Maryland, College Park
4,427
State Street
3,772
National Bureau of Economic Research
2,987
University of California, San Diego
2,594
Johns Hopkins University
2,562

Leading researchers

Andrew Miller
3,965
Christian Cachin
3,772
Elli Androulaki
3,769
Artem Barger
3,769
Vita Bortnikov
3,769
Konstantinos Christidis
3,769
Elaine Shi
2,808
Ahmed E. Kosba
2,398

Highly cited breakthrough-labelled papers

  • Hawk: The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts2,164 citations
  • Zerocash: Decentralized Anonymous Payments from Bitcoin1,838 citations
  • SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies1,211 citations
  • Enabling Blockchain Innovations with Pegged Sidechains577 citations
  • Hyperledger Fabric: A Distributed Operating System for Permissioned Blockchains506 citations

Common problems researchers identify

741 papers · 7 recurring themes
7 cards

Swipe or scroll horizontally to browse.

Fundamental Blockchain Security IssuesCommon problems researchers identify · 01

Fundamental Blockchain Security Issues

169 papers

22.8% of this theme group

Researchers highlight core security and technical challenges in blockchain and cryptocurrency systems.

Blockchain (147) · Cryptocurrency (140) · Distributed ledger (24) · Computer security (56)

Blockchain Technology: Transforming Libertarian Cryptocurrency Dreams to Finance and Banking Realities

Blockchain: a practical guide to developing business, law, and technology solutions

View research history
YearShare index
20221901.9
20231942.8
20241501.1
20251351.3
Economic and Payment RisksCommon problems researchers identify · 02

Economic and Payment Risks

166 papers

22.4% of this theme group

Studies flag financial instability, network effects, and money‑laundering concerns linked to crypto payments.

Cryptocurrency (159) · Asset (20) · Econometrics (8) · Payment (23)

CRYPTOCURRENCIES, NETWORK EFFECTS, AND SWITCHING COSTS

The use of cryptocurrencies in the money laundering process

View research history
YearShare index
20221318.0
20231274.0
20241218.1
20251241.6
Regulatory and Legal GapsCommon problems researchers identify · 03

Regulatory and Legal Gaps

115 papers

15.5% of this theme group

Papers point out unclear legislation and enforcement difficulties surrounding virtual currencies.

Cryptocurrency (101) · Legislation (14) · Virtual currency (23) · Enforcement (15)

Cryptocurrencies for the Payment of Products or Services: Risks, Accounting Practices and Regulations

Virtual Currencies & Federal Law

View research history
YearShare index
2022160.4
2023151.3
202486.1
2025122.5
Malware and Ransomware ThreatsCommon problems researchers identify · 04

Malware and Ransomware Threats

91 papers

12.3% of this theme group

Analyses focus on malicious software targeting cryptocurrency platforms and related security breaches.

Computer security (44) · Malware (12) · Cryptocurrency (66) · Ransomware (7)

A Survey on Ethereum Systems Security

Streamlet

View research history
YearShare index
20221660.7
20231684.3
20241232.6
2025678.8
Currency Abuse and TransparencyCommon problems researchers identify · 05

Currency Abuse and Transparency

80 papers

10.8% of this theme group

Research examines how digital currencies can facilitate laundering, tax evasion, and identity concealment.

Cryptocurrency (56) · Currency (29) · Digital currency (26) · Virtual currency (14)

Bitcoin: Technical Background and Data Analysis

Trust, Identity, and Disclosure: Are Bitcoin Exchanges the Next Virtual Havens for Money Laundering and Tax Evasion?

View research history
YearShare index
2022471.9
2023474.6
2024333.4
2025399.1
Central Bank Digital Currency DesignCommon problems researchers identify · 06

Central Bank Digital Currency Design

67 papers

9.0% of this theme group

Works discuss policy and technical choices needed for implementing sovereign digital currencies.

Digital currency (62) · Central bank (23) · Currency (39) · Financial system (15)

Design Choices for Central Bank Digital Currency: Policy and Technical Considerations

Central bank digital currencies

View research history
YearShare index
2022475.6
2023480.7
2024338.3
2025407.6
Financial Inclusion via Mobile PaymentsCommon problems researchers identify · 07

Financial Inclusion via Mobile Payments

53 papers

7.2% of this theme group

Studies address gaps in digital payment access and the role of fintech for underserved users.

Mobile payment (10) · Financial inclusion (10) · Payment (21) · FinTech (6)

Financial Exclusion in the Digital Payment Space

The Next Digital Finance Frontier: Filling the Accounts

View research history
YearShare index
20221031.3
20231007.9
20241114.0
20251233.0

Cautions

266 papers · 5 recurring themes
5 cards

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Market Dynamics and Adoption RisksCautions · 01

Market Dynamics and Adoption Risks

82 papers

30.8% of this theme group

Authors caution about volatile market behavior and social‑media influences on crypto adoption.

Cryptocurrency (74) · Econometrics (9) · Computer security (16) · Market capitalization (5)

An Experimental Study of Cryptocurrency Market Dynamics

The Risk of Cryptocurrency Payment Adoption and the Role of Social Media: Evidence From Online Travel Agencies

View research history
YearShare index
20221967.0
20231974.5
20241355.6
2025714.4
Decentralization and Database LimitsCautions · 02

Decentralization and Database Limits

67 papers

25.2% of this theme group

Research warns of scalability and consistency challenges inherent in decentralized ledger architectures.

Blockchain (48) · Cryptocurrency (57) · Database transaction (18) · Computer security (20)

Platforms, blockchains and the challenges of decentralization

Database and Distributed Computing Foundations of Blockchains

View research history
YearShare index
20221993.7
20232023.7
20241547.0
20251464.2
CBDC Stability and Capital ImpactCautions · 03

CBDC Stability and Capital Impact

62 papers

23.3% of this theme group

Papers raise concerns about cross‑border digital asset flows and systemic risks from central bank tokens.

Digital currency (42) · Currency (33) · Payment (20) · Central bank (8)

Central Bank Digital Currency: Central Banking For All?

Exploring Cross-Border Digital Assets Flows and Central Bank Digital Currency Risks to Capital Markets Financial Stability

View research history
YearShare index
20221436.6
20231413.8
20241397.6
20251553.8
Legal Uncertainty and Energy UseCautions · 04

Legal Uncertainty and Energy Use

37 papers

13.9% of this theme group

Analyses highlight ambiguous regulatory frameworks and the environmental cost of cryptocurrency mining.

Cryptocurrency (28) · Virtual currency (6) · Futures contract (3) · Currency (7)

Bitcoin: The Economic Case for a Global, Virtual Currency Operating in an Unexplored Legal Framework

Bitcoin and Renewable Energy Mining: A Survey

View research history
YearShare index
2022460.1
2023460.6
2024318.0
2025368.4
Pandemic‑Driven VolatilityCautions · 05

Pandemic‑Driven Volatility

18 papers

6.8% of this theme group

Studies note heightened cryptocurrency price swings linked to global health crises.

Volatility (11) · Coronavirus disease 2019 (5) · Cryptocurrency (16) · Pandemic (3)

A Model of Cryptocurrencies

Digital Currency Risk

View research history
YearShare index
2022236.1
2023135.8
202448.0
202532.7

Opportunities

1,315 papers · 7 recurring themes
7 cards

Swipe or scroll horizontally to browse.

Scalable Blockchain ArchitecturesOpportunities · 01

Scalable Blockchain Architectures

292 papers

22.2% of this theme group

Research proposes frameworks to improve blockchain stability, throughput, and smart‑contract functionality.

Blockchain (240) · Cryptocurrency (210) · Smart contract (33) · Computer security (83)

Stability and Scalability of Blockchain Systems

A Framework of Blockchain Technology

View research history
YearShare index
20221901.0
20231941.7
20241500.5
20251348.1
Advanced Cryptographic AnalyticsOpportunities · 02

Advanced Cryptographic Analytics

263 papers

20.0% of this theme group

Works explore machine‑learning and cryptographic tools for de‑anonymizing and securing crypto networks.

Computer security (121) · Cryptocurrency (183) · Malware (11) · Cryptography (23)

Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain

TokenScope

View research history
YearShare index
20221673.4
20231699.4
20241248.2
2025767.4
Investment and Liquidity StrategiesOpportunities · 03

Investment and Liquidity Strategies

257 papers

19.5% of this theme group

Papers investigate portfolio diversification, market‑liquidity dynamics, and new crypto investment models.

Cryptocurrency (233) · Volatility (44) · Market liquidity (22) · Portfolio (28)

Cryptocurrencies: applications and investment opportunities

Network Dynamics of a Financial Ecosystem

View research history
YearShare index
2022596.3
2023591.9
2024372.1
2025557.8
Predictive Price ModelingOpportunities · 04

Predictive Price Modeling

154 papers

11.7% of this theme group

Studies develop deep‑learning and sentiment‑analysis techniques to forecast cryptocurrency price movements.

Cryptocurrency (135) · Econometrics (36) · Volatility (22) · Sentiment analysis (12)

Predictive Analysis of Cryptocurrency Price Using Deep Learning

Cryptocurrency Price Prediction and Trading Strategies Using Support Vector Machines

View research history
YearShare index
2022352.4
2023329.3
2024144.6
202575.0
Efficient Transaction ProcessingOpportunities · 05

Efficient Transaction Processing

142 papers

10.8% of this theme group

Research introduces privacy‑preserving, auditable transaction methods for blockchain and CBDC platforms.

Database transaction (136) · Cryptocurrency (102) · Payment (30) · Transaction processing (9)

Intelligent Transaction Techniques for Blockchain Platforms

An Auditable, Privacy-Preserving, Transparent Unspent Transaction Output Model for Blockchain-Based Central Bank Digital Currency

View research history
YearShare index
20221178.8
20231129.1
20241162.7
20251320.7
Government‑Backed Digital MoneyOpportunities · 06

Government‑Backed Digital Money

142 papers

10.8% of this theme group

Works examine how state‑issued digital currencies can enhance oversight while leveraging decentralized tech.

Digital currency (72) · Currency (58) · Payment (52) · Government (26)

The Rise of Digital Money

Blockchain-Based Central Bank Digital Currency: Empowering Centralized Oversight With Decentralized Transactions

View research history
YearShare index
20221436.6
20231413.8
20241397.6
20251553.8
Innovative Consensus MechanismsOpportunities · 07

Innovative Consensus Mechanisms

65 papers

4.9% of this theme group

Papers propose novel proof‑of‑work variants to boost mining efficiency and protocol performance.

Proof-of-work system (52) · Proof of concept (11) · Cryptocurrency (41) · Protocol (13)

Proof of Luck

Proof of Contribution: A Modification of Proof of Work to Increase Mining Efficiency

View research history
YearShare index
202220.9
202318.6
202411.2
202511.2

How this field compares with the research baseline

Orientation shares compared with 25,000 papers in the reference sample.

Research orientationThis fieldReference sample
Descriptive27.2%17.6%
Breakthrough21.3%26.4%
Problem-identifying17.0%9.6%
Promising17.0%37.4%
Cautionary8.1%4.3%
Comparative5.6%3.8%
Critical3.9%0.8%

Concerns receiving less research attention

Counts and shares refer to the stated research pool. A low count describes how much of that research is recorded here, not the absence of a real-world concern.

Concern / example paperPapersShareRaised as a problemWorldwide share
Privacy & surveillance“When perhaps the real problem is money itself!”: the practical materiality of Bitcoin2908.77%121 (41.7%)6.15%
Concentration of compute powerAssessing the Impact of Central Bank Digital Currency on Private Banks90.27%5 (55.6%)0.35%
Safety & misuseThe Cryptocurrency “Pump-and-Dump”80.24%3 (37.5%)0.14%
Carbon & emissions of computeCarbon-Neutral Distributed Ledger20.06%0 (0.0%)0.01%
Energy & datacenter footprintIntegrating IoT Blockchain and Artificial Intelligence for Sustainable Computing in Finance and Green Investment Strateg10.03%0 (0.0%)0.03%
Water useHeat Recovery from Cryptocurrency Mining by Liquid Cooling Technology10.03%0 (0.0%)0.0%
Labour & data workAI-Powered Security Solutions: Revolutionizing Cryptocurrency and Gig Economy Platforms10.03%0 (0.0%)0.04%
Bias & fairnessFairDAG: Consensus Fairness over Multi-Proposer Causal Design10.03%0 (0.0%)0.08%
Hardware, e-waste & supply chain00.0%0 (%)0.01%

Institution and researcher rankings use citations to their covered work. Research scope: United States. This may be broader than the company geography.

GEOGRAPHIC FOOTPRINT

Where companies are based

Company counts, hiring and disclosed funding across the recorded hubs.

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UNDERSTAND THE LANDSCAPE

Crypto Exchanges and Wallets in the United States: key questions

Clear definitions for making better comparisons.

What does this landscape measure?

It measures the tracked company ecosystem, recorded funding, hiring and other available evidence. It is not a market-size estimate.

Can segment counts be added together?

No. A company can belong to several segments, so segment counts and funding can overlap.

What does a missing figure mean?

A dash or unavailable panel means the current reviewed source snapshot does not support that figure.

KEEP EXPLORING

Put the United States in context

All landscapes ↗

Company ecosystem snapshot: 30 August 2026. Funding is recorded in USD; filed accounts retain their stated currency and reporting basis. Each section identifies its own coverage. The news and research behind these sections is explorable in Prism.

Canonical landscape ↗
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