The crypto players putting SEA on the map

It is impossible to talk about crypto today without mentioning at least a few blockchain players from Asia.

Companies such as Binance, Animoca Brands, Sky Mavis, Yield Guild Games, and Polygon are at the forefront of the blockchain world and are now even keenly being followed by the mainstream media.

Cryptocurrencies are also on the rise in Southeast Asia, where the adoption of these digital assets is growing exponentially. The region saw a 2% increase in the global market share and accounted for 14% of global transaction value between June 2020 to June 2021, according to a Chainalysis report.

Crypto transaction activity in Central and Southern Asia and Oceania (CSAO) soared by 706% in a year. This makes CSAO – which Southeast Asia is a part of – the fourth-largest cryptocurrency market in the world, with over US$572.5 billion in value sent during the same period.

The Chainalysis report further noted that in terms of cryptocurrency adoption per country, Vietnam came in first, while Thailand and the Philippines ranked 12th and 15th, respectively.

This strong response has resulted in the mushrooming of blockchain startups in the region. In 2021 alone, Tech in Asia documented that at least 75 blockchain companies were established – the highest number to date. It beats the previous peak in 2018, when over 49 blockchain firms sprung up in Southeast Asia.

These numbers are just the tip of the iceberg, though, given that we have more visibility on those that have received funding.

To illustrate this, one entrepreneur remarked on LinkedIn that he scanned over 300 white papers and pitch decks from Vietnam-based blockchain startups.

This has caught the attention of investors who are looking to cash in by backing the early stages of these startups. Tech in Asia data shows that funding into blockchain startups in Southeast Asia shot up to over US$1 billion in 2021, with the number of deals hitting 94 – an all-time high.

Our data also shows that Singapore is a hotbed for blockchain startups in the region. Meanwhile, Vietnam placed second in terms of hosting blockchain firms that have raised funding. The Philippines and Thailand are close behind, but Indonesia – the largest country in Southeast Asia – only has 14 blockchain firms. Meanwhile, Malaysia has the least number of blockchain companies in the region.