監管力道加大，歐洲區塊鏈新創企業激增

在美國和歐洲監管明確的背景下，歐洲的區塊鏈新創公司在經歷了一段時間的融資低迷後正在經歷復甦。這些地區具有里程碑意義的立法增強了人們對加密貨幣作為資產類別的信心，導致交易增加，僅 2023 年第一季就有 3.86 億美元投資於 68 家歐洲區塊鏈新創公司。這種活動的激增促使領先的風險投資者分享他們對該行業有前途的新創公司的見解，為企業家和投資者提供了寶貴的視角。

Blockchain Startups in Europe: A Resurgence

歐洲區塊鏈新創公司：復興

After enduring a challenging period marked by funding downturns, blockchain startups in Europe are exhibiting signs of revival. The past two quarters have witnessed a surge in dealmaking, with $386 million injected into 68 European blockchain startups in the first quarter alone. This uptick follows the enactment of transformative legislation in both the United States and Europe, which is anticipated to bolster investor confidence in cryptocurrencies as an asset class.

在經歷了以融資低迷為標誌的充滿挑戰的時期後，歐洲的區塊鏈新創公司正在展現出復甦的跡象。過去兩個季度，交易量激增，光是第一季就向 68 家歐洲區塊鏈新創公司注入了 3.86 億美元。這一增長是在美國和歐洲頒布變革性立法之後出現的，預計這將增強投資者對加密貨幣作為資產類別的信心。

Regulatory Winds Favor Innovation

監管風向有利於創新

In the United States, the Securities and Exchange Commission (SEC) recently approved 11 bitcoin exchange-traded funds (ETFs). This move paves the way for retail and institutional investors to gain direct, regulated exposure to the pioneering blockchain-based cryptocurrency.

在美國，美國證券交易委員會（SEC）最近批准了 11 隻比特幣交易所交易基金（ETF）。此舉為散戶和機構投資者直接、受監管地投資基於區塊鏈的開創性加密貨幣鋪平了道路。

Meanwhile, in Europe, the Markets in Crypto-Assets (MiCA) law, passed by the European Union in May 2022, establishes clear operational guidelines for crypto companies across the European bloc.

同時，在歐洲，歐盟於 2022 年 5 月通過的加密資產市場 (MiCA) 法為整個歐盟的加密公司製定了明確的營運指南。

Industry Leaders Identify Promising Startups

行業領導者識別有前途的新創公司

Amidst this supportive regulatory landscape, we sought insights from Europe's top crypto-focused venture investors regarding their picks for up-and-coming startups in the sector. Notably, these selections are non-portfolio companies, representing the investors' independent assessments.

在這種支持性的監管環境下，我們向歐洲頂尖的專注於加密貨幣的風險投資者尋求有關他們對該行業新興新創企業的選擇的見解。值得注意的是，這些選擇都是非投資組合公司，代表了投資者的獨立評估。

Ash Arora, Partner at LocalGlobe

Ash Arora，LocalGlobe 合夥人

• Morpho Labs: A Paris-based startup aiming to transform financial services with its decentralized lending protocol on the Ethereum blockchain.
• Compass Labs: A UK-based provider of simulation tools for individuals and institutions to design and test trading strategies for decentralized finance (DeFi) protocols.
• Mira: A remote startup headquartered in Portugal that has developed an open-source AI platform for model and data orchestration, ensuring contributors are compensated with crypto tokens for their contributions.

Luc Jodet, Partner at Xange

Morpho Labs：一家總部位於巴黎的新創公司，旨在透過以太坊區塊鏈上的去中心化借貸協議來改變金融服務。和測試去中心化金融(DeFi) 交易策略的服務Protocols.Mira：一家總部位於葡萄牙的遠端新創公司，開發了一個用於模型和資料編排的開源人工智慧平台，確保貢獻者因其貢獻而獲得加密代幣補償。

• Swaap: A French startup addressing challenges faced by liquidity providers in decentralized exchanges by employing sophisticated market-making strategies.
• Validation: A Swiss startup offering high-performance node infrastructure that outperforms competitors in terms of execution speed and reliability.
• Bubblemaps: A French startup specializing in data visualization, providing sophisticated tools for analyzing blockchain data for financial tracing and marketing strategy development.

Lasse Clausen, Founding Partner at 1kx

Swaap：一家法國新創公司，透過採用複雜的做市策略來解決去中心化交易所中流動性提供者面臨的挑戰。優於競爭對手。

• Tenderly: A Serbian full-stack web3 infrastructure solution that enables developers to build, test, and optimize smart contracts.
• Finoa: A German-based institutional-grade custody provider that offers secure storage, staking, and trading services for a wide range of digital assets.
• BWare Labs: A Romanian infrastructure and development platform tailored to web3 builders, enterprises, and ecosystems.

Samantha Bohbot, Chief Growth Officer and Partner at RockawayX

Tenderly：塞爾維亞全端 web3 基礎設施解決方案，使開發人員能夠建立、測試和優化智慧合約。 .BWare Labs：為web3 建構者、企業和生態系統量身定制的羅馬尼亞基礎設施和開發平台。

• Ethena: A Portuguese startup that has gained traction for its synthetic dollar protocol, offering yield-bearing "internet bonds" and leveraging cash-and-carry trades for profit.
• Union: A Netherlands-based startup that provides interoperability solutions for crypto "infrastructure," allowing startups to choose their preferred blockchains for building applications.
• MatrixOne: A Portuguese startup focused on creating AI avatars for various online contexts, providing a bridge between AI and web3.

Thomas Turelier, Investment Director at Eurazeo

Ethena：一家葡萄牙新創公司，因其合成美元協議而受到關注，提供有收益的「網路債券」並利用現金套利交易獲利。操作性解決方案，「允許新創公司選擇自己喜歡的區塊鏈來建立應用程式。MatrixOne：一家葡萄牙新創公司，專注於為各種線上環境創建AI 化身，在AI 和web3 之間架起一座橋樑。 Thomas Turelier，Eurazeo 投資總監

• Hylé: A French startup building a blockchain specifically designed to verify zero-knowledge proofs, enabling validation of proofs regardless of their source blockchain.
• Kiln: A French leading provider of enterprise-grade staking solutions, facilitating access to staking services for crypto companies and products.

Gleb Dudka, Principal at Greenfield

Hylé：一家法國新創公司，專門建立區塊鏈來驗證零知識證明，無論其來源為何，都可以驗證證明。便利.Gleb Dudka，Greenfield 校長

• Usual Money: A French stablecoin issuer backed by real-world assets, poised to launch and compete with US-based stablecoin giants.
• Euler Finance: A London-based lending protocol that boasts unique features such as per-market operation and an efficient liquidation mechanism.

Conclusion

Usual Money：一家由現實世界資產支持的法國穩定幣發行人，準備推出並與美國穩定幣巨頭競爭。

The resurgence of blockchain startups in Europe is a testament to the transformative potential of this technology. With regulatory tailwinds, a growing ecosystem of infrastructure providers, and innovative startups emerging, the European blockchain landscape is ripe for growth. The startups highlighted here represent a diverse array of solutions that are poised to shape the future of finance, decentralized applications, and AI. As the industry continues to mature, these startups are well-positioned to capitalize on the opportunities presented by the evolving blockchain ecosystem.

歐洲區塊鏈新創公司的復興證明了該技術的變革潛力。隨著監管的推動、基礎設施供應商生態系統的不斷發展以及創新新創企業的不斷湧現，歐洲區塊鏈格局的成長時機已經成熟。這裡重點介紹的新創公司代表了一系列多樣化的解決方案，這些解決方案有望塑造金融、去中心化應用程式和人工智慧的未來。隨著產業不斷成熟，這些新創公司處於有利位置，可以利用不斷發展的區塊鏈生態系統帶來的機會。