监管力度加大，欧洲区块链初创企业激增

在美国和欧洲监管明确的背景下，欧洲的区块链初创公司在经历了一段时间的融资低迷后正在经历复苏。这些地区具有里程碑意义的立法增强了人们对加密货币作为资产类别的信心，导致交易增加，仅 2023 年第一季度就有 3.86 亿美元投资于 68 家欧洲区块链初创公司。这种活动的激增促使领先的风险投资者分享他们对该行业有前途的初创企业的见解，为企业家和投资者提供了宝贵的视角。

Blockchain Startups in Europe: A Resurgence

欧洲区块链初创公司：复兴

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.

在经历了以融资低迷为标志的充满挑战的时期后，欧洲的区块链初创公司正在展现出复苏的迹象。过去两个季度，交易量激增，仅第一季度就向 68 家欧洲区块链初创公司注入了 3.86 亿美元。这一增长是在美国和欧洲颁布变革性立法之后出现的，预计这将增强投资者对加密货币作为一种资产类别的信心。

Regulatory Winds Favor Innovation

监管风向有利于创新

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.

在美国，美国证券交易委员会（SEC）最近批准了 11 只比特币交易所交易基金（ETF）。此举为散户和机构投资者直接、受监管地投资基于区块链的开创性加密货币铺平了道路。

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.

与此同时，在欧洲，欧盟于 2022 年 5 月通过的加密资产市场 (MiCA) 法为整个欧盟的加密公司制定了明确的运营指南。

Industry Leaders Identify Promising Startups

行业领导者识别有前途的初创公司

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.

在这种支持性的监管环境下，我们向欧洲顶尖的专注于加密货币的风险投资者寻求有关他们对该行业新兴初创企业的选择的见解。值得注意的是，这些选择都是非投资组合公司，代表了投资者的独立评估。

Ash Arora, Partner at LocalGlobe

Ash Arora，LocalGlobe 合伙人

• 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：一家总部位于巴黎的初创公司，旨在通过以太坊区块链上的去中心化借贷协议来改变金融服务。Compass Labs：一家总部位于英国的模拟工具提供商，为个人和机构提供设计和测试去中心化金融 (DeFi) 交易策略的服务Protocols.Mira：一家总部位于葡萄牙的远程初创公司，开发了一个用于模型和数据编排的开源人工智能平台，确保贡献者因其贡献而获得加密代币补偿。Luc Jodet，Xange 合伙人

• 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：一家法国初创公司，通过采用复杂的做市策略来解决去中心化交易所中流动性提供者面临的挑战。验证：一家瑞士初创公司提供高性能节点基础设施，在执行速度和可靠性方面优于竞争对手。Bubblemaps：一家专门从事在数据可视化方面，提供了用于分析区块链数据以进行财务追踪和营销策略开发的复杂工具。Lasse Clausen，1kx 的创始合伙人

• 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：塞尔维亚全栈 web3 基础设施解决方案，使开发人员能够构建、测试和优化智能合约。Finoa：一家总部位于德国的机构级托管提供商，为广泛的数字资产提供安全存储、质押和交易服务asset.BWare Labs：为 web3 构建者、企业和生态系统量身定制的罗马尼亚基础设施和开发平台。Samantha Bohbot，RockawayX 首席增长官兼合伙人

• 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：一家葡萄牙初创公司，因其合成美元协议而受到关注，提供有收益的“互联网债券”并利用现金套利交易获利。Union：一家总部位于荷兰的初创公司，为加密“基础设施”提供互操作性解决方案， “ 允许初创公司选择自己喜欢的区块链来构建应用程序。MatrixOne：一家葡萄牙初创公司，专注于为各种在线环境创建 AI 化身，在 AI 和 web3 之间架起一座桥梁。Thomas Turelier，Eurazeo 投资总监

• 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：一家法国初创公司，专门构建区块链来验证零知识证明，无论其来源如何，都可以验证证明。Kiln：法国领先的企业级质押解决方案提供商，为加密公司和产品提供质押服务提供便利.Gleb Dudka，Greenfield 校长

• 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：一家由现实世界资产支持的法国稳定币发行人，准备推出并与美国稳定币巨头竞争。Euler Finance：总部位于伦敦的借贷协议，拥有按市场运作和高效清算机制等独特功能。结论

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.

欧洲区块链初创公司的复兴证明了该技术的变革潜力。随着监管的推动、基础设施提供商生态系统的不断发展以及创新型初创企业的不断涌现，欧洲区块链格局的增长时机已经成熟。这里重点介绍的初创公司代表了一系列多样化的解决方案，这些解决方案有望塑造金融、去中心化应用程序和人工智能的未来。随着行业不断成熟，这些初创公司处于有利位置，可以利用不断发展的区块链生态系统带来的机遇。