“Blockchain” has been on everyone’s lips after Bitcoin’s price raced to unseen hights in 2017. But what does the blockchain ecosystem really look like in Germany after 2017? To answer this question, BTC-ECHO and BlockState conducted a comprehensive study. 180 German blockchain start-ups were included, of which more than 100 took part in our survey. What is the current state of development in Germany? How large is the sector and do German blockchain pioneers have the potential to help shape the economic system of the future?
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Almost 50 % of German blockchain start-ups are based in Berlin.
67 % of asked companies already generate revenue.
53 % of start-ups employ less than 10 employees.
The majority of companies are financed through an Initial Coin Offering (ICO) (86).
*All Data and graphs may be used by third parties as long as the source BTC-ECHO is cited.
Cities where the companies are located
Team size (without freelancers)
State where the companies are located
Industries in which the companies are active
Current phase of company
ICOs per founding year
Layers in which companies are active
Raised amount by ICOs
Type of financing
Revenue by company phase (2018)
Revenue by layer (2018)
Revenue by sector
About this Blockchain Study
Experts from all over the world agree: The blockchain technology has the potential to fundamentally change almost every aspect of our economy. BTC-ECHO as the largest blockchain magazine in Germany, together with BlockState, have asked ourselves how the blockchain ecosystem has developed in Germany. Can companies compete with startups in blockchain hubs such as Singapore, Malta and Switzerland? German companies are often said to recognize decisive innovations too late. What is the current state of development in Germany? How large is the sector and do German blockchain pioneers have the potential to help shape the economic system of the future? We have carried out a study that sheds light on the blockchain ecosystem in Germany with some surprising findings.
The study comprises a thorough research of 180 different companies as well as a survey in which representatives of more than 100 blockchain startups in Germany were interviewed on various topics. These include general information about the company and its business model, the composition and size of the team as well as the type and scope of financing. We found the latter to be particularly crucial, as there seems to be little differenciation in public perception between blockchain and crypto currencies. Therefore it is often assumed that every company in the blockchain sector also finances itself through an Initial Coin Offering (ICO).
Datasources This study was based on a survey among 103 companies as well as a secondary online research on 195 companies. The secondary research included data from the following sources: www.crunchbase.com, www.icotracker.com, www.icobench.com, www.icodrops.com, www.trackico.com, www.chain.de as well as the companies‘ corporate websites.
Eligibility The survey included questions about the companies‘ location, industry, sector, revenues, founding dates, team sizes, and size and types of funding. The survey was created and distributed using Google Forms.
Survey The survey included questions about the companies‘ location, industry, sector, revenues, founding dates, team sizes, and size and types of funding. The survey was created and distributed using Google Forms.
Quantitative methods The numbers and charts above are based on usable answers. Not in all cases did all companies provide useful answers. Where no percentage symbol is shown, the charts display all the entire set of usable answers given by the respondents.
Data cleansing In a few exceptions, unclear or incomplete answers had to be cleaned from the dataset. In some cases – where noted – multiple answers were allowed.
For any questions relating to this study and suggestions for further development, please reach out to BTC-ECHO via: [email protected]
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