This report provides an overview of the Canadian Web3 ecosystem, including a brief introduction to Incubella, the Web3 industry, and the Canadian Web3 landscape.

Montreal, Canada, Nov. 30, 2022 (GLOBE NEWSWIRE) --

It’s no secret that 2022 has been a tumultuous year for the Web3 industry. The industry has witnessed several instances of organisations many believed to be invulnerable, fail spectacularly.

Looking forward, a beneficial consequence is that the distracting frenzy has subdued, giving room to the serious builders to continue innovating with less noise.

Conversely, in Canada, regulators have been effectively collaborating with Canadian Web3 companies to improve consumer protection with Coinsquare being the first Web3 company to receive an IIROC membership.

Incubella’s report provides an insightful glance into the Web3 ecosystem’s progression thanks to the hard work of Canadian blockchain entrepreneurs, leaders, and team-players, all working tirelessly to produce great results.

Insights on the Canadian Web3 ecosystem

Every year, Canadian Web3 companies continue to attract private investment, mostly from post-seed funding as the brightest ideas charge towards Unicorn status. Of the total $4 Billion CAD invested to-date in Canadian Web3 companies, the largest single private investment was Dapper Labs’ $305M USD Series C.

There are currently 5 Canadian Web3 Unicorns, Axelar, Blockstream, Dapper Labs, Figment, & LayerZero Labs. The fastest to achieve Unicorn status is LayerZero Labs, founded in early 2021 and crossed the $1 billion USD valuation mark just over one year later after raising $135 million USD in March of 2022.

Incubella’s complete report of the Canadian Web3 ecosystem is available to read here.

What is Incubella?

As proven leaders in the Canadian web3 and blockchain space, Incubella is a startup incubator specialised in marketing, growing and developing projects built on blockchain in the Web3 ecosystem. Headquartered in Montreal, Canada, Incubella’s creatives have extensive experience building and executing growth marketing strategies for promising NFT, DeFi, Metaverse, and P2E (Play to Earn) gaming startups.

In preparation for 2023, their team put together the “2022 Canadian Web3 Landscape” to give potential clients, VCs, and web3 enthusiasts an insightful glance and analysis of the Canadian Web3 ecosystem. The data presented should encourage additional investment into Canadian Web3 companies as Canada has made positive strides as a country in regulation to help protect consumers. Incubella also wanted to shine light on the 100 most notable Web3 companies in Canada to show the world the progress of great blockchain use-cases and the teams behind them.

Web3 startups looking to grow their user-base should chat with Incubella. Their proven track-record of maximising potential for projects is no joke, helping top 100 market cap projects integrate and co-market with dApps across the ecosystem. Last year, our clients’ acquired a total of over 100k new users, and delivered millions of impressions across all social channels.