A new study on blockchain shows that Bavarian startups are increasingly using this innovative technology, making them among the pioneers in this field compared to other German companies. Berlin is also leading the way.
The study currently counts a total of 28 BC startups in Bavaria. This puts the Free State in second place nationwide, behind Berlin.
German blockchain landscape has nothing to hide
BlockState, the provider of blockchain-based banking infrastructure, and BTC Echo, the most widely read blockchain publication, have published a study that aims to provide meaningful insight into how the ecosystem has developed in Germany based on extensive research and surveys of more than 100 blockchain startups on business areas, revenues, type of financing, and much more.
"As the largest German-language blockchain media outlet, we know that the blockchain ecosystem in this country has nothing to hide. What has been missing, however, is a meaningful study that provides an overview of the numerous blockchain startups. It was therefore a major concern for us to use this study to provide more clarity and educate people about this emerging industry."
says Sven Wagenknecht, Editor-in-Chief of BTC-ECHO.
Here are a few selected results from the Germany-wide study:
- Industries:
The German BC companies examined operate in a total of 34 different industries. The largest number of startups, by a clear margin—37 in total—operates in the financial sector. The entertainment industry follows in second place, with 13 startups operating in this sector.
Some federal states without blockchain startups
- Seat:
In Germany, the majority of BC companies are headquartered in the state of Berlin – a total of 89 companies. Free State of Bavaria with 28 companiesIn the federal states of Brandenburg, Mecklenburg-Western Pomerania, Saarland, Saxony-Anhalt and Thuringia, there is not a single startup that uses the technology.
- Sales volume:
72 of the startups surveyed reported already generating revenue. Regarding revenue, 11 startups reported less than €50,000 in sales. Three companies generate more than €1 million in annual revenue.
- Business sector:
Current data shows that employment in the B2B sector is currently the most profitable. Fourteen companies operate in this space. The majority of startups operating in this space that are already generating revenue report annual revenues of between €100,000 and €500,000. Two companies even reported annual revenues of up to €5 million.
The full results of the study can be viewed online.
