Starting a crypto startup is like starting any other kind of business, but it's all about using a special kind of money called cryptocurrency. Here are some steps to follow if you want to start a crypto startup

![](img/how-to-start-a-crypto-startup_-a-simple-guide-for-beginners-1.png "How to Start a Crypto Startup: A Simple Guide for Beginners")

## **Do some research**

Before you start your business, you should learn about the different kinds of cryptocurrency and what other people are doing in the industry.

![Do some research](img/do-some-research.png "Do some research")

## **Make a plan**

Just like any other business, you need to have a plan for what your crypto startup will do and how you're going to make it happen.

## **Understand the rules**

There are certain rules and regulations that apply to businesses that use cryptocurrency, so it's important to make sure you know what they are.

## **Get a team**

Starting a crypto startup can be tough, so it's important to have a team of people who can help you out.

![Get a team](img/get-a-team.png "Get a team")

## **Get some money**

Just like any other business, you'll need some money to get your crypto startup off the ground. There are two ways to solve this issue:

*Self-investment.* Self-investing This gives you freedom from investment influence, but also requires a lot more time and money to get started.

*Attracting investments.* To attract investment, you need a clear vision for your project and a strong pitch. Some investors are not ready to start working with you and give you their money if you do not have the first investment, so a good pitch and preparation are necessary.

## **Build a strong foundation** 

Depending on what your business does, you might need to build some special technology to make it work.

## **Talk to other people**

There are lots of other people who are interested in crypto, so it's a good idea to talk to them and learn from them.

## **Stay up-to-date**

The crypto world is always changing, so it's important to keep learning and staying up-to-date on the latest trends and developments. You can also have a mentor or be a member of business chats where many entrepreneurs can share their cases from their practice
Starting a crypto startup can be a lot of work, but it can also be a lot of fun. By following these steps and learning as much as you can, you can set your business up for success and help make the world of cryptocurrency a better place!

Starting a crypto startup is like starting any other kind of business, but it's all about using special kind of money called cryptocurrency. Here are some steps to follow if you want to start a crypto startup

How to Start a Crypto Startup: A Simple Guide for Beginners

The Crunchbase Unicorn Board welcomed ten fresh faces in May 2023, doubling April's count, yet trailing behind May 2022's substantial total of 34. These new unicorns were unveiled in an investment climate where leading unicorn investor, [Tiger Global](https://www.crunchbase.com/organization/tiger-global), contemplates offloading its private company stakes as unicorn portfolio evaluations continue to be revised downwards.

![](img/знімок-екрана-2023-06-18-о-20.05.57.png)

Of the ten additions, nine different industries are represented with AI claiming two spots at the top. The remaining unicorns each represent a distinct sector, including energy, biotech, robotics, enterprise SaaS, and transportation.

Half of the new unicorns originated from the U.S., with two emerging from China, while Canada, Indonesia, and Japan each contributed one. The month of May saw $5 billion of the total $22 billion global venture funding allocated to these unicorn companies, which is less than half of the $11 billion acquired by unicorns in May 2022. 

![](img/знімок-екрана-2023-06-18-о-20.06.14.png)

The biggest funding for the month was secured by [Shein](https://www.sheincorp.cn/), a fast-fashion e-commerce platform, raising $2 billion in one round at a decreased valuation of $66 billion.

***Here are the newcomers:***

## AI 

Toronto's [Cohere](cohere.com), an AI-based large language model creator for enterprises, raised $270 million in its Series C funding round, led by [Inovia Capital](https://www.inovia.vc/). This has valued the 4-year-old company at $2.2 billion. 

New York's [Runway](https://runwayml.com/), an AI firm specializing in generative video, secured $100 million in a Series D round led by [Google](https://thecymes.com/article/googles-bard-chatbot-made-a-factual-error-during-its-first-demo-the-mistake-cost-the-company-100-billion), achieving a valuation of $1.5 billion.

Another notable AI startup that warrants attention is IDvizer, a facial recognition technology provider striving to revolutionize business security solutions. Their latest offering, IDvizer's Fastest Face ID, is a B2B identity recognition platform that verifies end-users in less than a second, irrespective of the device in use. This product has made waves in the AI industry for its innovative approach to security and its ability to deliver unique user experiences across various fields. [Learn more about IDvizer and its Fastest Face ID in our previous article](https://thecymes.com/article/a-brand-new-way-for-businesses-to-verify-users-idvizer-builds-the-fastest-face-id).

## Energy 

[Ryefield Energy](https://www.fox-ess.com.cn/), a China-based battery energy storage firm, raised $140 million led by [Sparkedge Capital](https://www.crunchbase.com/organization/sparkedge-capital), reaching a valuation of $1.4 billion.

## Agtech 

[eFishery](http://efishery.com/), an Indonesia-based developer of IoT feeding devices and an e-commerce platform for aquafarmers, raised $108 million in a Series D round led by Abu Dhabi PE fund [G42 Expansion Fund](https://www.42xfund.com/), reaching a valuation of $1.3 billion.

## Cleantech 

Gradiant from Massachusetts, a company dedicated to aiding water-dependent enterprises in wastewater reduction and treatment, secured $225 million in a Series D round led by BoltRock Holdings and Centaurus Capital, thereby valuing the company at $1 billion.

## Enterprise SaaS 

Restaurant365, an Irvine, California-based restaurant management software firm, secured $135 million, hitting the $1 billion valuation mark. The funding round was led by private equity firms Kohlberg Kravis Roberts and L Catterton.

## Proptech 

New York-based Avenue One, a proptech firm providing a comprehensive service platform for rental property buyers, raised $100 million led by WestCap. This round valued the company at $1 billion.

## Transportation 

GO, Tokyo's premier ride-hailing app, secured $72 million in a Series D round led by Goldman Sachs, which valued the company at $1 billion.

## Robotics 

Zhiyuan Robotics, a Shanghai-based humanoid robot developer, raised a funding round led by Baidu Capital, achieving a $1 billion valuation. The exact amount raised remains undisclosed.

## Biotech 

Chicago's VectorBuilder, a firm specializing in gene delivery technology, completed a funding round that saw the company reach a valuation of $1 billion.

Correction: Cohere's funding round has been updated to $270 million and its valuation to $2.2 billion based on an updated funding announcement.

[The Crunchbase Unicorn Board](https://www.crunchbase.com/lists/exited-unicorns/9436a996-90a9-40bc-91c0-a7d239de07f1/organization.companies) is a curated list of privately-held unicorn companies valued at $1 billion or more, based on Crunchbase data. Additions are made as companies hit the $1 billion mark during funding rounds. Internal company valuations are not reflected, as these often differ and are usually lower than a priced funding round. Adjustments are not made for investor writedowns, which vary quarterly, as different investors may not consistently value the same company within the same quarter.

Please note that all funding values are in U.S. dollars unless specified otherwise. Foreign currency transactions are converted at the historic spot price even if they were added to Crunchbase long after the event was announced.

Illustration: Dom Guzman\
Photo by [Alex Rybin](https://unsplash.com/@alexrybin?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText) on [Unsplash](https://unsplash.com/images/animals/unicorn?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText)\
\
*Note: The information provided in this article is sourced from Crunchbase News, and presents an analysis of the emerging unicorns and investment trends in May 2023*

 Explore the dynamic shift in the unicorn landscape in May 2023, featuring an increase in AI startups, fluctuating venture funding trends, and diverse industry representation. Get detailed insights into the new unicorns' origin, industry, and valuation.

May 2023 Unicorn Expansion | AI Dominance & Global Venture Funding Insights

May's Double-Digit Unicorn Growth Highlights Two AI Players

What if I told you that you make up to 35,000 decisions a day? This number may seem too high, but we cannot deny that we face an endless flow of findings when we crawl out of bed in the morning. All this never-ending stream of decisions throughout the day often results in people feeling exhausted by the end of the day. That is why our startup team decided to take over the routine so you can have more creative power for self-growth and development. We aim to make people's lives more comfortable and help them by releasing creative energy. 

IXORD - a multi-platform that makes people happier



Magento is an open-source platform that is highly customizable and can be used to create large, complex e-commerce sites. It is best suited for larger businesses or businesses with high traffic. Please feel free to check our [Magento dedicated page](https://skynix.co/technologies/lampstack/magento) to learn more about it right away.

Pros:

* Highly customizable, allowing for a wide range of features and functionality.
* Open-source, giving users access to a large community of developers and users.
* Can handle high traffic and large catalogs of products.
* Has a wide range of add-ons and plugins available.

Cons:

* Can be difficult to set up and configure, particularly for non-technical users.
* Requires a significant investment in terms of time and resources.
* May require a dedicated hosting solution to handle the demands of a large e-commerce site.

WooCommerce is a free, open-source plugin for the WordPress platform. It is a simple and lightweight option that is easy to set up and customize. It is best suited for small to medium-sized businesses.

Pros:

* Easy to set up and customize.
* Lightweight and fast.
* Can be integrated with a wide range of payment gateways and shipping providers.
* Has a large community of developers and users.

Cons:

* Not as customizable as Magento.
* Can be limited in terms of scalability and performance.
* May require additional plugins and add-ons to achieve certain functionality.

Shopify is a proprietary platform that is easy to use and requires no technical knowledge to set up. It is a good option for small to medium-sized businesses and beginners. It is less customizable than Magento or WooCommerce but it offers a wide range of apps and plugins.

Pros:

* Easy to use and requires no technical knowledge to set up.
* Has a wide range of apps and plugins available.
* Offers a variety of templates and themes to choose from.
* Has a good security and support system.

Cons:

* Limited in terms of customization compared to Magento or WooCommerce.
* Some features and functionality may require additional apps or plugins, which can increase the cost.
* Has a Transaction fee for some payment gateways.

**A LITTLE BIT ABOUT SERVER SETUP**

Magento typically requires a more sophisticated server architecture compared to WooCommerce and Shopify. Because of its complex functionality and the ability to handle high traffic and large catalogs of products, Magento requires a dedicated hosting solution or a robust shared hosting plan to ensure optimal performance.

WooCommerce and Shopify, on the other hand, are more lightweight and do not require as many server resources. They can be run on a standard shared hosting plan or even a managed hosting plan which can handle the load and traffic. However, as the traffic and complexity of the store increases, the hosting requirements will also increase, so it’s important to monitor the performance and adjust the hosting accordingly.

That being said, the actual server architecture required will depend on the specific use case and implementation. Factors such as the number of products and categories, the number of visitors and orders, the number of extensions and plugins used, and the overall complexity of the site will all impact the server architecture needed.

**RUNNING A BUSINESS EXPECTATIONS**

In terms of running costs, WooCommerce is generally considered to have the lowest running costs as it is a free, open-source plugin for the WordPress platform. You will need to pay for the hosting and domain, but the plugin itself is free, and you have the flexibility to choose your own hosting provider, which can help keep costs low.

Shopify also has a relatively low cost of ownership. Shopify offers a basic plan that is affordable for small businesses, and the platform offers a variety of templates and themes to choose from, which can help keep design costs low. However, there are additional costs such as transaction fees and app and plugin costs that could add up and make it more expensive than WooCommerce.

Magento, on the other hand, typically has higher running costs. The platform is open-source, but it requires a significant investment in terms of time and resources to set up and configure. Additionally, it may require a dedicated hosting solution to handle the demands of a large e-commerce site, which can add to the overall cost of ownership.

In terms of sustainability, all three platforms can be used to create sustainable e-commerce stores. However, the ability to customize and control the various aspects of the store, such as reducing carbon footprint, using sustainable products, and implementing eco-friendly shipping methods, is more flexible in Magento and WooCommerce than in Shopify. As both Magento and WooCommerce are open-source, it’s easier to find and install sustainable plugins and add-ons.

It’s important to note that the sustainability of the e-commerce platform is only one aspect of creating a sustainable business. The entire process, such as the sourcing of products, packaging, and shipping, also needs to be considered.

**GET YOURSELF SETUP RIGHT**

In summary, Magento is best for large, complex e-commerce sites, WooCommerce is best for small to medium-sized businesses and Shopify is best for small to medium-sized businesses and beginners.\
Please note that these are general characteristics and may vary based on the specific use case and implementation. It’s also good to research further and evaluate the best fit for your business needs.\
We at Skynix can help you with any system, however, we have way more expertise with Woocommerce and Magento. Drop us a line – we will help you with picking up the best system for your needs and we will set you up in your new eCommerce business.

https://skynix.co/

Magento, WooCommerce, and Shopify are all popular e-commerce platforms that can be used to create an online store. Magento is best for large, complex e-commerce sites, WooCommerce is best for small to medium-sized businesses and Shopify is best for small to

How to select an ecommerce platform to be used for your webshop?

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