Digital EconomyDigital Scots

Scotland’s Blockchain Industry Grows From Strength to Strength

Scotland's Blockchain sector has blossomed from nothing into a major global presence.

When I first started this site a few years back Scotland’s Blockchain industry was non-existent.

Given it’s critical role as a foundation technology for a digital society this was disappointing and concerning.

On a podcast in 2021 Zumopay stated the lofty ambition for Scotland to become Europe’s Blockchain capital, and this would have seemed like nothing more than a pipe dream.

However when you consider the evolution of the sector over just the last year or two, you can see that the roots have formed such that this is actually now an achievable goal.

Highlights include:

  • Zumopay themselves are of course a keynote exemplar. Just one year on from their £1.3m seed round they reported a 100x year on year user growth, are pioneering the decarbonization of crypto, and have launched a B2b ‘Crypto-as-a-Service’ platform.
  • CD Corp is making the very smart move to specialize in helping small businesses integrate NFT’s into their business model. Following on from their Whisky Barrel client win they just announced a new project with Aberfam.
  • In Nov 2020 Siccar raised a £1.3m funding round, and in July 2021 Blockchain Technology Partners raised £2m. Both specialize in the massive enterprise Blockchain market, addressing requirements such as secure data sharing and distributed ledger, smart contract, provenance, and cloud technologies.
  • Nov 2021 – Carbon Based Lifeforms launched as a new game studio with $1.7m funding, announcing Project Gateway, a MMO/RPG underpinned by a Bitcoin and NFT asset-based play-to-earn, player-owned market economy.
  • Executives from one of Scotland’s giant tech successes Fanduel have also expanded into the sector, launching Vault and BetDEX. Both are innovating atop the Solana Blockchain platform, building a creator platform where fans unlock access to exclusive content by owning the key to a creator’s vault and a decentralized sports betting exchange.

A relatively short list but the breadth and depth of these ventures is considerable, each market they serve alone is very large, from enterprise technologies through global betting. BetDEX in particular is the heavyweight player, raising a massive $21m seed round from world-class investors and leading the development of the Monaco sports betting protocol.

What more can we do?

Given this leap from nothing to a very significant industry footprint it begs the question what more can we do? If this is ‘first gear’ for Scotland’s Blockchain industry, what would it look like to step up through gears two, three and beyond, what benefits would that bring and how can we make it happen?

Naturally each is focused on their individual business success, but what could be achieved if we consolidated our efforts to grow their collective success and further expand the industry as a whole?

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Editor of On a mission to build a world leading Scottish digital nation.

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