The US is home to the most DeFi startups, followed by the UK and Singapore

Nearly half of decentralized finance (DeFi) or Open Finance (OFI) startups tracked by The Block are headquartered in the U.S.

Out of the total 73 OFI firms in our database, nearly 50% are based in the U.S., followed by the U.K. and Germany, according to recent findings published by The Block’s Steven Zheng.

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When looking at the legal domiciles of these firms, the percentages change up a bit. The U.S.-based share of the pie shrinks from nearly 50% to 44%.

Through that lens, Singapore, Switzerland, Cayman Island and the British Virgin Islands take a larger share of the pie. Twenty-one percent of firms in The Block's data set have different legal domains and headquarters.

Notably, 2017 was the most popular year for OFI firm launches. Over 57% of firms in The Block's data set were founded that year.

To read the full analysis and more data-driven stories, subscribe to The Block Research.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.