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Which Crypto Companies Fared Best in the Bear Market?

Crypto companies felt the pinch this year after a crypto winter that lasted all year. Several firms had to let some staff go, while others closed shop altogether. But not every company felt the heat (or cold). Indeed, some companies’ misfortunes provided an opportunity for others to thrive.

User trust in centralized exchanges (CEXs) hit an all-time low, thanks to FTX. Due to that, we’ve witnessed an unprecedented interest in self-custody solutions, with companies that provide such solutions faring exceptionally well.

In this piece, we’ll discuss some of those companies and others that have fared the best in the ongoing bear market.

Bear market

#1. Binance

It would be unrealistic to expect a perfectly seamless operation for any crypto business — after all, this is crypto with its mayhem, FUD, and wild volatility. So, it’s normal for a crypto exchange to undergo trying times. That’s true for Binance. The largest cryptocurrency exchange in the world (by volume) is being tested, but will likely emerge relatively unscathed.

First, the exchange witnessed a massive bank run, with users moving up to $3 billion in the 24 hours leading up to Dec 13, per on-chain data analytics company Nansen.

The bank run was precipitated by skeptical industry reactions to the exchange’s proof-of-reserves audit report. Binance had commissioned the report to reassure customers of its solvency in the wake of FTX’s fall reports on the exchange’s legal issues that contributed to the bank run.

Regardless, Binance is poised to perform, especially with the absence of its biggest rival, FTX. Out of the $3 billion in outflows, the company still has over $60 billion in holdings. Also, the exchange is the most high-profile one that did not lay off workers, demonstrating its health and strong footing.

#2. faced a number of headwinds this year but emerged stronger. Its slashing of card rewards, popular in the crypto community, did not bode well with users. The exchange was also the target of a hack in January of 2022 that affected 483 users and was worth $35 million.

In response, the exchange implemented the Worldwide Account Protection Program (WAPP) as insurance for future hacks. Under the program, users who qualify are eligible for up to $250,000 in reimbursement in the event of losing funds in a security breach. also had to clear the air recently when it mistakenly sent $400 million of ETH to, triggering speculation and suspicion. Very recently, Twitter had lit up with chatter about possibly being the next domino to fall after FTX. Marszalek took to YouTube to reassure users of the exchange’s solvency via an AMA (Ask Me Anything) that allayed user fears.

In addition, the company is growing exponentially. Users on the platform now clock to around 70 million — a massive jump from 50 million in May and 10 million in February 2021.

Basically falls into the “No news is good news” category for exchanges over the last 12 months.

#3. Uniswap

Decentralized exchanges (DEXs) have never really enjoyed widespread recognition in crypto. For example, Uniswap — the biggest DEX has only a paltry 2.5 million users compared to Coinbase’s strong user base of 70 million.

But DEXs suddenly became a more attractive option in the face of FTX. After the exchange’s fall, Uniswap surpassed Coinbase to become the second most popular exchange after Binance for ETH trades.

In general, the exchange witnessed a surge in transaction volume after FTX entered into a non-binding agreement to merge with Binance (Binance would later abandon the deal). Uniswap currently has the lion’s share of all DEX trading volume.

Uniswap had a grand year overall. In October, the exchange secured $165 million in one of the biggest funding rounds since this year’s bear market. The company will strengthen its web app and developer tools with funding, invest in NFTs, and more. The new cash injection brought Uniswap’s total valuation to $1.66 billion.

In another milestone, Uniswap, which did not lay off employees this year, crossed the $1 trillion transaction mark since its inception four years ago.

#4. Ledger

Bear market or not, cold wallet manufacturer Ledger had a good year. The France-based company unveiled its newest iteration of hardware wallet, Ledger Stax, earlier this month.

Ledger tapped Tony Fadell, who famously designed the Apple iPod, to help create the wallet.

With Ledger Stax, the company hoped to create a sleeker wallet that can win over “more mainstream users” than previous models, according to the launch press release.

The wallet gets its name, “Stax,” from having magnets so that multiple can be stacked together, much like stacking books.

Here are more of Ledger Stax’s highlights:

  • E Ink display that lets you view your transaction history anytime
  • High battery efficiency (weeks to months power duration) and wireless charging
  • Laptop, smartphone, and Web 3 apps connectivity
  • Ability to manage over 500 cryptocurrencies
  • Ability to manage your NFT collection

Ledger Stax is another milestone for Ledger, which boasts over five million purchases and never having been hacked (at least the devices themselves). With the new device rollout, Ledger meets the moment. The company’s CTO said on Twitter it had experienced “a massive usage” that caused a server outage after the FTX collapse.

#.5 Trezor

Trezor is another crypto company that’s cruised through 2022’s bear market. Users tend to flock to wallets in times of uncertainty. Again, after FTX’s implosion, it benefited from having the title of one of the most trusted hardware wallet providers. The Prague based company reported a 300% jump in sales revenue the week the FTX drama unfolded.

The crypto community welcomed the news, calling Ledger and Trezor’s success the only silver lining after the FTX disaster. That silver lining is that more crypto investors are opening their eyes to self-custody.

Final Thoughts: Bright Spots in a Dark Time

It’s nice to see some bright spots in this year’s protracted bear market that no one foresaw being capped by FTX winding down.

You have crypto exchanges like Binance,, and Uniswap still standing strong, and self-custody solutions offered by Ledger and Trezor basking in the spotlight.

There’s a good chance we’ll be able to add several more companies to this list by the end of 2023.

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Hope Mutie

About the Author

Hope Mutie

Hope Mutie is a professional writer and editor whose interests include fintech, cryptocurrency, and blockchain. She engages with crypto audiences by curating content that’s fun-to-read, educational, and offers unmatched value. Hope is part of the brilliant team at Go Full Crypto – a podcast and service that enables your transition into crypto.

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