Ontario’s Rising Blockchain Innovators: Showcase of Canadian Startup Excellence

January 3, 2024

Ontario, Canada has always been a hub of innovation and technological prowess. In recent years, this province has become a hotbed for startups in the blockchain industry. Communicating and transacting securely is the heartbeat of the ever-expanding economy. Enter blockchain technology, a hot tech trend that has become common vernacular in the business world. Companies in Ontario are at the frontlines of this revolution, leveraging blockchain technology to provide innovative solutions in an assortment of industries. New startups in the blockchain sector have emerged in Ontario since 2020, each with a unique storefront, product or service driving technology forward.

Blockchain technology offers a secure, decentralized, and efficient method for storing data, making it a versatile tool applicable in many sectors. This article will cover a handful of promising startups operating in the blockchain industry with headquarters in Ontario. The onset of these companies was in 2020 or later. They have each made significant strides in their respective industries, bringing an air of ingenuity, competition, and evolution.

The following list profiles these startups, providing an overview of the services they offer, their founders, and other information pertinent to their operation. Each startup is equally representative of the tech revolution sweeping through Ontario, redefining the province’s–and potentially, the world’s–digital landscape. Whether it’s in finance, software development, data management or consulting, these startups are proof that the blockchain technology industry in Canada is thriving and growing.

Axelar Network

Located in Waterloo, Ontario, Axelar Network is a blockchain startup co-founded by Georgios Vlachos and Sergey Gorbunov in 2020. The company has developed a cross-chain communication tool enabling blockchain ecosystems, applications, and users to connect. Breaking down barriers to cross-chain communication, Axelar allows developers to build on the best platform for their needs while leveraging the Axelar stack to unlock cross-chain composability and liquidity.

Firefly Exchange

Based in Toronto, the Firefly Exchange was founded by Nikodem Grzesiak and Zabi Mohebzada. They provide a decentralized, orderbook-based exchange for financial products. Firefly uses a trustless layer-2 blockchain to combine the security and transparency of decentralized exchanges with the sub-second trade settlement and low cost of centralized ones. Backed by Polychain Capital and Three Arrows Capital, it has attracted substantial investments.

Charged Particles

Another Toronto-based startup is Charged Particles. Co-founded by Ben Lakoff and Rob Secord, they have brought innovation through a non-fungible token protocol that sits at the forefront of defi, fusing art and finance. They developed a platform where users can deposit digital assets inside their non-fungible tokens, illustrating a perfect example of technological innovation+

Kylin Network

Situated in Toronto, the Kylin Network, launched by Dylan Dewdney, has built a decentralized data feeding protocol that builds data infrastructure for DeFi and Web3.0. The company also aims to build a cross-chain platform powering the data economy on Polkadot. With instant, reliable, and valid on/off-chain market data and social data sources, they are creating a reliable data infrastructure.

Libre DeFi

Also in Toronto, founders Josh Davis and Julian V. established Libre DeFi. Built to deliver the kind of transparency necessary in the DeFi ecosystem, this decentralized finance protocol on the Binance Smart Chain offers veterans and newcomers a one-stop DeFi shop.

ASIC Power Company

Founded by Daniel Novak, ASIC Power Company offers top-of-the-line ASIC technology and royalty streaming financing to the cryptocurrency mining industry, headquartered in Toronto.


CanETH is a startup based in Toronto that provides clients staking solutions for Ethereum, established in 2020.


Located in Ottawa, Thred was launched by Arta Koroushnia and Kazi Hossain. Their Thred Protocol facilitates minting and ownership of Smart Utils, a revolutionary way to dynamically activate utilities on NFT Collections.


Founded by Roman Vassilenko, Desentra is based in Toronto. They aim to redevelop crypto education with courses accessible from any device and any location, for all levels of knowledge.


Located in Mississauga, Ontario, MoogleLabs is an innovative company that provides cutting-edge AI & ML development services. Ganesh Verma founded MoogleLabs to meet next-gen industry demands of clients with agile artificial intelligence software solutions.


Based in Toronto, Peggy is a secure marketplace for investment-grade art, co-founded by Adam Meghji and Craig Follett. Peggy changes the game by making living with and investing in art accessible to all, giving artists the opportunity to finally earn artist royalties for all future secondary sales.

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