Spotlight on Toronto’s Blockchain Startups: Innovating Canada’s Cryptocurrency Scene

January 3, 2024

Blockchain technology continues to revolutionize many sectors, with several startups using its potential to create innovative services and products. This article focuses on Toronto-based startups established in 2020 or later, which are innovatively using blockchain technology to disrupt various industries. These startups are contributing to shaping the future of numerous areas such as finance, art, education, data management, and cloud computing.

From creating a decentralized exchange for financial products to developing a non-fungible token protocol, these startups have uniquely embraced blockchain technology. They not only offer practical solutions to the issues plaguing these industries but also add value to their users and the economy.

Let us dive into the world of these startups to learn about their incredible work in the blockchain space, their founders, and the industries they are redesigning for a more decentralized, secure, and efficient future.

Firefly Exchange

Firefly Exchange is disrupting financial exchanges, financial services, fintech, and the trading platform sector. Founded by Nikodem Grzesiak and Zabi Mohebzada, Firefly uses a trustless layer-2 blockchain to combine the advantages decentralized and centralized exchanges offer. It is dedicated to delivering an exchange platform where trades are settled in less than a second at a low cost while ensuring the platform remains secure and transparent. Investors backing Firefly Exchange top names like Polychain Capital and Three Arrows Capital.(LinkedIn)

Charged Particles

At the intersection of defi, fintech, art, and blockchain is Charged Particles – a startup founded by Ben Lakoff, CFA, and Rob Secord. They are redefining non-fungible tokens (NFTs) by allowing users to deposit digital assets inside their NFTs. This innovation in blockchain, consulting, and IT is propelling Charged Particles to become a core infrastructural technology in developing NFT platforms. (LinkedIn) (Facebook)

Kylin Network

Dylan Dewdney founded Kylin Network to decentralize data feeding protocol and develop data infrastructure for DeFi and Web3.0. Kylin Network facilitates applications and blockchains with reliable and instantaneous on and off-chain market and social data by utilizing the power of the Polkadot/Substrate Framework on open networks. Furthermore, the firm is also focused on constructing a cross-chain platform to enhance data economy on Polkadot.(LinkedIn)

Libre DeFi

Libre DeFi, founded by Josh Davis and Julian V., is driving transparency and rewarding financial services in the DeFi ecosystem. Built on the Binance Smart Chain, the startup offers a handy DeFi shop for both crypto veterans and newcomers. With its roots in accounting, blockchain, finance, and fintech, Libre DeFi paves the way for decentralized finance.(LinkedIn)

ASIC Power Company

ASIC Power, found by Daniel Novak, is dedicated to providing cutting-edge ASIC technology and royalty streaming financing to the cryptocurrency mining industry. The company is the brainchild of innovation in the blockchain, cryptocurrency, finance, and mining sectors.(LinkedIn)


CanETH is a startup focusing on offering Ethereum staking solutions. Established in 2020 and based in Toronto, the firm is expanding its services to become a major player in the blockchain and cryptocurrency world.(LinkedIn)


Founded by Roman Vassilenko, Desentra is retooling cryptocurrency education. It provides comprehensive courses on bitcoin, blockchain, cryptocurrency, and ethereum that are accessible anywhere, anytime, on any device. Aimed at both beginners and experienced individuals, Desentra is bourgeoning as an excellent education platform in the blockchain space. (Facebook)


Adam Meghji and Craig Follett co-founded Peggy to create an inclusive place for buying and investing in art. Leveraging technologies like AI and Machine Learning, Peggy is bridging the gap between collectors and art, making ownership and exchange of investment-grade art secure and accessible to all. With its roots in Art, Blockchain, Consumer Applications, Fintech, Marketplace, and Mobile Apps, Peggy is determined to transform the art scene. (LinkedIn) (Instagram)

Führen Holdings Inc.

Führen Holdings, a tech-based holdings company founded by Aidan Payne and Tomas Henkenhaf, is aimed at acquiring, funding, accelerating, and optimizing a diversified portfolio of technology in emerging spaces. With its roots in the Blockchain, Cyber Security, IT, and Marketing sectors, it forms a significant part of the Canadian Blockchain Startups.(LinkedIn)


Charles Cao founded FilSwan in 2021 intending to develop storage and computing infrastructure for Web3. It offers a complete solution for integrating decentralized storage, edge computing, and payment across multiple chains effortlessly. FilSwan, based in Toronto, is a disruptor in the blockchain, cloud computing, and IT sector.(LinkedIn)


Functionland, founded by Aaron Maines, Arman Shirani, Ehsan Shariati, and Erfan Shekarchi, aims to disrupt traditional cloud storage. They are building a peer-to-peer platform that allows users to share storage and compute resources. With its roots in Blockchain, Cloud Computing, Consumer Electronics, and Software fields, Functionland promises faster speeds and lower costs than traditional cloud storage loci.(LinkedIn)

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