Blockchain Ecosystem Report in Spain 2025

During the presentation of the State of the Blockchain Ecosystem in Spain 2025 report, promoted by Alastria and the Blockchain Cluster of the regional government of Madrid, with the collaboration of El Referente, on May 6th, an engaging discussion took place among invited Alastria partners, including SmartDegrees. Experiences, perspectives, and, in particular, the current challenges facing Web3 companies in Spain and the future of the sector were shared. Tanguy Jacopin, Academic Advisor at SmartDegrees, participated actively in this discussion on behalf of the company.

The blockchain industry in Spain continues to move towards consolidation, with 184 active companies generating more than 1,300 direct jobs and exceeding €533 million in aggregate revenue. The ecosystem is maturing towards real-world use cases with more robust business models, although it remains relatively small within the overall entrepreneurial landscape.

Key findings

• 117 startups dominate in number, of which 58 SMEs generate the highest revenue (€483 million).
• Madrid, with 55 companies, and Catalonia, with 41, lead the ecosystem. Valencia, Malaga, and Bilbao are emerging as secondary hubs.
• High resilience: Only 22 companies have closed compared to 184 created since 2011, with a closure rate lower than the startup average.
• Investment is still modest: 60 deals and €80 million accumulated since 2016, with notable rounds for Bit2Me and Securitize.
• Only 12% of founders are women.

In the current consolidation phase, blockchain technology is expected to become increasingly “invisible” in processes and services, acting as a lever for efficiency and digital trust in the digital transformation of the economic sectors.

Additional Alastria partners who also participated in the session and are part of the ecosystem include: Tritemius, SYBOL, The Muxic Exchange, Token City, Ways Journeys, ONYZE, Legal Node, Unknown Gravity, Dezen, and Usyncro.