Great article.

I think you’re missing a few categories —

Crypto/Fiat Connected E-wallets: These are not exchanges but they do bridge crypto to fiat and vice versa. You can deposit in crypto, convert to fiat, withdraw as fiat to a bank or spend using a credit/debit card. I’d put the following in this category: AirTM, Uphold, Circle, Xapo. This sounds trivial or less interesting than exchanges but it’s a very difficult trick to enable both fiat and crypto connections on the same platform — banks don’t like crypto companies generally and few of them have managed to maintain stable banking relationships. See this article for more detail on the challenges of creating a digital dollar: https://medium.com/@timzparsa/building-a-better-digital-dollar-4323e7c6ebc3

Related are Programmable Money Apps built on these platforms that have an API. I wrote about this here: https://medium.com/@timzparsa/if-this-then-money-cad45918c748

Then there are Dapp aggregators and browsers — see Coinbase Token Browser and State of the Apps.

Finally, I’d put in another category fiat-pegged cryptos. These are also bridges between crypto and banks: Tether, Omni Layer, Colored Coins.

For me the space between crypto and fiat is the most interesting and where I believe the most value can be captured by start-ups, because the former is where all the innovation happens but the latter is what the market wants and needs — the 99.9% of people who will never use ETH or BTC just as they’ll never speak Esperanto.