Cryptocurrency companies, Ripple, Coinbase, and Circle, have been named amongst the Forbes’ Fintech Top 50 list for 2019, as the leading American business/finance outlet reports.
Ripple, Coinbase, and Circle get listed despite the bear market
Despite the bear market, which has now become officially the longest in the history of crypto, some cryptocurrency companies have been named amongst the leading fintech companies in the world.
Forbes released its Top 50 Fintech Companies in America this year, and crypto companies Ripple, Coinbase, and Circle were amongst the leaders. Amongst them, Coinbase led the pack, coming second on the list just behind Stripe.
Coinbase – valued at 8 billion USD – Better was rated as performing excellently after the company secured 300 million USD in funding from Tiger Global, Y Combinator, A16Z, Polychain Cap, and a number of other crypto-friendly venture groups recently. The current valuation puts Coinbase as one of the leading companies in the crypto space.
Furthermore, Coinbase has expressed the desire to boost its global outreach, expand institutional services, and applications for crypto. And, the company has launched some pertinent products including support for Circle-backed USD Coin, a revamped version of Earn, PayPal withdrawals, and crypto-to-crypto trading, as it looks to grow despite the crypto winter.
Also, Coinbase listed some crypto assets on its platform, including ZCash (ZEC), Basic Attention Token (BAT), Maker (MKR), and 0x (ZRX) as the adoption of these cryptocurrencies increase. And, Coinbase has been slowly moving into the institutional investing side of the crypto space, and it is expected to outperform its competitors over the next few years.
Ripple on the list as its products gain adoption
Ripple has been one of the best performing crypto company over the past 12 months. The company valued at 5 billion USD is fourth on the list thanks to the adoption of its products such as RippleNet and xRapid.
RippleNet is a product designed to ease cross-border transactions, making them faster and cheaper. The product has experienced massive adoption and now serves more than 100 institutions, which span forty countries on six continents. Also, numerous financial institutions have lauded the solution for its high level of performance.
The other marquee product, xRapid has also gained widespread adoption as more institutions look to the product to boost micro-payments due to a decrease in transaction times and costs. And, the product has seen a fair share of adoption with companies such as OnePayFX, a mobile application that will bring better remittance services to nations across the globe, MoneyTap, BeeTech, and others integrating it into their platforms.
Circle joins the top 10
Circle, the Boston-based crypto upstart backed by Goldman Sachs was also amongst the leading fintech companies, occupying the seventh spot on the list. Furthermore, the company, in its 2018 report revealed that it now serves over eight million customers from over 175 countries. And, the platform recorded over 200 million transactions last year, amounting to roughly 75 billion USD. Additionally, Circle serves institutional investors, with its over the counter (OTC) desk, trading 24 billion USD in Bitcoin and altcoins last year.
Gemini, Bitfury, Axoni all among top fintech
Gemini, Coinbase’s major competitor in the US, made it on the list this year. The New York-based company headed by the Winklevoss twins was amongst the top 50 fintech companies despite failing to launch a Bitcoin ETF last year.
The company has increased its efforts as it looks to venture into the regulatory and security facets of the crypto ecosystem. The Winklevoss twins are still adamant that the crypto world needs a Bitcoin ETF and expect to achieve that this year.
Furthermore, Bitfury and Axoni also appear on the Forbes’ list. Bitfury is a full-service blockchain group that has ventures ranging from ASIC hardware to a cryptocurrency analytics group that can help the authorities.
Meanwhile, Axoni is a fintech firm looking to chain derivatives, specifically the back office operations of such financial processes. It aims to achieve this via smart contracts. According to Forbes, Axoni’s distributed ledger “will allow counterparties to see payments, calculations, and other vital trade information in real time, improving efficiency and lowering risk. Already partnering with world’s biggest banks and financial intermediaries.”
The competition is expected to be tougher this year as the crypto space flushes out companies that don’t have much to offer.