Despite the crypto winter, the number of crypto companies included in the Forbes Fintech 50 2022 list still appeared more than in the past year, up to a remarkable 9.
This number surpasses the record 8 crypto companies featured in the Forbes Fintech 50 2021 list, including Alchemy, Anchorage, BlockFi, Chainalysis, Fireblocks, Gemini, Kraken, and Paxos. All have raised a total of about $1.7 billion.
This year, 9 companies are named to the Forbes Fintech 50 list including FTX, OpenSea, Alchemy, Ava Labs, Circle Internet Financial, Chainalysis, Fireblocks, Paxos, TRM Labs, and have raised a total funding of about $6.5 billion from various investors.
The first name is the FTX cryptocurrency exchange led by Sam Bankman-Fried. They have collected total funding of $1.8 billion from Sequoia, Temasek, and Thomas Bravo… and reached a valuation of $32 billion.
The second is the NFT OpenSea market with $423 million in funding from Andreessen Horowitz (a16z), Paradigm and Haun Ventures, etc. with a valuation of $13.3 billion.
In third place is the presence of Web3 infrastructure provider Alchemy with total funding of $413 million from a16z, Silver Lake, Lightspeed Venture Partners, and more, currently valued at $10.2 billion.
In fourth place is the company behind the Avalanche blockchain, Ava Labs. Forbes doesn’t share Ava Labs’ valuation but estimates AVAX’s market cap at around $8.5 billion.
The fifth name is Circle Internet Financial, the company behind stablecoin USD Coin (USDC). They made the list after raising $1.5 billion in funding from BlackRock for Fidelity, bringing its valuation to $9 billion.
The sixth is Chainalysis, which provides reporting and analysis services for the cryptocurrency market. The company has raised $535 million in funding from Coatue, Paradigm, Accel, etc., and is currently valued at $8.6 billion.
At number seven, Fireblocks is an institutional-focused cryptocurrency custodian. It has raised $1.2 billion in investment from BNY Mellon, Coatue, and Ribbit Capital and has a valuation that hits $8 billion.
Eighth is Paxos, a blockchain infrastructure platform that powers cryptocurrency buying and selling services on Venmo and PayPal. Paxos received $540 million in funding from Founders Fund and several other investors at a valuation of $2.4 billion.
TRM Labs, in ninth place, is backed by Blockchain Capital and Tiger Global with an investment of $80 million. The company specializes in helping government agencies investigate money laundering, cryptocurrency fraud, and other financial crimes by analyzing blockchain data.
Interestingly, TRM Labs is the only crypto company on the Forbes Fintech 50 2022 list with a valuation of just $600 million, meaning it has yet to reach the “unicorn start-up” standard.
Forbes highlighted that crypto advocates are now adjusting their behavior to the fact that the crypto market is bearish. Therefore, small wins like these should be maintained.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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