The Fintech 50 was recently released by Forbes, and it is clear that they are impressed with the way that the technology has emerged in this last year alone. In the year coming up, it looks like the blockchain leaders are the ones that will be competing with each other the most.
Reported by The Block, it looks like many of these blockchain efforts will also be accompanied by attempts to partner with players that have a strong standing in the mainstream financial world.
On the list, the six big blockchain players include Coinbase, Circle, Axioni, Gemini, Ripple, and Bitfury. The only non-American company on the list, Bitfury, is valued at over $1 billion. The others include the co-founders of the USDC stablecoin – Coinbase and Circle, respectively worth $8 billion and $3 billion. The latter even includes 8 million customers from over 100 countries.
They have managed to bring many crypto assets to their platform and have moved away from working on Wall Street institutional investors and have been working on their crypto side more than anything. However, this move could just be the work that the platform needs to flourish over the coming year.
Axioni is the project of Goldman Sachs, working on the development of smart contracts. Primarily a fintech group, rather than an exchange, Forbes explains,
“Its distributed ledger will allow counterparties to see payments, calculations, and other vital trade information in real time, proving efficiency and lowering risk. Already partnering with world’s biggest banks and financial intermediaries.”
Ripple is one of the most well-known names for their many products that integrate seamlessly into both crypto and traditional markets. Finally, Gemini is the collaborative project between the Winklevoss twins.
Cryptocurrency saw a great fall in 2018, bringing down Bitcoin from a high of $19,000 to under $4,000, leading the rest of the market to doubt blockchain technology and all that it entails. However, based on this listing from Forbes, it looks like the blockchain groups have performed in such a way that they have easily proven their existing value.