Forbes releases the 2020 Top Fintech 50 list this week, which includes six blockchain companies in top financial technology companies. Carrying a “Blockchain and Bitcoin” category tag, Forbes lists Axoni, Chainalysis, Coinbase, Everledger, MakerDap and Ripple in the top fintech 50 list 2020. The official announcement first comes into media notice on Feb. 12. On the other hand, other contenders on the list include companies such as Plaid, Opendoor, and Lemonade. They all are falling under the category of payments, real estate, and insurance respectively.
Top Fintech 50 Listed Alphabetically by Forbes
Spanning an array of categories within fintech, Forbes composed its 2020 list alphabetically. Among the six blockchain and crypto-related categories, crypto exchange powerhouse Coinbase touted the most funding, at $525 million. Ripple came in second place with $293 million. Everledger posted the smallest funding base among listed crypto firms, at $20 million.
Located Almost Entirely in the U.S.
Forbes noted three similarities for the 50 fintech companies listed regarding shareholding location and services. “A couple of things all our Fintech 50 2020 picks have in common: they’re private companies with operations or customers in the U.S., and they’re making it easier, faster and cheaper to use financial services,” the media outlet explained.
Of the 50 businesses listed, 40 calls the U.S. home. The two remaining fintech players are based in London in the United Kingdom.
As the financial technology industry balloons, with venture capital funding growing at a faster pace than the rest of the tech sector, new fintech startups keep emerging.
According to Forbes,
After making its mark as safe and regulatory compliant crypto exchange, Coinbase has branched out to offer crypto custodial service to institutions, plus a personal wallet and new currencies designed to appeal to those seeing more privacy.
Whereas, on the other hand, Ripple facilitates international payments, including with a cryptocurrency created by its founders (XRP). It has around 300 institutional clients, including Standard Chartered and Santander. In 2019, Ripple sold $500 million of XRP, using proceeds to expand and invest $50 million in MoneyGram. MoneyGram now uses XRP in 10% of its cross-border transactions to Mexico.
With the growth of new and emerging technologies, the future looks bright and visionary. So, what do you guys think about these six blockchain companies who have made a successful entry into the top 50 fintech list? Do comment!