Forbes 2023 List: Top 5 Crypto Companies
Forbes has released “The Fintech 50, 2023” ranking, highlighting top blockchain and cryptocurrency companies.
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According to Forbes, the top-tier crypto companies include:
- Alchemy, a platform for Web3 application development;
- Chainalysis, a blockchain data platform for cyberattack investigations;
- Fireblocks, a tool providing corporate-level cryptocurrency protection;
- Paxos, a blockchain infrastructure developer serving the financial industry;
- TaxBit, a firm offering the cryptocurrency sector's taxation and accounting software.
All these firms, except for TaxBit, were also part of last year's similar rankings. Together, these crypto ventures have raked in approximately $3.1 billion in venture capital investments. Let's take a closer look at these companies.
Alchemy
Founded in 2017 and publicly launched in 2020, Alchemy is a comprehensive platform for Web3 development. It provides a myriad of tools crucial for creating decentralized applications (dApps), including its proprietary supernode for enhancing blockchain scalability, data security, and reliability. Further, it offers a software development package, an array of advanced APIs, and a collection of useful utilities for developers, such as an app control panel, a mempool visualizer, and various statistical tools.
Additionally, the company avails free courses, educational resources, and lends support to blockchain startups through its branch, Alchemy Ventures.
An impressive 50% of decentralized applications within the NFT and DeFi sectors have been deployed using Alchemy. The platform's users include high-profile projects like OpenSea, Maker, Super Rare, Aave, Dapper Labs, Illuvium, and Circle, among many others. Furthermore, the company's annual transaction volume comfortably surpasses a massive $150 billion.
Backed by the likes of Stanford University, Alphabet Corporation (Google), along with billionaires such as Charles Schwab and Reid Hoffman (LinkedIn's founder), and a multitude of investment firms, including Andreessen Horowitz, the platform is well-endorsed.
Headquartered in San Francisco, Alchemy is led by its founder and CEO, Nikil Viswanathan, and CTO, Joseph Lau.
Infographic of Alchemy's role in the blockchain industry, source — alchemy.com
Chainalysis
Hailing from New York, Chainalysis has patented a unique software used in probing financial offenses that involve cryptocurrencies. They specialize in providing blockchain data analytics to uncover illicit operations, cyberattacks, and other unauthorized dealings linked to digital currencies. Moreover, the company features an emergency response team dedicated to assisting blockchain projects that have fallen prey to cyber attacks.
Since its establishment in 2014, Chainalysis has been partnering with law enforcement, regulators, and corporations in conducting comprehensive cryptocurrency investigations. The company's core clientele comprises banking institutions such as BNY Mellon and Barclays, as well as government entities and tax departments. Chainalysis is backed by the Benchmark investment fund among other distinguished venture capitalists.
At the helm of the company is CEO Michael Gronager, a holder of a Ph.D. in Quantum Mechanics and a former co-founder of the cryptocurrency exchange, Kraken.
Chainalysis homepage, source — chainalysis.com
Fireblocks
Fireblocks is a platform that ensures the secure transfer of cryptocurrencies between exchanges, brokers, and digital wallets. It's a preferred solution for banks, trading venues, liquidity providers, over-the-counter markets, and hedge funds for safeguarding digital asset transactions.
The platform operates on its unique blockchain, harnesses Multi-Party Computation (MPC) cryptography technology, and implements a specialized infrastructure solution for crypto storage. Fireblocks' services are currently used by the owners of over 100 million crypto wallets.
The company has recently expanded its customer base within the Web3 arena and gained popularity among blockchain startups. As a result, Fireblocks' revenue has surged from $50 million in 2021 to $150 million in 2022.
Fireblocks, founded in 2018, is headquartered in New York. The company was established by Idan Ofrat, Michael Shaulov, and Pavel Berengoltz.
Fireblocks homepage, source — fireblocks.com
Paxos
Paxos is a company that specializes in creating blockchain infrastructure with a focus on the financial sector. It provides a cloud-based platform for performing blockchain calculations in the capital market.
From 2016 to 2017, Paxos worked collaboratively with Euroclear and the London Precious Metals Exchange. The company offers its innovative solutions to industry heavyweights such as PayPal, Venmo, and Mastercard, among others.
In addition, Paxos has launched its cryptocurrency, the Paxos Standard (PAX), along with the itBit exchange, and a gold-pegged stablecoin, Paxos Gold (PAXG).
The company was founded by Charles Cascarilla and Rich Teo in 2016. With its headquarters based in New York, Paxos also operates offices in London and Singapore.
Paxos homepage, source — paxos.com
TaxBit
TaxBit offers software solutions designed to simplify the process of cryptocurrency taxation for both institutional and individual clients. These programs assist with tax report generation and the standardization of procedures.
TaxBit is recognized as an official partner of the U.S. tax service, assisting in conducting audits of cryptocurrency to identify tax evasion. Its clientele includes the likes of PayPal and Kraken. Moreover, TaxBit's software supports TurboTax users in generating cryptocurrency reports.
In 2023, TaxBit expanded its portfolio by acquiring the digital asset accounting platform, Tactic. This new addition will enable collaboration with information corporations like Google and Fox News to monitor cryptocurrency accounts on their respective platforms.
TaxBit, established by brothers Austin and Justin Woodward, is headquartered in Draper, Utah.
TaxBit homepage, source — taxbit.com
The various industry participants highlighted here demonstrate the ongoing demand in 2023 for projects related to infrastructure, development, and blockchain data analytics. Furthermore, there is a growing interest among major players in the crypto market for secure cryptocurrency storage solutions and, more recently, taxation software.
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