Which Cryptocurrency Companies are on the Forbes 2025 Fintech 50 List?

By: blockbeats|2025/02/20 08:15:03

Original Article Title: The future of crypto and blockchain: fintech 50 2025

Original Article Author: Nina Bambysheva, Forbes

Original Article Translation: Luffy, Foresight News

In 2024, cryptocurrency finally entered the mainstream. Over a dozen Bitcoin exchange-traded funds (ETFs) were approved, institutional capital poured in, and the market, once dominated by retail investors, gained broader acceptance on Wall Street. Subsequently, Donald Trump won the election, causing a further surge in cryptocurrency asset prices, with hopes that Trump's government would usher in a golden age for cryptocurrency. By December, the price of Bitcoin had surpassed $100,000.

Trump's early pro-cryptocurrency stance was already clear, evident in key appointments and executive orders: venture capitalist David Sacks was appointed as the czar of AI and cryptocurrency affairs, Scott Bessent took charge of the Treasury, and former U.S. Securities and Exchange Commission (SEC) commissioner Paul Atkins was nominated to lead the regulatory body. Trump also signed an executive order titled "Strengthening American Leadership in Digital Financial Technology," which included measures to assess a "national digital asset reserve," among others. In this environment, companies like Figure, Securitize, and Fireblocks flourished, aligning with some of the industry's most prominent trends.

Take the tokenization of real-world assets (RWA), for example, a concept that has evolved from a buzzword to a multi-billion-dollar industry. A typical case is Figure, co-founded by former SoFi CEO Mike Cagney, which applies blockchain technology to the traditional lending space and has tokenized over $13 billion in home equity credit lines. Meanwhile, Securitize partnered with BlackRock to launch BUIDL, a tokenized U.S. Treasury product that has attracted $640 million in investment.

Additionally, there is Fireblocks, a leading company in the crypto infrastructure field, which has safeguarded over $6 trillion in digital asset transactions. It recently introduced a state-regulated custody platform and AI-driven trading optimization tools to meet the growing needs of institutional clients.

Here are three crypto companies selected for the 2025 Fintech 50:

Figure

Headquarters: New York State, New York City

Founded by former SoFi CEO Mike Cagney, Figure is a company that leverages technology to expedite the application process for home equity lines of credit. It also has a custom blockchain platform that can tokenize home equity lines of credit (i.e., securitize them) and sell them to yield-seeking investors through its private lending marketplace. In 2024, Figure saw its revenue grow by over 50% from 2023 to reach $3.21 billion with a gross margin of 55%. Of its 150,000 customers, around 70% come from over 200 fintech and mortgage bank partners, including real estate platforms like RATE (formerly Guaranteed Rate) and Credit Karma. In April 2024, former Brex executive Michael Tannenbaum took over as CEO, with Cagney assuming the role of Executive Chairman.

Funding: Raised $500 million from companies like Apoll, Morgan Creek, and Ribbit

Latest Valuation: $32 billion

Last Valuation Date: May 2021

Highlights: Its software has been used to originate over $13 billion in home equity lines of credit

Co-founders: Executive Chairman Mike Cagney, 53; June Ou, 59, former President, now serving as Advisor

CEO: Michael Tannenbaum, previously Chief Revenue Officer at SoFi, Chief Operating Officer at Brex, joined Figure in 2024

Fireblocks

Headquarters: New York State, New York City

Fireblocks' software helps investors as well as institutions like Worldpay, Revolut, BNP Paribas, and BNY Mellon securely hold cryptocurrency. Despite generating $1.24 million in revenue in 2024, the company has yet to turn a profit and is currently heavily investing in new initiatives to support cryptocurrency activities for entities ranging from banks to startups. Key products launched over the past year include a New York State-regulated limited purpose trust company aimed at providing customers with bank-grade custody services and an artificial intelligence tool to help clients navigate market changes more flexibly during trading activities.

Funding: Raised $1 Billion from companies such as Spark Capital, Cyberstarts, and Coatue

Latest Valuation: $8 Billion

Last Valuation Date: January 2022

Highlights: Its infrastructure has supported over $60 Trillion in transactions since inception

Co-Founders: CEO Michael Shaulov, 42, previously founded the cybersecurity startup Lacoon Mobile Security; CTO Pavel Berengoltz, 48; CPO Idan Ofrat, 43

Securitize

Location: Miami, Florida

Securitize tokenizes real-world assets such as government bonds or private equity on the blockchain, allowing investors to trade with ease. Securitize's flagship product is BUIDL, a tokenized government bond product launched in partnership with BlackRock in March 2024. BUIDL currently holds $640 million in assets.

Funding: Raised $170 Million from BlackRock, Blockchain Capital, Morgan Stanley, and other companies

Latest Valuation: $479 Million

Last Valuation Date: July 2022

Highlights: Has tokenized over $1 Billion in assets in partnership with firms like BlackRock, Hamilton Lane, and KKR

Co-Founders: CEO Carlos Domingo, 54; President Jamie Finn, 47

Original Article Link

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