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Almost Half of the Best Grossing American Fintech Companies are Cryptocurrency Related

Reading Time: 2 minutes by on February 7, 2019 Altcoins, Bitcoin, Business, Commentary, Ethereum, Finance, News

On February 4, 2019, Forbes released a list of the 11 highest grossing fintech companies in America, and nearly half of them are related to cryptocurrencies and blockchain.

Fintech companies are on the rise as the necessity for improvement in the financial sector is incessant. The crave for better technology, faster processing, and ease of use for customers, the companies listed below managed to make it to the top of the fintech industry in America.

Coinbase

While Coinbase started as just a bitcoin wallet, it is now diversifying its’ activities and offers investment advising and even a trading platform. Coinbase supports exchanges of bitcoin, bitcoin cash, ether, ethereum classic, and litecoin in close to 32 countries, as well as cold storage in 190 countries worldwide. This speedy development of activities is also reflected in their company evaluation, which currently is valued at $8 billion.

Robinhood

Robinhood is one of the most preferred applications for commission-free trading of stocks, ETFs, and cryptocurrencies. It is easily accessible both online and on mobile, which makes it one of the most attractive platforms at the moment. While Robinhood does not have brick and mortar stores and does not provide research reports or analytics, the current valuation of the company is $5.6 billion.

Ripple

Ripple’s main activities focus on creating a mechanism which will take over the current SWIFT method of transferring funds between banks. The company also has its’ own cryptocurrency called  XRP, which will play an essential role in the new transfer method. Ripple’s online finance oriented protocols have been widely adopted among big financial institutions. Currently, Ripple’s value is estimated at $5 billion.

Circle

Circle has been a steady presence in the cryptocurrency world, and with its purchase of the exchange Poloniex it has now entered the crypto-trading world as well. According to their LinkedIn summary, Circle’s mission is to “enable customers to send and receive money around the world easily, as well as invest in and trade crypto assets.” Circle is valued at $3 billion according to Recode.

The success of these four companies is encouraging as the value of BTC continues to drop. These valuations show that there is still a reason to invest in cryptocurrencies. In fact, a CBInsights report on fintech for 2019 places the cryptocurrency sector as one of the primary focus for which fintech will develop. The same report concludes that the fintech industry will continue to grow steadily in 2019.

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