10 biggest business towers in crypto and blockchain

The cryptocurrency industry is booming. The total market value of cryptocurrencies approaching $ 2 trillion – it’s bigger than the market caps of Amazon, Google and Microsoft. Bitcoin has been trading above $ 50,000 since March 8 and has a market value of $ 1.12 trillion, almost as much as all the money in the world. FOMO institutions continue to flow into space. Tesla will begin accepting payments for its electric vehicles in bitcoin, adding the cryptocurrency to its $ 2.5 billion bitcoin treasury. One of America’s oldest banks, BNY Mellon, has launched a digital asset unit, Goldman Sachs has relaunched its crypto trading operations, JPMorgan introduced a structured ticket offering linked to a basket of stocks with bitcoin exposure, Morgan Stanley and Goldman Sachs became the first major US banks to offer their high net worth clients direct access to bitcoin.

But the institutions and venture capitalists rushing to profit from the surge are not coming empty-handed. Capital accumulations are pouring into crypto startups, hitting new unicorns at a breakneck pace. In March alone, three crypto companies raised some of the largest capital increases in the industry’s short but rich history. There are now at least 18 crypto-native companies with unicorn status, according to the PitchBook data platform.

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At the height of ICOs, companies have raised billions but the hype was shortlived. Poor quality projects, multiple scams, and lack of institutional and regulatory oversight led to what is now known as the Great Crypto Crash of 2018, when a index that tracks the performance of the 10 largest and most liquid digital assets 80% plunged.

Crypto bulls are hoping that this time it will be really different. Listed companies like MicroStrategy and Square have built up significant bitcoin positions on their balance sheets and see it as an alternative to gold. Meanwhile, demands for a US bitcoin ETF are piling up at the gates of the SEC and the market is buzzing in anticipation of Coinbase’s direct listing slated for April 14, the first major public offering for a crypto company. cash. In the midst of the frenzy, Forbes analyzed data from PitchBook and compiled a list of the 10 largest venture capital transactions for blockchain and crypto-native companies.

Bitmain: $ 422 million

Date of transaction: August 7, 2018

CV Tour: B1 series

Notable investors: Crimson Capital China, Bluebell (Asia), Jumbo Sheen Group, Lioness Capital, Palace Investment Company, Pavilion Capital

Post-currency evaluation: $ 15 billion

Previous rating: $ 12 billion

The world’s leading manufacturer of bitcoin mining hardware, Bitmain also operates Antpool, one of the leading bitcoin mining pools, representing more than 12% of the bitcoin network hash, or computing power. Shortly after the capital increase of $ 422 million, the Beijing-based company filed for an IPO on the Hong Kong Stock Exchange in September 2018, but the offer failed amid the bitcoin and market crash. cooling of the market.

BlockFi: $ 350 million

Date of transaction: March 11, 2021

CV Tour: D series

Notable investors: Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global, Susquehanna Government Products

Post-currency evaluation: $ 3 billion

Previous rating: $ 435 million

Founded in 2017, New Jersey-based BlockFi is now a leading cryptocurrency lending provider. Its products cover several categories, including crypto-backed loans and interest-bearing accounts through which investors can earn interest on their crypto holdings. Rumors of a potential BlockFi IPO started circulating last July. following reports of a job opportunity, part of which was to help the company go public.

Dapper Labs: $ 305 million

Date of transaction: March 30, 2021

CV Tour: 5th round

Notable investors: Coatue Management, Andreessen Horowitz, Michael Jordan, Kevin Durant

Post-currency valuation: $ 2.6 billion

Previous rating: N / A

The Vancouver-based startup is best known as the developer of NBA Top Shot, an NFT marketplace for basketball highlights or video “moments”. The project, which has already broke the $ 400 million mark in transaction volume, is largely responsible for the boom in non-fungible tokens (NFTs), essentially digital proof of ownership traceable on a blockchain. Previously, Dapper Labs developed a popular Ethereum set of repeatable collectibles called CryptoKitties.

Blockchain.com: $ 300 million

Date of transaction: March 24, 2021

CV Tour: C series

Notable investors: partners of DST Global, Lightspeed Venture Partners, VY Capital

Post-currency valuation: $ 5.2 billion

Previous rating: $ 3 billion

Blockchain.com provides a variety of crypto services to retail and institutional clients, but is best known for its non-custodial digital wallets. Unlike their third-party controlled counterparts, these wallets give users full control over their private keys which represent ownership of crypto assets. The London-based company claims it has processed 28% of all bitcoin transactions since 2012.

Bakkt: $ 300 million

Date of transaction: March 16, 2020

CV Tour: B series

Notable investors: Intercontinental Exchange (ICE), BCG Digital Ventures, PayU

Post-currency evaluation: N / A

Previous rating: N / A

In February 2020, the crypto firm ICE (owner of the New York Stock Exchange) announced the acquisition of Bridge2 Solutions, a loyalty program provider, to power Bakkt’s one-stop retail platform. Called the Bakkt App, the service allows users to bundle various digital assets, including loyalty points, rewards programs, gaming assets, and cryptocurrencies, all in one wallet. In January, Bakkt announced its IPO via a PSPC merger with VPC Impact Acquisition Holdings for an enterprise value of approximately $ 2.1 billion. Upon closing of the deal in the second quarter of 2021, the combined company will be listed on the New York Stock Exchange as Bakkt Holdings, Inc.

Coinbase: $ 300 million

Date of transaction: October 30, 2018

CV Tour: E series

Notable investors: Tiger Global Management, Andreessen Horowitz, Singapore Government Investment Company (GIC), Polychain Capital

Post-currency valuation: $ 8.04 billion

Previous rating: $ 1.71 billion

On February 25, the largest cryptocurrency exchange in the United States requested a direct listing on the Nasdaq stock exchange. Coinbase was valued at $ 68 billion, based on the recent deposits. On March 19, the company was fined $ 6.5 million by the Commodity Futures Trading Commission (CFTC) for allegations of bogus trades and wash trades between 2015 and 2018 on its GDAX platform, later renamed Coinbase Pro. The direct listing of the stock exchange is scheduled for April 14.

Bitmain: $ 292.7 million

Date of transaction: June 19, 2018

CV Tour: B series

Notable investors: Sequoia Capital, Coatue Management, China Taijia, Blue Lighthouse Services

Post-currency evaluation: $ 12 billion

Previous rating: $ 100 million

Hangzhou Qulian Technology: $ 235 million

Date of transaction: June 4, 2018

CV Tour: B series

Notable investors: Xinhu Zhongbao Company, China Gaoxin Investment Group, State Development and Investment Corporation

Post-currency valuation: $ 470.25 million

Previous rating: $ 40.33 million

Qulian Technology provides blockchain products to major Chinese organizations and institutions, including the Ministry of Industry and Information Technology, State Administration for Market Regulation, State Network, and local governments. Its one-stop-shop open-service BaaS platform, FiLoop, is used by some of China’s largest banks, including China Construction Bank, Agricultural Bank of China and China Merchants Bank, according to the company. Qulian Technology partners also include Google and Microsoft.

Bithumb: $ 200 million

Date of transaction: Apr 19, 2019

CV Tour: 2nd round

Notable investors: Vidente, ID Ventures (South Korea), ST Blockchain Fund

Post-currency evaluation: N / A, valued at $ 888.27 million as of January 2021

Previous rating: $ 868.42 million

In September 2020, the Seoul Metropolitan Police Agency would have raided the offices of one of South Korea’s largest crypto exchanges over allegations of fraud, linked to a token $ 25 million sale that never materialized and resulted in losses for investors.

Ripple Labs: $ 200 million

Date of transaction: October 1, 2020

CV Tour: C series

Notable investors: Tetragon Financial Group, SBI Holdings, Transform Capital, 10X Capital

Post-currency valuation: 10 billion dollars

Previous rating: $ 410 million (2016)

In December, Ripple Labs and its senior executives were accused by the United States Securities and Exchange Commission of selling $ 1.3 billion worth of XRP, the native asset of the payment network developed by the company, as as unregistered title. Following the accusations, several exchanges and trading platforms, including Coinbase, Binance.US and eToro, have delisted XRP and suspended its trading. In January, the British investment firm Tetragon Financial Group filed a complaint to buy back its shares in Ripple but ultimately lost the deal. Despite the fallout, XRP remains one of the most traded digital assets.

Editor’s note: The article has been updated to clarify that partners of DST Global has invested in Blockchain.com, not DST Global itself.

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