Crypto Lender BlockFi Named Fastest-Growing US Firm

Inc. magazine has recognized crypto firms as among the fastest-growing privately-owned companies in the U.S., with BlockFi taking the top slot on its list.

This comes as a huge validation for the industry, which has been fighting for legitimacy since its inception.

BlockFi grows over 245,000%

The Inc. 5000 list ranks the crypto lender at number one in 2022, having experienced 245,616% growth, leading its nearest rival by 99,000%. The median growth rate across all 5,000 firms was 230%.

Other top crypto-related firms featured are Polygon, CoinFlip, and Distributed Ledger. 

The firms on the 2022 Inc. 5000 list have not only thrived, but have also shown resilience in the face of supply chain disruptions, labor shortages, and the continuing impact of COVID-19. 

The average three-year revenue growth rate among the top 500 organizations rose to 2,144%. Over the past three years, these firms have created more than 68,394 jobs.

This comes after banks started investing in the crypto and blockchain ecosystem in 2021. Now, the firms on the list are looking to the future with optimism, despite the challenges that still lie ahead.

100 companies that invested in crypto firms

A recent report by Blockdata lists the top 100 companies that have invested in blockchain and cryptocurrency platforms. 

From Amazon to Walmart, these companies have invested in developing their own blockchain platforms or in investing in existing ones. 

The report attributes this to the need for these companies to streamline their supply chains and reduce costs.

During this period, 40 firms invested in companies working in the blockchain/crypto sector. Samsung is the most active, having invested in 13 firms. 

UOB came in second with seven investments, followed by Citigroup with six investments, and Goldman Sachs with five.

While the markets are going through hell at the moment, with most of the coins down by more than 50%, the latest lists by the Inc. magazine and Blockdata show that there might be a good future ahead for the decentralized ecosystem.