Forbes has named nine cryptocurrency-focused companies to its sixth annual Fintech 50 list. FTX, the world’s biggest cryptocurrency exchange, and Opensea, the world’s biggest NFT marketplace, grabbed the top two spots.
Sam Bankman-crypto Fried’s exchange and trading platform FTX, valued at $32 billion, beat off other cryptocurrency fintech to claim the lead. The crypto exchange in the Bahamas acquired a $500 million fund earlier this year, bringing its total worth to $32 billion.
Opensea, an NFT marketplace valued at $13.3 billion, appears on the list for the first time and ranks second among the nine cryptocurrency companies. With over 1.5 million accounts transacting on the platform, Opensea dominates the NFT sector.
Alchemy, valued at $10.2 billion, and AVA Labs native token are the crypto fintech that made the Fintech 50 list. In addition, Avax has a market size of $8.5 billion, Chainalysis has a current valuation of $8.6 billion, and Circle, the originator of USDC, has a market cap of $9 billion, among others.
Notwithstanding the bear market and the significant losses sustained recently due to the Terra ecosystem’s fall and massive selloffs in the cryptocurrency world, cryptocurrency enterprises are still holding their own and consolidating crypto’s overall power in Fintech.
Cryptocurrencies are accessed via crypto exchanges, which allow users to buy, sell, and swap them. Binance is the world’s biggest crypto exchange, as per CoinmarketCap, with a trading volume of $11.10 billion in the previous 24 hours, followed by FTX.
Centralized exchanges enable around 99 percent of cryptocurrency transactions, implying that they handle the vast bulk of trade traffic.
In the meantime, NFTs continue to ride the wave, and people keep investing in them, although they’ve only been available since 2014. The market for NFTs reached $41 billion in 2021, despite having only been around since 2014. NFTs are stored on a blockchain, a decentralized public ledger that keeps track of transactions.
Despite regulatory worries and misgivings, cryptocurrency exchanges and the NFT industry continue to grow, adding new users regularly.