The growth of financial technology (fintech), has been rapid over the past two years. Blockchain and cryptocurrency firms have helped to boost the industry’s billion-dollar size. Utility Bidder published a recent study that shows the industry could reach $382 billion in 2027. Blockchain-specific fintech firms are also projected to exceed $67.4 trillion by 2027. Recent research also shows Kraken as the most prominent blockchain company by 2021.
Kraken Named 2021’s Most Influential Blockchain Company
Many research studies show that the fintech industry continues to expand exponentially. Digital currency and blockchain solutions play a large part in this growth. This week, researchers at Utility Bidder analyzed 50 fintech firms that were selected in Forbes’ 2021 Fintech 50 report.
Utility Bidder’s study broke the selected firms down into four factors, with a normalized score out of ten for each factor. The factors included the total amount raised, the most recent valuation, Twitter followers and global searches resulting from Google Ads Keyword Planner between July 2020 and July 2021.
The study estimates that blockchain-specific companies will account for $67.4 Billion by 2027. This is 17.64% from the $382 billion total. The report’s findings detail that the cryptocurrency exchange Kraken was considered the most influential blockchain company of 2021. Gemini followed Kraken’s lead with a score of 5.64/10 on the influence ranking. The Gemini exchange has a blockchain score of 2.33/10 and a valuation of around $5 billion compared to Kraken’s valuation of $20 billion today.
Only 16% of the 50 Fintech Firms Listed Are Associated With ‘Blockchain and Bitcoin’
Blockfi and Paxos follow them. Robinhood is followed by Stripe, Kraken and Klarna as the leading fintech companies in financial technology. Current is closely followed by Chime. Gemini. Carta. Blockfi. While Kraken’s valuation is $20 billion it is higher than Robinhood’s $11.7 billion but smaller than Stripe’s $95 billion valuation.
Alchemy, which has an estimated valuation of $505 million right now, is the lowest-valued blockchain company on the list. Only eight companies out of the list of 50 were noted as being associated with “blockchain & bitcoin” in terms of categories. These blockchain companies are among fintech firms that focus on investing, personal finance and payments.
What do you think about Utility Bidder’s study that mentions the eight blockchain firms and the study listing Kraken as the most influential blockchain company of 2021? Do you think the fintech study’s findings are fair? Comment below to let us know your thoughts on this topic.
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