Forbes: number of cryptocurrency platforms on the Fintech 50 list dropped from 10 to 5 this year

This year, there was a $1.4 trillion drop in the crypto market value amid the collapse of FTX in November last year. 

Several other major players have also declared bankruptcy this year - cryptocurrency lenders Genesis and BlockFi, as well as multi-billion dollar hedge fund Three Arrows Capital. 

Companies in the Fintech's list

Nine cryptocurrency and blockchain companies, including FTX, were on the Fintech 50 list last year, but the number has now been reduced to five.

Companies included in the 2023 list are: 

• development platform Web3 Alchemy;
• analytics platform Chainalysis;
• cryptocurrency storage technology provider Fireblocks;
• blockchain infrastructure provider Paxos;
• tax compliance company TaxBit. 

This suggests that there is still strong demand, including from governments, for infrastructure, crypto analytics, and service providers in the crypto industry.

Total anual income overview 

These firms have raised a total of $3.1bn in 2023. Alchemy provides an annual cryptocurrency turnover of more than $150bn. 

Chainalysis, which was launched back in 2014, has become a major mechanism in crypto investigations by both government and the private sector. 

And Fireblocks has evolved from a provider of cryptocurrency storage technology to a full-service platform that supports some 130 million cryptocurrency wallets.

This year's newcomer, TaxBit, which is based in Utah, has already become a key partner of the US Internal Revenue Service (IRS). 

The firm, which is valued at 1.3 billion, is also partnering with TurboTax to help users easily add cryptocurrency gains and losses to their tax returns.

Recently, the US Securities and Exchange Commission (SEC) took strong action against leading crypto exchanges in the country. 

On Tuesday, the SEC sued Coinbase, accusing the company of acting as an unregistered broker and exchange. 

The Commission also accused major cryptocurrency exchange Binance and its founder of creating a "deceptive network", inflating trading volume, diverting customer assets, and trading in unregistered securities.