In this article, we discuss the 5 biggest crypto companies in the world. If you want to read about some more crypto firms, go directly to 10 Biggest Crypto Companies in the World.
5. Grayscale
Grayscale is a digital currency investing services company. Some of the services it provides include market information, investment exposure, and investment products related to the developing digital currency asset class. The firm offers some of the largest publicly traded crypto funds across the globe. These include the Grayscale Bitcoin Trust and the Grayscale Ethereum Trust. Together, these comprise over $11 billion in market capitalization. Grayscale provides close to 20 publicly-traded investment products for cryptocurrencies.
Michael Sonnenshein, the CEO of Grayscale, told a crypto conference in November last year that new businesses were converging around gaming, virtual reality in social media networks in the digital space, a metaverse of sorts. The comments indicated that the company might start offering investment products of metaverse firms too in the near future. Grayscale believes the metaverse is a trillion dollar market opportunity. Per the firm, revenue from metaverse plays could grow to more than $400 billion by as soon as 2025.
4. Binance
Binance is a cryptocurrency exchange that is the largest in the world in terms of daily trades on the platform. The exchange offers crypto trades across spot, derivatives, and defi markets. The exchange has more than 30 million users. In 2017, when it was launched, it had just around 120,000 users. Nearly 29 million weekly visitors go to the Binance website and application. The daily trading volume on the application is close to $10 billion, the largest in the world. The company had a revenue of over $20 billion in 2021, per Bloomberg estimates.
Binance has posted these incredible numbers despite the fact that it is banned in popular crypto regions like China, the United Kingdom, and Singapore. The firm plans to go public in 2024 and is targeting a valuation of around $300 billion. The closest competitor of Binance, the Coinbase exchange, is worth just $40 billion. Binance has been the largest cryptocurrency exchange in the world since 2018. Apart from Turkey, other countries with high traffic on Binance include Russia and Brazil.
3. International Business Machines Corporation (NYSE:IBM)
International Business Machines Corporation (NYSE:IBM) provides solutions and services related to information and technology. The company has invested heavily in new technologies like cloud computing, artificial intelligence, and blockchain in the past few years. In the AI software space, it controls nearly 14% of the market share. One of the competitive edges that the firm has over peers in the marketplace is that it has a large revenue stream from an established business that helps it fund growth initiatives.
International Business Machines Corporation (NYSE:IBM) offers enterprise blockchain solutions and services. The company has partnered with Stellar, a blockchain that closely resembles Ripple, and Stronghold, a startup, to launch USD Anchor, a stablecoin backed by banks. Some of the products that the company offers in the crypto space include supply chain solutions, identity management, and digital assets management. Hedge funds are bullish on IBM as well. Arrowstreet Capital is a leading shareholder in the firm with a stake worth $440 million.
2. Twitter, Inc. (NYSE:TWTR)
Twitter, Inc. (NYSE:TWTR) is a microblogging and social networking platform. The company is the second most-popular social media platform across the world, controlling more than 7% of the market share in this space. Twitter was recently bought by billionaire Elon Musk in a deal worth $44 billion. Some of the competitive advantages that the firm offers over peers include a real-time news feed, a more diverse audience, and relative freedom from advertisements. The company has more than 200 million daily active users.
Twitter, Inc. (NYSE:TWTR) has a separate business unit named Twitter Crypto that is devoted to developing the crypto side of the network. Twitter has also played a part in the development of blockchain tech that caters to decentralized social networking. Last year, the company introduced a feature that allows users to tip other users on the platform through Bitcoin payments made through the Lightning platform. Retail investors bullish on the crypto industry also have a large presence on the Twitter platform.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Coinbase Global, Inc. (NASDAQ:COIN) is a fintech platform that provides services for the crypto economy. It is one of the largest and most popular crypto exchanges in the world. The firm has more than 89 million verified users, 11,000 institutions, and 185,000 ecosystem partners in over 100 countries. The company has a competitive edge as one of the “first movers” in the crypto space. It debuted on the market in April 2021 and fetched a valuation of over $85 billion in one of the biggest IPOs of the year.
Coinbase Global, Inc. (NASDAQ:COIN) has beaten market estimates on earnings per share in three of the last four quarters. These beats have been with the margins of 152%, 7%, and close to 50%. The upcoming earnings call of the firm is scheduled for mid-May. Despite stellar earnings, the share price has continued to register a steady decrease amid a broader lull around growth offerings in light of rising inflation and interest rates. Hedge funds have also invested in the firm. ARK Investment Management owns a stake in the firm worth $1.3 billion.
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