Which crypto companies are on Forbes’ 2025 top 50 fintechs?

In 2024, cryptocurrencies finally entered the mainstream. More than a dozen Bitcoin spot exchange-traded funds (ETFs) were approved, and institutional capital flooded in, gaining broader recognition on Wall Street for a market previously dominated by retail investors. Subsequently, Donald Trump won the election, and cryptocurrency asset prices soared further, as people expected Trump's administration to usher in a golden age for cryptocurrencies. By December, the price of Bitcoin broke through the $100,000 mark. Trump's early pro-cryptocurrency stance was already quite clear, as evidenced by his key appointments and policies: venture capitalist David Sacks was appointed as the AI and Cryptocurrency Czar, Scott Bessent took over the Treasury Department, and former SEC commissioner Paul Atkins was nominated to lead the regulatory agency. Trump also signed an executive order titled "Strengthening U.S. Leadership in Digital Finance Technology," which included initiatives to assess a "National Digital Asset Reserve." In this environment, companies like Figure, Securitize, and Fireblocks thrived, aligning with some of the industry's most prominent trends. For example, the concept of tokenizing real-world assets (RWAs) has evolved from a buzzword to a multi-billion-dollar industry. A typical case is Figure, co-founded by former SoFi CEO Mike Cagney, which applies blockchain technology to the traditional lending space and has tokenized over $13 billion in home equity credit. Meanwhile, Securitize partnered with BlackRock to launch BUIDL, a tokenized U.S. Treasury product that has attracted $640 million in investment. Another leading crypto infrastructure company is Fireblocks, which has secured over $60 trillion in digital asset transactions. It recently launched a state-regulated custody platform and an AI-driven trading optimization tool to meet the growing demands of institutional clients. The three crypto companies selected for the 2025 FinTech 50 are: Figure Headquarters: New York City, New York Co-founded by former SoFi CEO Mike Cagney, Figure uses technology to accelerate the home equity credit application process. It also has a custom blockchain platform to tokenize home equity credits and sell them to yield-seeking investors through its private credit market. In 2024, Figure's revenue grew over 50% from $196 million in 2023 to $321 million, with a gross margin of 55%. About 70% of its 150,000 customers come from over 200 FinTech and mortgage banking partners, including real estate platforms like RATE (formerly Guaranteed Rate) and Credit Karma. In April 2024, former Brex executive Michael Tannenbaum became CEO, with Cagney as Executive Chairman. Funding: $500 million from investors including Apollo, Morgan Creek, and Ribbit Latest Valuation: $3.2 billion Last Valuation Date: May 2021 Highlight: Its software has been used to originate over $13 billion in home equity credits Co-founders: Executive Chairman Mike Cagney, 53; June Ou, 59, former President, now Advisor CEO: Michael Tannenbaum, previously Chief Revenue Officer at SoFi and Chief Operating Officer at Brex, joined Figure in 2024 Fireblocks Headquarters: New York City, New York Fireblocks' software helps investors and institutions like Worldpay, Revolut, BNP Paribas, and BNY Mellon securely hold cryptocurrencies. Although the company generated $1.24 million in revenue in 2024, it is not yet profitable, as it is heavily investing in new initiatives to support crypto asset activities across entities from banks to startups. Key products launched in the past year include a New York state-regulated limited purpose trust company to provide bank-grade custody services for clients, and an AI-powered tool to help clients navigate market changes more flexibly in their trading activities. Funding: $1 billion from investors including Spark Capital, Cyberstarts, and Coatue Latest Valuation: $8 billion Last Valuation Date: January 2022 Highlight: Its infrastructure has supported over $60 trillion in transactions since its inception Co-founders: CEO Michael Shaulov, 42, previously founded cybersecurity startup Lacoon Mobile Security; CTO Pavel Berengoltz, 48; CPO Idan Ofrat, 43 Securitize Headquarters: Miami, Florida Securitize transfers real-world assets like government bonds or private equity to the blockchain, enabling investors to easily buy and sell. Securitize's flagship product is BUIDL, a tokenized Treasury bond product launched in March 2024 in partnership with BlackRock, which currently holds $640 million in assets. Funding: $170 million from investors including BlackRock, Blockchain Capital, and Morgan Stanley Latest Valuation: $479 million Last Valuation Date: July 2022 Highlight: Has tokenized over $1 billion in assets with partners including BlackRock, Hamilton Lane, and KKR Co-founders: CEO Carlos Domingo, 54; President Jamie Finn, 47