GuShiio.com Original title: The future of crypto and blockchain: fintech 50 2025
Original author: Nina Bambysheva, Forbes
Compiled by: Luffy, Foresight News
In 2024, cryptocurrency will finally enter the mainstream. More than a dozen bitcoin spot trading open-end index funds (ETFs) were approved, institutional capital poured in, and the market originally dominated by retail investors gained wider recognition on Wall Street. Later, Donald Trump won the election, the price of cryptoassets soared further, and people expected Trump’s administration to usher in a golden age of cryptocurrencies. By December, the price of Bitcoin exceeded the $100,000 mark.
Trump’s early pro-cryptocurrency stance was clear, as exemplified by his key appointments and decrees: venture capitalist David Sacks was appointed czar for artificial intelligence and cryptocurrency affairs, Scott Bessent was in charge of the Treasury, and former Securities and Exchange Commission (SEC) member Paul Atkins was nominated to lead the regulatory agency. Trump also signed an executive order called “Strengthening U.S. Leadership in Digital Financial Technology,” which includes measures such as requiring a review of the “national digital asset reserve.” In this environment, companies such as Figure, Securitize, and Fireblocks have flourished, complying with some of the most prominent trends in the industry.
Take tokenized real-world assets (RWA) as an example, a concept that has evolved from a buzzword to a multi-billion dollar industry. A typical example is Figure, co-founded by former SoFi CEO Mike Cagney, which applies blockchain technology to traditional lending and has tokenized more than $13 billion in home equity credit lines. At the same time, Securitize partnered with BlackRock to launch BUIDL, a tokenized U.S. Treasury product that has attracted $640 million in investment.
There is also Fireblocks, a leader in crypto infrastructure, which has secured more than $6 trillion in digital asset transactions. It recently launched a state-regulated escrow platform and AI-driven transaction optimization tools designed to meet the growing needs of institutional customers.
The following are the three crypto companies selected for the 2025 FinTech Top 50:
Figure
Headquarters: New York City, New York
Figure, co-founded by former SoFi CEO Mike Cagney, uses technology to speed up the application process for home equity lines of credit. It also has a customized blockchain platform that can tokenize (i.e., securitize) home equity credit lines and sell them to gain-hungry investors through its own private credit market. In 2024, Figure’s revenue will increase by more than 50% from US$196 million in 2023 to US$321 million, with a gross profit margin of 55%. About 70% of its 150,000 customers come from more than 200 fintech and mortgage banking partners, including real estate platforms such as RATE (formerly Guaranteed Rate) and Credit Karma. In April 2024, former Brex executive Michael Tannenbaum became CEO and Cagney became executive chairman.
Financing: $500 million in financing from companies such as Apoll, Morgan Creek and Ribbit
Latest valuation: $3.2 billion
Last valuation date: May 2021
Highlights: Its software has been used to initiate more than $13 billion in home equity credit lines
Co-founders: Executive Chairman Mike Cagney, 53;June Ou, 59, former president and now consultant
CEO: Michael Tannenbaum, previously chief revenue officer at SoFi, chief operating officer at Brex, joining Figure in 2024
Fireblocks
Headquarters: New York City, New York
Fireblocks ‘software helps investors and institutions such as Worldpay, Revolut, BNP Paribas and Bank of New York Mellon securely hold cryptocurrencies. Although the company has revenue of US$1.24 million in 2024, it has not yet achieved profitability and is currently investing heavily in new projects to support crypto asset activities by various entities from banks to start-ups. Key products launched over the past year include a New York State-regulated limited purpose trust company designed to provide bank-level custody services to customers, and an artificial intelligence tool that helps customers respond more flexibly to market changes during trading activities.
Financing: $1 billion in financing from companies such as Spark Capital, Cyberstarts and Coatue
Latest valuation: $8 billion
Last valuation date: January 2022
Highlights: Since its inception, its infrastructure has supported more than $6 trillion in transactions
Co-founders: CEO Michael Shaulov, 42, who previously founded cybersecurity startup Lacoon Mobile Security; Chief Technology Officer Pavel Berengoltz, 48; Chief Product Officer Idan Ofrat, 43
Securitize
Headquarters: Miami, Florida
Securitize transfers real-world assets such as treasury bonds or private equity onto the blockchain, making it easy for investors to buy and sell. Securitize’s flagship product is BUIDL, a tokenized treasury bond product launched in March 2024 in cooperation with BlackRock. BUIDL currently holds US$640 million in assets.
Latest valuation: $479 million
Last valuation date: July 2022
Highlights: Assets totaling more than $1 billion have been tokenized with partners including BlackRock, Hamilton Lane and KKR
Co-founders: CEO Carlos Domingo, 54; President Jamie Finn, 47
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