With nearly 250,000% revenue growth in three years, BlockFi tops the Inc. 5000 list!

This year, the CeFi crypto lender faced a large fine spearheaded by the SEC and survived the harsh crypto winter to become Inc. magazine's No. 1 revenue gainer.

BlockFi has been named the fastest growing company in the United States in 2022 by Inc. magazine.

It topped the magazine's Inc. 5000 2022 list with 245,616% growth, a lead of more than 99,000% over the second-place company, a nursing recruitment platform.

Across all 5,000 entries, the median growth rate was 230%.

According to the magazine, the Inc. list "ranks companies based on overall revenue growth over a three-year period."

Three years is practically an epoch in the fast-paced world of crypto, and BlockFi's achievement is especially noteworthy after a number of dramatic turns for the company and the industry this year.

According to a related article in Inc., CeFi crypto financial services company BlockFi began the year as a unicorn in talks with JPMorgan about going public.

The company's $100 million fine to the Securities and Exchange Commission (SEC) and US states in February for alleged unregistered securities sales was hailed as at least partially good news, as it set the company on track to create the first SEC-regulated crypto product from their BlockFi Interest Account.

However, by midyear, BlockFi had lost its unicorn status, dragged down by the impending crypto winter.

It laid off 20% of its 850 employees shortly after Celsius froze withdrawals, but BlockFi cofounder Flori Marquez told Inc. that the layoff was planned and the timing was coincidental.

At the time, she and cofounder Zac Prince described the decision as "gut wrenching."

In July, BlockFi announced a $250 million loan agreement with FTX US, which was quickly upgraded to a $400 million revolving credit facility with an option to acquire BlockFi "at a variable price of up to $240 million."

To be considered for the Inc. 5000 list, a business must submit an application and pay a fee, which this year ranged from $195 to $245 depending on the date the application was submitted.

Comments

A Bitcoin charity event has been announced by Hal Finney's wife.

She stated that the purpose of the event is to raise money in order to provide assistance to people who have been affected by ALS. Fran Finney, the wife of the pioneer in the field of cryptography Hal Finney, has announced a charitable event that will benefit patients suffering from amyotrophic lateral sclerosis (ALS). Finney, who was discussing the event on Twitter, urged users of Bitcoin to participate in a half marathon and share their experiences on social media between January 1 and January 10, 2023 in order to contribute to the fundraising effort to combat the disease. Fran Finney, using her husband Hal Finney's official Twitter account, was the one who made the announcement. She had previously reactivated the account in order to save it from being deleted during a purge that Twitter performs on inactive accounts. The event, which is being held in conjunction with the Golden West Chapter of the ALS Association, was given the moniker "Running Bitcoin" in honor of the...

Malaysia's GDP will slow in 2023.

Malaysia's economy would weaken in 2023 as a result of tough external conditions and slowing domestic demand, experts said on Thursday. According to Xinhua, Maybank Investment Bank Research predicts Malaysia's full-year growth to drop to 4% in 2023 from 8% in 2022, owing primarily to a slowing in domestic demand. According to the research firm, private consumption will increase at a slower pace next year as pent-up spending from the complete economic re-opening evaporates, compounded by the effects of high inflation and high interest rates on the cost of living and real disposable income. It also expects public consumption growth to moderate, in accordance with the lower government operating expenditure allocation in Budget 2023. Furthermore, it stated that the projection for weaker global economic development resulted in a decline in goods and services exports and imports. Meanwhile, MIDF Research foresees Malaysia's gross domestic product (GDP) growth to reduce to 4.2 per...

The price of Bitcoin ASIC miners is currently hovering at levels not seen in several years.

The price per terahash of ASIC miners has dropped by more than 80 percent since its all-time high in 2021, as more and more Bitcoin mining machines continue to flood the market. Bitcoin ASIC miners, which are machines that are optimized for the sole purpose of mining Bitcoin, are currently selling at bottom-of-the-barrel prices not seen since 2020 and 2021, in what is being viewed as another sign of a deepened crypto bear market. Bitcoin ASIC miners are machines that are optimized for the sole purpose of mining Bitcoin. The most efficient ASIC miners are those that generate at least one terahash for every 38 joules of energy. According to the most recent data from Hashrate Index, the price of these miners has dropped by 86.82% since their peak on May 7, 2021, when it was $119.25 per terahash and has now fallen to $15.71 as of December 25. Antminer S19 from Bitmain and Whatsminer M30s from MicroBTC are two examples of miners that fall into this category. The same premise holds tru...

EconomyDiary

Search This Blog