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

Inflation is anticipated to have an impact on fuel demand, which is contributing to a decline in the price of oil.

On Tuesday, oil prices declined, erasing some of the gains made in the previous trading session. This was due to market participants' concerns that more aggressive interest rate hikes from central banks could result in a worldwide economic slowdown and a reduction in the demand for fuel. After gaining 4.1% on Monday, the largest gain in more than a month, Brent crude futures LCOc1 for October settlement dropped 81 cents, or 0.7%, to $104.28 a barrel as of 03:59 GMT on Tuesday. This coming Wednesday marks the end of the October contract, while the more active November contract was trading at $102.33, a decrease of 0.6%. Following a surge of 4.2% in the previous session, the price of U.S. West Texas Intermediate crude CLc1 was reported to be $96.68 per barrel, a decrease of 33 cents, or 0.3%. Inflation is close to reaching double digits in many of the world's largest economies, a level that has not been seen in almost half a century. This could prompt central banks in the United ...

Following The Historic Fed Rate Rise, Hong Kong Stocks Fell To An 11-Year Low

Hong Kong stocks sank to their lowest level in more than a decade on Thursday, as did other Asian markets, after the US Federal Reserve hiked interest rates by 75 basis points and anticipated further rises, fanning fears of a recession. The Hang Seng Index (HSI) plummeted 2.6% , breaking below 18,000 points before rebounding somewhat. It closed 1.6% down at 18,148 , its lo west level since December 2011 . The S&P/ASX 200 index in Australia sank 1.6% , while Japan's Nikkei 225 (N225) and South Korea's Kospi also declined 0.6%. The Shanghai Composite Index (SHCOMP) in China fell 0.3% . European stocks dipped in early trade as well. The FTSE 100 (UKX) index in London fell approximately 0.3% , while the DAX (DAX) in Germany and the CAC40 (CAC40) in France both down about 0.7% . Stock futures in the United States were slightly moved. The drops occurred after the Federal Reserve authorized a third straig...

Weekly Outlook: GBP/USD

In the last five days of trading, the GBP/USD had another week of chaotic results, and it's likely that the currency pair hasn't seen the end of chaotic results yet. The GBP/USD hit a high of almost 1.14950 on October 4 and 5. Some traders might think this has a lot to do with the "turnaround" of the Conservative government under Liz Truss, but they might be wrong. When the proposed tax plan of the U.K. government got a lot of bad press, the government pretty much gave up on it. Prime Minister Liz Truss changed her mind about what she said she believed in just a few days. Many financial institutions were not happy about this. The GBP/USD exchange rate will be around 1.10900 when the week starts. Before last week's weekend, the GBP/USD was almost always trading calmly near the 1.12100 ratio. The markets turned again when the U.S. jobs report came out and was better than expected. The situation is a mess because of bad leadership and unclear interest rates. Early la...

EconomyDiary

Search This Blog