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The Top 10 Largest Blockchain Companies in the World and What They Do

Blockchain technology has emerged as one of the most disruptive forces of the 21st century. What began as the underlying technology powering Bitcoin has evolved into a global phenomenon, with applications spanning finance, supply chain, healthcare, government, and beyond.

According to Markets and Markets, the global blockchain market size is expected to grow from $4.9 billion in 2021 to $67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4% during the forecast period. This explosive growth is being driven by the increasing demand for simplifying business processes, transparency and immutability, and reducing costs.

As blockchain moves from hype to mainstream adoption, a number of companies have emerged as leaders in the space. These companies are building the infrastructure, developer tools, and applications that are bringing blockchain to the masses. In this article, we‘ll take an in-depth look at the 10 largest blockchain companies by revenue and market value, exploring their key offerings, growth strategies, and competitive positioning.

1. Binance: The Crypto Exchange Giant

Binance is the world‘s largest cryptocurrency exchange, handling over $76 billion in daily trading volume as of April 2023 (CoinMarketCap). Founded in 2017 by Changpeng Zhao, Binance has rapidly ascended to become the go-to platform for crypto trading, with over 120 million registered users worldwide.

Beyond its core exchange business, Binance has built out a comprehensive ecosystem of blockchain products and services. These include the Binance Chain blockchain platform, the Binance Academy education portal, the Binance Charity foundation, and the Binance Labs incubator.

Binance‘s native utility token, Binance Coin (BNB), has a market cap of over $50 billion, making it the 4th largest cryptocurrency (CoinMarketCap). BNB is used for trading fee discounts, participation in token sales, and as gas for transactions on the Binance Chain.

In 2022, Binance generated estimated revenue of $12 billion, a 10x increase from 2020 levels (Bloomberg). This growth has been driven by the crypto market bull run as well as Binance‘s aggressive international expansion. Despite regulatory challenges in certain jurisdictions, Binance remains the dominant player in the crypto exchange space.

2. Coinbase: The Crypto Gateway for Institutions

Coinbase is a leading cryptocurrency exchange that serves as an on-ramp for institutional investors to access the crypto markets. Founded in 2012, Coinbase became the first crypto company to go public in the US when it listed on the Nasdaq in 2021.

Coinbase‘s suite of institutional products includes Coinbase Prime (crypto trading and custody for institutions), Coinbase Custody (standalone cold storage), Coinbase Commerce (crypto payment processing), and Coinbase Analytics (blockchain analytics for compliance). The company also offers retail-facing products like the Coinbase app, Coinbase Card, and Coinbase Earn.

In Q1 2023, Coinbase reported revenue of $629 million, a significant decline from the highs of the previous crypto bull market. However, the company is focused on diversifying its revenue mix, with a target of generating 50%+ of net revenue from subscriptions and services in the long term. As of Q1 2023, subscriptions and services made up 24% of total revenue, up from 4% in Q1 2020.

($ in millions) Q1 2023 Q4 2022 Q1 2022
Net Revenue $629 $605 $1,165
Transaction Revenue $475 $365 $1,002
Subscription and Services Revenue $154 $240 $152

Source: Coinbase Q1 2023 Shareholder Letter

3. Circle: The Stablecoin Leader

Circle is a global financial technology firm that is pioneering the use of stablecoins and public blockchains for payments. Its USD Coin (USDC) is the second largest stablecoin, with over $43 billion in circulation as of April 2023.

Stablecoins are cryptocurrencies designed to maintain a stable value relative to a reference asset, such as the US dollar. USDC is fully backed by cash and short-dated US government bonds, providing a trusted and transparent way to transact in crypto.

In addition to USDC, Circle offers a suite of payments solutions for businesses, including the Circle Account (a digital dollar account), Circle Payments (APIs for sending and receiving payments globally), and Circle Yield (crypto investing and wealth management).

Circle generates revenue primarily from interest income on the reserves backing USDC. In 2022, the company reported annual revenue of $400 million and has over $1 billion in equity capital from investors such as BlackRock, Fidelity, and Marshall Wace.

4. Riot Blockchain: The Bitcoin Mining Powerhouse

Riot Blockchain is one of the largest Bitcoin mining companies in North America, with a hash rate capacity of 12.8 exahash per second (EH/s) as of April 2023. Bitcoin mining involves using specialized computers to solve complex mathematical problems, with miners rewarded in newly minted Bitcoin for each block added to the blockchain.

Riot has made significant investments in next-generation mining hardware, with over 100,000 latest-generation miners deployed across its facilities in Texas and New York. The company also owns Whinstone US, a leading Bitcoin hosting facility that provides infrastructure and management services for institutional miners.

In 2022, Riot generated total revenue of $259.2 million, up 22% year-over-year. The company mined 5,554 Bitcoins during the year and held approximately 6,775 Bitcoins as of December 31, 2022. However, the Bitcoin mining industry is highly sensitive to crypto price fluctuations and energy costs, leading to volatile financial results.

($ in millions) 2022 2021
Total Revenue $259.2 $213.2
Cost of Revenues $147.0 $136.2
Net Income (Loss) ($509.6) $30.0
Bitcoins Mined 5,554 3,812

Source: Riot Blockchain 2022 Annual Report

5. Gemini: The Regulated Crypto Exchange

Gemini is a regulated cryptocurrency exchange and custodian founded in 2014 by Cameron and Tyler Winklevoss. The company is known for its focus on security and compliance, with SOC-2 accreditation and digital asset insurance.

Gemini‘s product offerings span both retail and institutional clients. These include the Gemini Exchange (crypto trading), Gemini Custody (cold storage), Gemini Earn (crypto lending), Gemini Pay (crypto payments), and the Gemini Credit Card (crypto rewards).

According to data from CoinGecko, Gemini handled over $175 million in daily trading volume as of April 2023, ranking it as the 14th largest crypto exchange. The company has also been active in the NFT space with the acquisition of Nifty Gateway, a leading NFT marketplace.

Gemini has raised $400 million in capital to date from investors such as Morgan Creek Digital, Marcy Venture Partners, and Commonwealth Bank of Australia. The company‘s annual revenue is estimated at $189 million.

6. ConsenSys: The Ethereum Pioneers

ConsenSys is a blockchain software company founded by Ethereum co-founder Joseph Lubin. ConsenSys is building infrastructure and applications for the Ethereum ecosystem, with the goal of driving mainstream adoption of Web3.

ConsenSys‘ portfolio includes MetaMask (a leading Web3 wallet), Infura (Ethereum and IPFS node infrastructure), Truffle (smart contract development tools), and Quorum (an Ethereum-based protocol for enterprises). The company also operates ConsenSys Mesh, an incubator for top Ethereum projects.

In 2022, ConsenSys raised $450 million in a Series D financing round, valuing the company at over $7 billion. The funding will be used to accelerate the convergence between centralized and decentralized finance (DeFi) through MetaMask, as well as drive NFT adoption through MetaMask and its NFT product suite.

ConsenSys reportedly generated over $100 million in revenue in 2021, largely driven by the growth of MetaMask amid the DeFi and NFT boom. As of January 2023, MetaMask had over 30 million monthly active users, up 42% from the prior year.

7. Solana Labs: The High-Speed Blockchain

Solana is a high-performance blockchain platform designed for speed, scale, and low transaction costs. It utilizes a novel consensus mechanism called Proof of History (PoH) that enables sub-second block times and theoretical throughput of 65,000 transactions per second.

The Solana ecosystem has seen explosive growth, with over $14 billion in total value locked (TVL) across DeFi protocols as of April 2023 (DeFiLlama). Solana has also gained traction in the NFT space, with collections like DeGods and Solana Monkey Business driving significant volume on marketplaces like Magic Eden.

Solana Labs, the company developing the core Solana protocol, generates revenue through the sale of SOL tokens used for staking and transaction fees on the network. Solana Labs raised $314 million in 2021 from investors including Andreessen Horowitz, Polychain Capital, and Alameda Research.

The Solana Foundation, a non-profit dedicated to the growth of the Solana network, had net assets of over $1 billion as of June 2022. This war chest will be used to fund ecosystem development, grants, and marketing initiatives.

8. HIVE Blockchain: The Green Crypto Miner

HIVE Blockchain is a publicly traded crypto mining company with operations in Canada, Sweden, and Iceland. The company mines both Bitcoin and Ethereum using 100% green energy, positioning itself as an ESG-friendly alternative in a largely carbon-intensive industry.

As of March 2023, HIVE had an installed hash rate of 2.0 EH/s for Bitcoin and 6.1 terahash per second (TH/s) for Ethereum. The company is undergoing a strategic pivot to focus exclusively on Bitcoin mining, with plans to transition its GPU fleet to next-generation ASIC miners.

For the fiscal year ended March 31, 2022, HIVE generated revenue of $211 million and net income of $79 million. In Q3 2023 (ending December 31, 2022), the company mined 789 Bitcoin and 5,309 Ethereum, generating revenue of $29.6 million.

HIVE is facing near-term headwinds from the decline in crypto prices, which has compressed mining margins. However, the company has a strong balance sheet with over $63 million in Bitcoin and Ethereum holdings and no long-term debt.

9. Chainlink Labs: The Oracle Pioneers

Chainlink is a decentralized oracle network that connects smart contracts on blockchains with real-world data and off-chain computation. By providing secure and reliable oracles, Chainlink greatly expands the capabilities of blockchain applications.

Chainlink‘s core product is its decentralized oracle framework, which allows developers to build oracles for any use case. The network supports over 1,000 oracle networks and secures over $40 billion in on-chain value across multiple blockchains, including Ethereum, Solana, and Polygon (Chainlink Network).

Chainlink Labs, the company behind the Chainlink protocol, generates revenue through the sale of LINK tokens used to pay node operators for providing data and computation services. The company has formed high-profile partnerships with Google Cloud, SWIFT, and the Associated Press.

In 2021, Chainlink Labs raised $1 billion in funding, with strategic backers including a16z, Alameda Research, and Fenbushi Capital. The company‘s estimated annual revenue is $24.4 million.

10. Blockstream: The Bitcoin Infrastructure Providers

Blockstream is a leading Bitcoin infrastructure company founded in 2014. Blockstream is focused on expanding the capabilities of Bitcoin through sidechains, smart contracts, and enterprise solutions.

Blockstream‘s flagship product is the Liquid Network, a Bitcoin sidechain designed for fast, confidential, and secure transactions. Liquid supports the issuance of digital assets, such as stablecoins and security tokens, and is used by exchanges and traders for inter-exchange settlement.

Other Blockstream offerings include:

  • Core Lightning: A Lightning Network implementation for scaling Bitcoin payments
  • Blockstream Mining: Colocation services for Bitcoin miners
  • Blockstream Satellite: A satellite network broadcasting the Bitcoin blockchain globally
  • Blockstream Green: A multi-platform Bitcoin wallet
  • Blockstream Finance: Bitcoin-focused investment products, including the Blockstream Mining Note (BMN) security token

Blockstream has raised over $300 million in funding from investors such as Baillie Gifford, Blockchain Capital, and Reid Hoffman. The company‘s estimated annual revenue is $15.6 million.

The Future of Blockchain

The 10 companies profiled in this article are at the forefront of the blockchain revolution. From building the core infrastructure powering the decentralized web to driving mainstream adoption through user-friendly applications, these companies are laying the foundation for a more open, transparent, and inclusive digital economy.

Looking ahead, the blockchain industry is poised for continued growth as more enterprises, governments, and individuals embrace the technology. Key trends to watch include the convergence of DeFi and traditional finance, the rise of NFTs and digital ownership, and the evolution of Web3 identity and data sovereignty solutions.

However, the industry also faces significant challenges, including regulatory uncertainty, scalability limitations, and user experience friction. As the blockchain space matures, we can expect to see consolidation among players, with the largest companies best positioned to weather market cycles and build enduring franchises.

Ultimately, the success of the blockchain industry will depend on its ability to deliver real-world value and solve meaningful problems. The companies that can do so while navigating the complex technological, economic, and regulatory landscape will be the winners in this exciting and rapidly evolving space.