- Forbes known for its lists and ranking announced its top 50 Fintechs “Financial Technologies.”
- MakerDAO entered this list because it generated $10 million in interest on loans by using cryptocurrency as collateral.
- Gemini Cryptocurrency exchange was removed from the list after refusing to share information about the status of its core trading business.
On February 12, 2020, Wednesday Forbes “A global media company focuses on business, investing, technology, entrepreneurship, leader and lifestyle” known for its lists and ranking announced its top 50 Fintech “Financial Technologies.”
Which showcased that in the crypto market the USA based Coinbase and Ripple are still the undisputed leaders and they are showing no signs of getting down, but the most noticeable thing was the debut of MakerDAO in this list.
MakerDAO’s First Appearance on Forbes
MakerDAO, Dao stands for “Decentralized autonomous organization” and it is indeed a decentralized autonomous organization on the Ethereum blockchain. MakerDAO has its ERC20 stable token known as DAI.
DAI is a decentralized stable coin, a cryptocurrency that allows anyone, anywhere the freedom to choose money they can trust on and money that maintains a purchasing power for which the company seeks to minimize the price volatility of its own stable token against the US Doller.
MakerDAO was pleased to be included in the Forbes list of Top 50 Fintechs and tweeted in its official Twitter handle @MakerDAO with the #NewKidsOnTheBlock, and they believe it is a beginning of Decentralized Finance entering into the mainstream, and their DAI cryptocurrency is going strong towards the goal of availability to anyone, anytime and anywhere.
In the Crypto ecosystem, MakerDAO entered this list because it generated $10 million in interest on loans by using cryptocurrency as collateral, and with MakerDAO one more new blockchain startup entered this list called Everledger, which tracks 900,000 carats of diamonds on its blockchain.
Thrilled to be included in @Forbes #Fintech50! #DeFi is moving closer to the mainstream with Dai being availble to anyone, anytime, anywhere. ?#NewKidsOnTheBlock https://t.co/wvZjLn8tLJ https://t.co/KqefmNrkaV— Maker (@MakerDAO) February 12, 2020
Six Blockchain firms in Forbes Fintech 50 including Ripple & Coinbase
According to data presented by Accenture, Investors invested more than $53 Billion in global fintech startups in 2019. The old-fashioned Financial institutes are getting more involved in the process of digitalization, and more money is getting invested in digital banks and insurance technology companies.
The further analysis of the Forbes list shows three companies that joined last year’s list are constant in the current list: Axoni, Goldman Sachs, and Citigroup. The Coinbase exchange focuses solely on institutional investors.
Ripple, the company behind XRP (ledger), is now the third-largest cryptocurrency by market capitalization and accounts for 10% of MoneyGram transactions from the United States to Mexico. Gemini Cryptocurrency exchange was removed from the list after refusing to share information about the status of its core trading business.