Figure, Fireblocks, and Securitize are three crypto companies selected.
Written by: Nina Bambysheva
Translated by: Luffy, Foresight News
In 2024, cryptocurrency finally entered the mainstream. More than a dozen Bitcoin spot exchange-traded funds (ETFs) were approved, institutional capital flooded in, and a market once dominated by retail investors gained broader recognition on Wall Street. Subsequently, Donald Trump won the election, and the prices of crypto assets soared further, with hopes that Trump's administration would usher in a golden age for cryptocurrency. By December, the price of Bitcoin broke the $100,000 mark.
Trump's early pro-cryptocurrency stance was already clear, as evidenced by his key appointments and executive orders: venture capitalist David Sacks was appointed as the czar for artificial intelligence and cryptocurrency affairs, Scott Bessent took charge of the Treasury, and former SEC commissioner Paul Atkins was nominated to lead the regulatory agency. Trump also signed an executive order titled "Strengthening America's Leadership in Digital Financial Technology," which included initiatives such as assessing the "national digital asset reserve." In this environment, companies like Figure, Securitize, and Fireblocks thrived, aligning with some of the most prominent trends in the industry.
Take tokenizing real-world assets (RWA) as an example; this concept has evolved from a buzzword into a multi-billion dollar industry. A typical case is Figure, co-founded by former SoFi CEO Mike Cagney, which applies blockchain technology to the traditional lending space and has tokenized over $13 billion in home equity lines of credit. Meanwhile, Securitize partnered with BlackRock to launch BUIDL, a tokenized U.S. Treasury product that has attracted $640 million in investments.
Additionally, there is Fireblocks, a leading company in the crypto infrastructure space, which has secured the safe trading of over $6 trillion in digital assets. It recently launched a state-regulated custody platform and an AI-driven trading optimization tool to meet the growing demands of institutional clients.
Here are the three crypto companies selected for the 2025 Fintech 50:
Figure
Headquarters: New York, NY
Figure, co-founded by former SoFi CEO Mike Cagney, leverages technology to expedite the application process for home equity lines of credit. It also has a custom blockchain platform that tokenizes (i.e., securitizes) home equity lines of credit and sells them to yield-seeking investors through its private credit market. In 2024, Figure's revenue grew over 50% from $196 million in 2023 to $321 million, with a gross margin of 55%. Of its 150,000 customers, about 70% come from over 200 fintech and mortgage banking partners, including real estate platforms like RATE (formerly Guaranteed Rate) and Credit Karma. In April 2024, former Brex executive Michael Tannenbaum became CEO, with Cagney serving as executive chairman.
Funding: Raised $500 million from companies like Apollo, Morgan Creek, and Ribbit
Latest Valuation: $3.2 billion
Last Valuation Date: May 2021
Highlight: Its software has been used to initiate over $13 billion in home equity lines of credit
Co-founders: Executive Chairman Mike Cagney, 53; June Ou, 59, former president, now advisor
CEO: Michael Tannenbaum, previously Chief Revenue Officer at SoFi and Chief Operating Officer at Brex, joined Figure in 2024
Fireblocks
Headquarters: New York, NY
Fireblocks' software helps investors and institutions like Worldpay, Revolut, BNP Paribas, and BNY Mellon securely hold cryptocurrencies. Although the company generated $1.24 million in revenue in 2024, it has yet to achieve profitability and is heavily investing in new projects to support crypto asset activities for various entities, from banks to startups. Significant products launched in the past year include a state-regulated limited-purpose trust company aimed at providing bank-grade custody services and an AI tool to help clients respond more flexibly to market changes during trading activities.
Funding: Raised $1 billion from companies like Spark Capital, Cyberstarts, and Coatue
Latest Valuation: $8 billion
Last Valuation Date: January 2022
Highlight: Its infrastructure has supported over $6 trillion in transactions since its inception
Co-founders: CEO Michael Shaulov, 42, previously founded cybersecurity startup Lacoon Mobile Security; CTO Pavel Berengoltz, 48; CPO Idan Ofrat, 43
Securitize
Headquarters: Miami, FL
Securitize transfers real-world assets like government bonds or private equity onto the blockchain, enabling investors to buy and sell easily. Securitize's flagship product is BUIDL, a tokenized government bond product launched in March 2024 in partnership with BlackRock. BUIDL currently holds $640 million in assets.
Funding: Raised $170 million from companies like BlackRock, Blockchain Capital, and Morgan Stanley
Latest Valuation: $479 million
Last Valuation Date: July 2022
Highlight: Has tokenized over $1 billion in assets in partnership with firms including BlackRock, Hamilton Lane, and KKR
Co-founders: CEO Carlos Domingo, 54; President Jamie Finn, 47
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