US-based BlockFi has made it to the top of the 2022 Inc. 5000 list, growing by 245,616% over the past three years. The financial-crypto services provider is working towards making crypto easier to understand. BlockFi connects customers with familiar products like credit cards that use digital assets as their base.
The Jersey City company has recorded remarkable growth since its establishment in 2017, and the past couple of months have been interesting. BlockFi, amid the 2022 so-called crypto winter, was ordered to pay $100 million by the Securities and Exchange Commission (SEC) in February in a first-of-its-kind case. The company had announced an agreement with FTX in June to secure a $250 million revolving line of credit.
BlockFi, as per Inc. magazine, is essentially restarting the startup with 85% to 90% of the liquidity washed away. However, it has more than 650,000 accounts and $3.9 billion of assets under management as of August 1, 2022.
The companies on Inc.’s list have shown resilience in the face of supply chain disruptions, labor shortages, and the ongoing impact of the COVID-19 pandemic. The magazine stated that the average three-year revenue growth rate among the top 500 organizations rose to 2,144%. And over the last three years, these companies have created more than 68,394 jobs.