Who Says Crypto Is Dead? Eleven Industry Giants Reach Unicorn Status With A $1 Billion Valuation
The Blockchain industry has been on a steady rise since Bitcoin’s inception back in 2009. A recent inaugural list by Hurun Research firm shows that at least 11 firms within the Blockchain and Crypto space feature among the world’s global unicorns.
Hurun’s research found 494 global unicorns where both traditional and new tech startups featured with the newest players being Blockchain and Crypto firms. Those that are estimated to be over $1 billion USD include crypto exchanges such as Coinbase and mining rig producer, Bitmain. Their rivals who include Coinbase, Ebang and Canaan were also among those identified by Hurun’s research to be over the $1 billion market cap.
Hurun’s Vs Private Market Valuations
According to the stats, most unicorns are located in China followed closely by the U.S and finally the European market. This is not a surprise given China’s dominance in the blockchain industry despite the regulations that some have termed as ‘censorship’. However, the figures given for some of the Blockchain oriented firms in the list appear to differ greatly from the current private equity market valuations.
Ripple for instance is valued at $5 billion while its counterpart Circle stands at $3 billion based on the research by Hurun. This however appears not be the case with valuation figures from private markets which place both U.S companies below the $1 billion market cap. Word on the private equity corridors is in fact Circle’s shares were recently on offer at 80% discount. Brad Garlinghouse, CEO of Ripple, is on record saying that they are valued at $305 million; this is way below Hurun’s estimate.
The rise of tech startups has also created new cash generating units for loaded investors. Sequoia is among the most successful firms in this space with together with notable stakeholders like Alibaba, Softbank and Goldman Sachs.