Ripple enters Forbes’ list with Coinbase and MakerDAO

  • Forbes published a list of the 50 most innovative Fintech companies of 2020. Ripple, Coinbase, Chainalysis and MakerDAO are on the list.
  • MakerDAO enters the Forbes list for the first time with a company value of $63 million.

Forbes published a list of the 50 most innovative Fintech companies of 2020. According to Forbes, the Fintech sector made a “frontal attack” on traditional companies. Fintech companies received more than $53 billion from investors.

Among the 50 selected companies are several associated with the blockchain industry and cryptocurrencies. Ripple, Coinbase and Chainalysis entered the list with investments of $293 million, $525 million and $45 million respectively.

MakerDAO enters the list for the first time

One surprise was the inclusion of the Ethereum-based decentralized organization, MakerDAO. According to Forbes, the company received $63 million in funding from Dragonfly Capital, Polychain and Andreessen Horowitz. It is currently valued at $500 million. In addition, MakerDAO generated $10 million in interest in 2019.

MakerDAO is a platform that allows users to receive loans in their stablecoin tied to the US dollar, the DAI. As Forbes states, the MakerDAO platform has managed to attract 400 external developers to the project and is projected to have sufficient potential to attract more investment to the crypto-market.

On MakerDAO, Ripple, Coinbase, Chainalysis, Forbes claims:

(…) are private companies with operations or customers in the U.S., and are making it easier, faster and cheaper to use financial services.

Other companies related to the blockchain industry, to the use of Bitcoin in their business model are Axoni with an investment of $59 million, Everledger ($20M) and Plaid ($310M). The latter company was acquired for a price of $5.3 billion, double the last valuation the company received. VISA expects to join forces with Plaid to become the epicenter of the fintech sector and become a competitor to Ripple and Stellar Lumens.

Vulnerability in MakerDAO

As reported by CNF, the MakerDAO platform recently reported a vulnerability. According to the developer Micah Zoltu $340 million deposited in MakerDAO are in danger. Zoltu discovered that an attacker could take advantage of a “loophole” to transfer all the Ether deposited as collateral into the MakerDAO system. The attacker simply has to manipulate MakerDAO’s governance model and get enough votes for a proposal that allows him to send the Ether to an address he controls.

The MakerDAO team and community reacted to the attack and proposed to increase the security measure that would raise the delay of the Governance Security Module (GSM) from 0 to 24 hours.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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