FinTech investors are paying attention to the space and realizing that some businesses, in particular, stand out with their cryptocurrency innovations. Here are five of them.

Top 5 Businesses in Crypto Influencing the Industry

Even though some people still have doubts about cryptocurrency, the industry is growing. FinTech investors are paying attention to the space and realizing that some businesses, in particular, stand out with their cryptocurrency innovations. Here are five of them:

1. Facebook

Regardless of if people love Facebook, hate it or don’t have a strong opinion about the social media brand, many are closely following the company to see what happens with its planned cryptocurrency, Libra.

Libra will run on a blockchain and get stored in Facebook’s wallet, Calibra. But, some people don’t agree that Libra is a cryptocurrency. One of the reasons for the differing opinion is that Libra’s blockchain will be a centralized one overseen by Libra’s board members. Traditional blockchains are decentralized.

Facebook envisions Libra acting as a global payment method people can use to swiftly send money to each other via familiar platforms, such as Messenger and WhatsApp. The brand itself acknowledged that regulatory restrictions might prevent Libra from launching. Even so, Facebook is influencing the crypto industry as people eagerly wait to see how things develop.

2. Flexa

One of the most common downsides people cite about cryptocurrencies is that they can’t spend them anywhere. Flexa is a company that’s trying to change that by broadening the payment network for cryptocurrencies. Flexa’s technology works with the point-of-sale (POS) platforms that retailers have.

When people want to buy something at a merchant that uses Flexa, they open a dedicated app and generate a unique QR code that facilitates the payment. The system that Flexa created operates in a friction-free way that pays sellers in the local fiat currency and enables customers to pay for merchandise with a supported cryptocurrency.

Starbucks, GameStop and Ulta are among the companies that use Flexa and its accompanying SPEDN app. Flexa’s progress influences the crypto industry by proving that paying with cryptocurrency need not be a hassle.

3. Fireblocks

Today’s top futurist speakers often discuss how the next one to five years bring both risks and opportunities for businesses. One of the threats to overcome is the possibility of digital assets getting stolen from insecure cryptocurrency wallets. Such incidents caused people to lose millions. Fireblocks is a company that wants to solve that security issue for good.

In addition to assisting people with securely moving their cryptocurrencies, Fireblocks allows them to set customized transaction policies and approve them from anywhere. The system uses technology including advanced cryptography to safely move cryptocurrencies in minutes rather than hours. Investors are on board, too. Fireblocks recently raised $16 million in Series A funding.

4. Circle

Circle seeks to revamp financial services around the world. If the company succeeds, it could bring parties like investors, entrepreneurs and traders together to deal with open crypto technologies. It already has several products and boasts millions of customers. This summer, the company announced it was discontinuing its Circle Pay app.

The company also indicated it might devote more of its resources to blockchain-based financial services products. It’s too early to say whether Circle’s new focus will pay off, but people are staying tuned to find out.

5. Square

Technology companies have rapidly made it easier for people to pay for things on the go. Their progress improved things for people who work in the gig economy, sell their crafts at local fairs and more. Square is a company that’s leading the way in that level of convenience. It didn’t begin as a company in the cryptocurrency realm but is starting to prioritize it.

The brand has connections to customer-facing services that offer food delivery and person-to-person payments. It wants to branch out into cryptocurrency in a substantial way. Square patented a process that would let merchants accept cryptocurrencies and convert them to their chosen fiat funds. It could reportedly happen about as fast as credit card payments do.

Square representatives have mentioned that they see the potential of cryptocurrency technologies and want to concentrate on exploring them. Since the Square brand encompasses other names that people know, such as the Cash App, it could have even more of an impact on the cryptocurrency industry than people expect.

Exciting Things in Store

The FinTech industry is unpredictable, and some of the proposals mentioned here may not ultimately prove profitable. However, the diversity of the projects and brands on this list give crypto professionals and enthusiasts alike reasons to stay interested.

Featured image courtesy of Shutterstock.

Author:
Kayla Matthews has been a technology and productivity journalist for over 7 years contributing to publications such as MakeUseOf, The Next Web, VentureBeat and Cointelegraph. She's also the editor of her tech blog, Productivity Bytes, where she writes everything from how-tos to the latest news in technology. To see more of her work, subscribe to Hacked.com or follow her on Twitter @KaylaEMatthews.