BlockFi is ranked first on the Inc. 5000 list with a three-year revenue growth of about 2500%!

The SEC levied a sizable fine against the cryptocurrency lender CeFi this year, but it survived the brutal crypto winter to rank as Inc. magazine's top revenue grower.

BlockFi has been designated the fastest-growing company in the US for 2022 by Inc. magazine.

It had 245,616% growth at the top of the Inc. 5000 2022 list published by the magazine, outpacing the second-place business, a platform for hiring nurses, by more than 99,000%.

The average growth rate for all 5,000 entries was 230%.

According to the magazine, the Inc. list "ranks corporations by overall revenue growth over a three-year period."

Three years is almost an epoch in the quickly evolving world of crypto, and BlockFi's accomplishment is particularly noteworthy in light of this year's enormous changes to both the firm and the industry as a whole.

According to a related piece in Inc., BlockFi, a provider of cryptocurrency financial services, began the year as a unicorn and was in talks with JPMorgan about going public.

The $100 million fine the company paid in February for alleged unregistered securities sales to the Securities and Exchange Commission (SEC) and US states was hailed as at least partially positive news because it put the company on track to develop the first SEC-regulated cryptocurrency product from their BlockFi Interest Account.

But by the middle of the year, BlockFi had lost its unicorn status due to the impending crypto winter.

20% of its 850 employees were laid off shortly after Celsius stopped withdrawals, despite BlockFi cofounder Flori Marquez's assurances to Inc. that the timing was coincidental and the layoff was planned.

At the time, she and cofounder Zac Prince had referred to the choice as "gut wrenching."

In July, BlockFi and FTX US announced a loan agreement for $250 million. Shortly after, the agreement was expanded to a $400 million revolving credit facility with an option to buy BlockFi "for a variable price of up to $240 million."

A company must submit an application and pay a price to be considered for the Inc. 5000 list. This year's fee ranged from $195 to $245 depending on when the application was received.

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