For the first time a cryptocurrency company has made the AFR Fast Starters list
Independent Reserve has become the first cryptocurrency and blockchain firm to make the list.
The Independent Reserve cryptocurrency exchange is the first cryptocurrency or blockchain company to make the Australian Financial Review's (AFR's) Fast Starters list.
The annual feature picks out the 100 fastest growing startups in Australia. To qualify for the 2018 edition a company must have commenced trading on or after 1 July 2014, provided at least two years of turnover data with a minimum of $500,000 in the 2016-2017 reporting period.
The AFR seeks verification of the numbers from external auditors or accountants when the entrant isn't publicly listed.
Independent Reserve was founded in 2013, opened its doors in 2014 and came in at number 17 for revenue. And perhaps unsurprisingly took the first place by a gargantuan margin for revenue growth, buoyed from the monumental cryptocurrency boom of late 2017.
By the numbers
Independent Reserve reported $9.67 million in revenue, which put it at rank 17, but also clocked in an entertaining 2,235% growth in revenue over the last year. The next closest was boutique Queensland recruitment firm TROOCOO, which saw "only" 1,007% revenue growth.
Independent Reserve has over 100,000 customers around Australia and New Zealand, and also services around 8,000 self managed super funds (SMSFs).
"Being recognised in the Australian Financial Review’s Fast Starters List for 2018 validates all the hard work and passion we have put in to create a trusted and regulated trading platform for cryptocurrencies in Australia," said Independent Reserve CEO and founder Adrian Przelozny.
"It is Independent Reserve’s vision to educate retail and institutional investors about cryptocurrencies but to also grow a sustainable business in a young and thriving industry. We are committed to building on this momentum to help drive further growth and reach greater heights in the years to come. Our success is made possible by the dedication to our customers and we will continue to deliver clients the best trading experience in Australia."
While one might assume that the bearish cryptocurrency markets of 2018 to date throw doubt on the sustainability of the industry, Przelozny's experiences over the year might suggest the opposite. Dropping crypto-asset prices have corresponded with an ongoing influx of sophisticated investors he notes.
The more placid cryptocurrency markets have created an environment where people can more calmly take stock of the technology. And many people, it seems, are finding it quite to their liking.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA
- Cryptocurrency trends in 2020: From DeFi to COVID crisis
- MicroStrategy buys 0.1% of all Bitcoin for treasury
- YAM rides US$600 million emotional rollercoaster, presents cautionary tale
- Big DeFi returns paint sharp contrast to flagging traditional markets
- Ethereum Classic suffers yet another 51% attack. Time to call it?