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

The SEC imposed a hefty penalties on the crypto lender CeFi this year, yet despite the hard crypto winter, CeFi emerged as Inc. magazine's top revenue gainer.

The most rapidly growing corporation in the United States in 2022, according to Inc.

It ranked first on the Inc. 5000 2022 list with a growth rate of 245,616%, more than 99,000,000% greater than the second-place firm, a platform for hiring nurses.

The median 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."

In the world of cryptocurrencies, three years is nearly an epoch, and BlockFi's accomplishment is especially noteworthy considering a number of significant corporate and industry developments this year.

According to a companion article in Inc., CeFi crypto financial services business BlockFi began the year as a unicorn in discussions with JPMorgan to go public.

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

By mid-year, however, BlockFi had lost its unicorn status because to the impending crypto winter.

It cut off 20 percent of its 850 employees shortly after Celsius froze withdrawals, while BlockFi cofounder Flori Marquez asserted to Inc. that the layoffs were planned and the timing was coincidental.

At the time, she and cofounder Zac Prince described the choice as "gut wrenching."

In July, BlockFi and FTX US announced a $250 million loan agreement, which was immediately expanded to a $400 million revolving credit facility with an option to acquire BlockFi "for a variable price up to $240 million."

A company must submit an application and pay a cost ranging from $195 to $245, depending on when the application was submitted, in order to be considered for the Inc. 5000 list.