Hyder Media

The Future of Tokens

Let's Talk
149+

Companies Mentioned

11

Categories

20

Ribbit Portfolio

20

Opportunities

19

Cap-Ex Plays

Letter Summary

The Token Revolution: How Tokens Will Transform Finance, AI, and Every Industry

Over the next decade, how you create, transform, source, store, and distribute tokens will define nearly all companies on the planet. Every business is becoming a supplier to, builder of, or orchestrator of token factories.

Access TokensMemory TokensExpert TokensContext TokensIdentity TokensKnowledge TokensAsset Tokens

Google processes 480T+ tokens monthly (~50x growth)

42M+ tokens launched on-chain (120x growth)

Visa has deployed 11.5B tokens globally (115x growth)

Inference costs dropped 1000x in 3 years

AI Foundation Models & Labs

(6 companies)

Companies building the core large language models and AI systems powering the Token Revolution

OpenAI

Creator of ChatGPT and GPT-4, leading the development of large language models with 800M+ weekly active users

Anthropic

AI safety company behind Claude, focused on building reliable and interpretable AI systems

Google / Alphabet

Tech giant behind Gemini AI models, processing 480T+ tokens monthly with 50x growth in token processing

Meta

Parent company of Facebook, creator of open-source Llama models democratizing AI access

DeepSeek

Chinese AI lab developing open-weight foundation models competing with Western AI labs

xAI / Grok

Elon Musk's AI company building the Grok conversational AI assistant

AI Infrastructure & Developer Tools

(13 companies)

Platforms and tools enabling developers to build AI applications and token factories

NVIDIA

Leading GPU manufacturer powering AI compute infrastructure, with Jensen Huang originating the 'token factories' concept

Cursor

AI-powered code editor enabling developers to write code faster with AI assistance

Cognition / Devin

Creator of Devin, the first AI software engineer capable of autonomous coding

Replit

Browser-based IDE making coding accessible to everyone through AI assistance

LangChain

Open-source framework for building LLM applications and agent workflows

AutoGen

Microsoft's framework for building multi-agent conversational AI systems

CrewAI

Framework for orchestrating role-playing autonomous AI agents working together

OpenRouter

Unified API for accessing multiple LLM providers, now processing 5T+ tokens monthly

Crusoe

Ribbit Portfolio

AI data center company optimizing compute infrastructure for AI workloads

CoreWeave

Cloud infrastructure provider specializing in GPU compute for AI applications

PsiQuantum

Ribbit Portfolio

Quantum computing company building fault-tolerant quantum computers

Scale AI

Data labeling and AI infrastructure company providing training data for models

Gretel

Synthetic data platform helping companies generate privacy-safe training data

Fintech & Payments

(17 companies)

Companies transforming financial services, payments, and digital money infrastructure

Stripe

Ribbit Portfolio

Global payments infrastructure company storing billions of payment tokens including through Link wallet

Visa

Global payments network with 11.5B tokens deployed globally, handling $16T in annual volume

Mastercard

Global payments network processing approximately 4B monthly tokens

Plaid

Ribbit Portfolio

Financial data network connecting over 780M accounts, enabling financial connectivity

Nubank

Ribbit Portfolio

Brazilian digital bank and one of the world's largest neobanks, spending $600M+ annually on support

Robinhood

Ribbit Portfolio

Commission-free trading platform democratizing access to financial markets

Groww

Ribbit Portfolio

India's leading investment platform making investing accessible to millions

Cred

Ribbit Portfolio

Indian fintech platform for credit card payments and rewards

Revolut

Ribbit Portfolio

Digital banking super app offering banking, crypto, and investment services globally

Ajaib

Ribbit Portfolio

Indonesian investment platform making stock and mutual fund investing accessible

Monzo

Ribbit Portfolio

UK digital bank known for its user-friendly mobile banking experience

Chime

US digital bank focused on fee-free banking for everyday Americans

Bilt

Ribbit Portfolio

Rewards program for renters allowing them to earn points on rent payments

PayOS

Payment infrastructure for AI agents and autonomous systems

Modern Treasury

Payment operations platform for managing money movement at scale

Bridge

Stablecoin infrastructure company acquired by Stripe for onboarding and orchestration

Sling

Ribbit Portfolio

Global payments company leveraging stablecoins for cross-border transfers

Crypto & Blockchain

(19 companies)

Decentralized networks, protocols, and platforms building the infrastructure for tokenized assets

Bitcoin

First and largest cryptocurrency, with 21M maximum token supply described in ~4,330 tokens

Ethereum

Leading smart contract platform enabling programmable money and DeFi

Solana

High-performance blockchain with 40K+ tokens launched daily, sub-$0.02 transaction fees

Coinbase

Ribbit Portfolio

Leading US cryptocurrency exchange and custodian, issuer of Base L2

Tether

Largest stablecoin issuer with $250B+ AUM, earning $13B profit last year (~$86M per employee)

Circle

Issuer of USDC stablecoin and digital currency infrastructure provider

Fireblocks

Ribbit Portfolio

Digital asset custody and infrastructure platform for institutions

Polymarket

Prediction market platform that accurately forecast the 2024 US election with $4B+ wagered

Kalshi

CFTC-regulated prediction market allowing Americans to trade on real-world events

Chainlink

Decentralized oracle network securing nearly $50B of value across 700+ protocols

Pyth

High-frequency oracle network providing real-time market data to DeFi

Uniswap

Leading decentralized exchange protocol for token swapping

Morpho

DeFi lending protocol optimizing capital efficiency

Jito

Solana MEV infrastructure and liquid staking protocol

Virtuals.io

Platform for creating autonomous AI agents with crypto wallets and tokenized equity

AIXBT

Autonomous AI agent offering market insights with tradeable token, spawning ecosystem of trading agents

Bittensor

Decentralized AI network with $3B+ market cap and 275K+ active accounts

Prime Intellect

Decentralized AI training platform for collaborative model development

Nous

Decentralized AI research collective building open models

Identity & Security

(12 companies)

Companies building identity verification, authentication, and data security infrastructure

Persona

Ribbit Portfolio

Identity verification platform with Reusable Personas (RPs) storing identity tokens across devices

ID.me

Digital identity network with 140M users verified across government and commercial services

CLEAR

Biometric identity platform with 30M users for secure verification at airports and venues

Worldcoin

Global identity and financial network using iris biometrics for proof of personhood

CyberArk

Enterprise identity security company with decades of machine identity experience

SailPoint

Enterprise identity governance platform for managing user access

Microsoft Entra

Microsoft's identity and access management platform (formerly Azure AD)

Okta

Leading identity and access management platform for enterprises

Oasis Security

Machine identity security platform focused on non-human identities

Token Security

Machine identity protection platform for securing non-human accounts

Evervault

Data encryption and tokenization platform for securing sensitive data

VGS (Very Good Security)

Data security platform enabling companies to handle sensitive data without storing it

Enterprise SaaS & Vertical Platforms

(31 companies)

B2B software companies building 'Vertical Token Systems' - the operating systems of industries

Brex

Corporate card and spend management platform for startups and enterprises

Ramp

Corporate card and expense management platform with AI-powered insights

Deel

Global HR and payroll platform for hiring international teams

Rippling

HR, IT, and finance platform unifying employee management systems

Juniper Square

Ribbit Portfolio

Investment management platform for private markets and real estate

Shopify

E-commerce platform enabling businesses to sell online and in-person

Toast

Restaurant management platform with POS, payments, and operations tools

Decagon

AI customer support platform enabling agents to observe, decide, and act within operational environments

Salient

AI-powered collections platform automating debt recovery communications

Harvey

AI platform for legal professionals automating complex legal work

Abridge

AI medical documentation platform converting conversations to clinical notes, $117M CARR

AlphaSense

AI-powered market intelligence platform for financial and business research

Hebbia

AI-powered document analysis platform for financial services

Rogo

AI research assistant for finance professionals

BlueFlame

AI platform for private markets deal sourcing and analysis

Rowspace

AI-powered financial modeling and analysis platform

Endex

AI platform for investment research and due diligence

SafetyKit

AI compliance and content moderation platform, enabling real-time agentic oversight

CoPlane

AI platform for automating back-office financial operations

Payflows

Payment operations automation platform for enterprises

Zamp

Automated sales tax compliance platform

Zip

Procurement and spend management platform

Atlar

Treasury management platform for modern finance teams

Databricks

Data and AI platform unifying data warehousing, data engineering, and machine learning

Snowflake

Cloud data platform enabling data warehousing and analytics

Workday

Enterprise HR and finance cloud platform

Pylon

Customer communication platform for B2B companies

Agency

AI automation platform for business workflows

Enter

AI legal platform helping enterprises respond to consumer lawsuits in Brazil

Multiplier

AI-powered professional services firm reimagining how consulting works

Additive

AI document extraction platform for accounting and wealth management

Wealth Management & Personal Finance

(14 companies)

Companies building the future of financial advice and personal finance management

Jump

AI platform for wealth advisors turning client conversations into CRM entries

Zocks

AI assistant for financial advisors capturing meeting notes and action items

Farther

Modern wealth management platform combining human advisors with technology

Nevis

AI-powered financial planning platform for advisors

Compound

Financial planning platform for startup founders and employees

Savvy

Employee benefits and financial wellness platform

Wealthfront

Automated investment service and financial planning platform

Copilot (PFM)

Personal finance app for tracking spending and managing money

YNAB

Budgeting app teaching users to 'give every dollar a job'

Rocket

Personal finance app from Rocket Companies

Cleo

AI-powered financial assistant helping users manage money through chat

Monarch

Personal finance app for budgeting and wealth tracking

Albert

AI-powered financial app offering banking, budgeting, and investing

Hiro

AI-powered personal finance assistant

Consumer & Marketplaces

(8 companies)

Consumer-facing platforms and marketplaces being transformed by AI and tokenization

DoorDash

Food delivery platform unlocked by smartphone capabilities like GPS

Uber

Ride-sharing platform that revolutionized transportation through mobile technology

Grab

Southeast Asian super app collecting driver video for real-time address intelligence

Kavak

Ribbit Portfolio

Latin American used car marketplace with 75%+ of customers starting through agents

Waymo

Autonomous vehicle company from Alphabet offering robotaxi service

Groupon

Local deals marketplace that pioneered digital coupon discovery

Thumbtack

Local services marketplace connecting customers with professionals

Etsy

E-commerce platform for handmade and vintage items using SafetyKit for compliance

Productivity & Note-Taking

(7 companies)

Tools capturing context and memory tokens from human interactions

Granola

AI note-taking app that captures meeting context and generates summaries

Otter.ai

AI meeting assistant transcribing and summarizing conversations

Fireflies.ai

AI meeting assistant for recording, transcribing, and analyzing meetings

Sonix

Automated transcription service selling at <$0.20 per minute

Notion

All-in-one workspace for notes, docs, and project management

Fathom

AI meeting assistant for recording and summarizing video calls

Read.ai

AI assistant for meeting analysis and productivity insights

Data Infrastructure & Analytics

(6 companies)

Companies transforming raw data into valuable token inputs for AI systems

Reducto

Document ingestion platform converting unstructured documents into structured data

Heron Data

Financial data extraction platform for lending and banking

Pulse

Data extraction and automation platform

Kanastra

Ribbit Portfolio

Brazilian fund administration and securitization platform

Pitchbook

Financial data and research platform for private and public markets

Dune Analytics

Blockchain analytics platform for on-chain data analysis

Other Notable Companies

(16 companies)

Major technology players and infrastructure companies shaping the token economy

Amazon

E-commerce and cloud giant, exemplifying abundance strategy

Microsoft

Tech giant processing 500T+ tokens monthly alongside Google

Apple

Consumer technology company whose Touch ID and Face ID habituated biometric authentication

TSMC

World's largest semiconductor foundry manufacturing advanced chips

ASML

Only manufacturer of extreme ultraviolet lithography machines for advanced chips

SpaceX

Space transportation company building rockets and satellite internet

Figma

Collaborative design platform democratizing design tools

Airtable

Spreadsheet-database hybrid enabling no-code applications

n8n

Open-source workflow automation platform

Make.com

Visual automation platform connecting apps and workflows

Sesame AI

Voice AI company creating realistic conversational voices

Qualtrics

Experience management platform that surveyed 28K people on customer service

ForecastEx

Election prediction market platform

OneChronos

Next-generation securities exchange using optimal matching

Compute Exchange

Marketplace for trading compute resources

Qognitive

Ribbit Portfolio

Quantum-inspired machine learning company making fundamental advances