Ping SWOT Analysis

The global Web 3.0 blockchain market size was USD 1.36 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 44.9% from 2022 to 2030. This would put the market at an estimated value of 33.53 billion by 2030. The public segment dominated the market in 2021 (compared to private, consortium, and hybrid). The growth of the segment can be attributed both to the increased demand for public blockchain technology and to the free, secure, and permission-less entry to anyone with internet access. The year 2021 saw the cryptocurrency segment of the market again dominating the overall market, as enterprises were increasingly in need of high-performance cryptocurrency transaction services. Web 3.0 cryptocurrencies used blockchain and smart contracts to automate transactions and eliminate the need for a third-party entity, which is anticipated to support the segment’s further growth.

Ping is a fintech platform that provides solutions such as payment processing, money transfer and online invoicing for individuals and businesses. Ping’s platform allows users to create an international dollar account for free to accept payment globally in their local currency, wherever they are, both in fiat and crypto, enabling off-site workers to get paid easily. Ping enables international contractors and freelancers to have access to a personal dollar account in the United States, a crypto account, and generate invoices to get paid. With Ping, workers earn on average 4% more money and get paid the same day.

Ping recently closed a $15 million seed round from Istari Ventures, Race Capital, and DHVC (November 9th, 2022) to give its founding team significant capital to continue to grow the business.