At $50 billion, Zoom’s market cap is double that of Ethereum

For the hundreds of millions living under lockdown due to the coronavirus pandemic, Skype, Facetime, WhatsApp or the trusted telephone will not suffice. Only Zoom will do. 

So popular has the video conferencing software become, that its market cap on Friday soared above $50 billion. That’s a record high. It’s also around 28% of Bitcoin’s entire market cap, or almost double Ethereum’s, which is $26 billion. 

Shares in Zoom rose by 9.7%, from $164 at the market close on Thursday to $179 at market close on Friday. Its share price in January—well before the pandemic—was around $72. Its market cap has increased by over $30 billion this year. 

For many, Zoom has become the glue that holds life during the pandemic together. The British government has held cabinet meetings on it; families use it to speak to loved ones and friends use it as a replacement to the pub.

Even blockchain came to Zoom. One Israeli company, 2Key, launched SmartSessions, a Zoom app that introduces…