As a software-as-a-service provider, Fireblocks witnessed overwhelming interest in decentralized finance, blockchain and Web3 technologies.
Fireblocks, a New York-based provider of blockchain security services, has earned over $100 million in annual recurring revenue (ARR). This confirms the growing interest in crypto ecosystems that counter negative investor sentiments.
ARR is the company’s recurring revenue that it earns from subscriptions. As a software-as-a-service provider, Fireblocks witnessed overwhelming interest in decentralized finance, blockchain and Web3 technologies.
Crypto market is shifting into long term thinking
Increased revenue in a bear market is due to a shift in mindset. Companies and investors are more open to exploring crypto uses cases than trying to chase market volatility for quick bucks.
Michael Shaulov, CEO and co-founder of Fireblocks, shared insights into the company’s growing customer base.
“We’ve seen firsthand the innovations happening in fintechs, Web3 start ups, banks, and payment service providers, who are tirelessly bringing new digital assets to market.”
Fireblocks’ revenue of \$100 million in 2022 also includes contributions from consumer brands, gaming companies and crypto start-ups. Fireblocks is expected to become a stronger enabler for businesses that provide secure crypto products as crypto continues to penetrate global financial infrastructure.
Fireblocks also announced that it is working with industry leaders such as Six Digital Exchange, BNP Paribas and ANZ Bank.
Fireblocks CTO Idan Ofrat spoke about the future of the company and confirmed Fireblocks’ commitment in delivering solutions to emerging market entrants. This includes stablecoin issuance and nonfungible token Treasury management and crypto payments.
According to leaked internal documents, the revenue of crypto exchange FTX increased 1000% in 2021 after bulls overtook the crypto market.
CNBC reported that FTX’s revenue grew by $90 million from 2020 to $1.2 Billion in 2021 according to audited financials. CNBC reports that FTX had $2.5 billion cash at the end of 2021, with a 27% profit margin.
The impressive revenue figures across the crypto ecosystem will likely be reduced by a bear market and regulatory hurdles.