New York-based Fireblocks has made over $100 million in Annual Recurring Revenue (ARR). This reflects the rising interest in the crypto ecosystem that contradicts negative investor sentiments. Fireblocks, as a software-as-a-service provider, recorded overwhelming interest in DeFi, blockchain and Web3 technologies.
The increased revenue is attributed to an overall change in the mindset as companies and investors are more inclined toward exploring crypto use cases than chasing market volatility for a quick buck.
Michael Shaulov, Fireblocks co-founder and CEO, said they have seen first-hand the innovation happening among fintech, Web3 start-ups, banks, and payment service providers who are diligently bringing new digital asset products to market. Idan Ofrat, Fireblocks’ CTO, said the company is committed to delivering solutions for emerging market entrants and use cases such as stablecoin issuance, NFT treasury management, and crypto payments.
Moreover, consumer brands, gaming companies and crypto start-ups have contributed to Fireblocks’ $100 million revenue in 2022. The blockchain security service provider expects to grow stronger as an enabler for businesses delivering secure crypto products. Fireblocks is also working with industry leaders – BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.
FTX recorded a 1000% hike in its revenue in 2021 as bulls took over the crypto market. The crypto firm’s revenue increased from $90 million in 2020 to $1.2 billion in 2021. FTX also had $2.5 billion in cash by 2021-end with a 27% profit margin.