Fireblocks, a New York-based blockchain security services provider, earned over $100 million in annual recurring revenue (ARR) this year, confirming growing interest in the cryptocurrency ecosystem that contradicts negative sentiments. of investors.
ARR refers to the recurring revenue earned by a company based on subscriptions. As a software-as-a-service provider, Fireblocks saw overwhelming interest in decentralized finance (DeFi), blockchain, and Web3 technologies.
The reason for the surge in revenue amid a bear market can be attributed to a general mindset shift, with businesses and investors seeming more inclined to explore cryptocurrency use cases rather than chase market volatility to earn money fast.
Fireblocks Co-Founder and CEO Michael Shaulov shared his thoughts on their growing customer base:
“We have seen first-hand the innovation taking place among fintechs, Web3 start-ups, banks and payment service providers that are diligently bringing new digital asset products to market.”
Also, consumer brands, gaming companies, and cryptocurrency start-ups have also contributed to Fireblocks’ $100 million revenue in 2022. As crypto continues to seep into the global financial infrastructure, Fireblocks hopes to become stronger as a enabler for companies offering secure cryptocurrency related products.
In your ad, Fireblocks further revealed that it works with industry leaders such as BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.
Speaking about the future of the company, Fireblocks CTO Idan Ofrat confirmed Fireblocks commitment to offering solutions for new market entrants and use cases such as stablecoin issuance, non-fungible token (NFT) treasury management and crypto payments .
In 2021, the cryptocurrency exchange FTX witnessed a 1000% increase in revenue as bulls took over the cryptocurrency market, leaked internal documents revealed.
LAudited financials for the 2020-2021 fiscal year showed FTX revenue growing from $90 million in 2020 to $1.2 billion in 2021, according to CNBC. The report further states that FTX held $2.5 billion in cash at the end of 2021 with a 27% profit margin.
Nevertheless, a subsequent bear market, coupled with regulatory hurdles, is expected to bring down impressive revenue figures across the entire cryptocurrency ecosystem.
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