New York-based blockchain security service provider earned more than $100 million in Annual Recurring Revenue (ARR) this year, affirming growing interest in the crypto ecosystem despite negative investor sentiment.
ARR refers to a company's recurring revenue generated by subscriptions. Fireblocks has seen a surge in enthusiasm for decentralized finance, blockchain, and Web3 technologies.
The reason for higher revenues in the midst of a bear market can be attributed to a shift in mindset, as companies and investors appear to be more interested in uncovering crypto use cases instead of chasing price movements for a quick buck.
Michael Shaulov, co-founder and CEO of the company, shared insights into the company's growing customer base. "We've seen firsthand the innovation taking place among fintech, Web3 start-ups, banks, and payment service providers as they work hard to bring new digital asset products to market."
Furthermore, consumer brands, gaming companies, and cryptocurrency start-ups have all contributed to its $100 million revenue in 2022. As cryptocurrency permeates global financial infrastructure, Fireblocks expects to become a more powerful enabler for businesses delivering secure crypto products.
The announcement of the company also revealed a collaboration with industry leaders such as BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.
Speaking about the company's future, Fireblocks CTO Idan Ofrat reaffirmed the company's commitment to ensure solutions for emerging economy entrants and use cases, including stablecoin issuance, nonfungible token (NFT) financial planning, and crypto payments.
According to leaked internal documents, crypto exchange FTX saw a 1000% increase in revenue in 2021 as bulls began taking over the crypto market.
However, the impressive revenue figures across the crypto ecosystem are expected to be lowered by a subsequent bear market combined with regulatory hurdles.
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