By Nathan Ferguson
Fireblocks, a software-as-a-service provider, saw a great interest in Web3, blockchain, and decentralized financial sectors. It is a New York-based provider of security services for blockchains. Fireblocks grossed up to $100M this year in annual recurring revenue (ARR). This indicates the growing interest of the investors in the respective crypto ecosystem as opposed to the negative sentiments of the investors.
$100M Revenue Spike Witnessed by Fireblocks during the Bear Market in Subscriptions
ARR is associated with the recurring revenue collected on the behalf of the firm from the subscriptions. The reason at the back of the elevated revenue during the bear market is to be connected to a general change in attitude, as the investors and firms appear additionally attracted toward delving into the use cases of cryptocurrency instead of tracking the volatility of the market for a rapid benefit.
The CEO and co-founder of Fireblocks, Michael Shaulov, shared his views on the flourishing user base and mentioned said that they have witnessed the first-hand innovation taking place among the Web3, fintech ventures, banks as well as the providers of payment services with devotedly taking latest products of digital assets to the market.
Apart from that, the customer brands, crypto ventures, and gaming venues have participated in the $100M revenue of Fireblocks this year also. As crypto keeps on expanding across the worldwide financial infrastructure, it is expected by Fireblocks that it will become more resilient to make businesses able to provide safe crypto goods.
Fireblocks Expresses the Strategy to Operate with Animoca Brands and Wirex
In the declaration thereof, Fireblocks additionally revealed its plan to operate with the leading industry players taking into account BNP Paribas, Wirex, MoonPay, FIS, Animoca Brands, Checkout.com, ANZ Bank, and Six Digital Exchange. While discussing the future of the firm, Idan Ofrat – the chief technology officer of Fireblocks – stated that the platform is committed to offering solutions for those who are newly entering the market.
Along with this, he added, it aims at the use cases like the issuance of stablecoins, the treasury management of the non-fungible tokens (NFTs), as well as crypto payments. In the previous year, FTX (a crypto exchange) saw a revenue spike of up to 1000% as the crypto market was taken over by the bulls, as mentioned in the company’s internal documents which were leaked.