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Fireblocks

Fireblocks Sees Over $100 Million In Revenue From Subscriptions

Kent Tenix
by Kent Tenix
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Although the crypto market is suffering a long-lasted downtrend and investors reflect negative sentiments, crypto adoption seems to be growing on another verge.

Fireblocks, a software-as-a-service (SaaS) company currently operating over 1300 crypto and web 3 businesses, has hit a new high in revenue, indicating crypto use cases continue attracting more businesses worldwide.

Related Reading: Investment Giant Fidelity Could Allow Bitcoin Trading On Its Platform

The company announced on Monday that its Annual Recurring Revenue (ARR) surpassed $100 million only in three years after the firm enrolled its product in the market. The achievement cements its status as a ‘Centaur.’ Centaur is a term used for SaaS startups to symbolize the company has exceeded $100 million in revenue.

The New-York based blockchain security company, Fireblocks offers its software and APIs to businesses to manage treasury, access DeFi projects, mint NFTs and other digital operations. The company hit this ARR milestone through subscriptions to the platform.

Michael Shaulov, founder and CEO at Fireblocks, added in a statement about this achievement;

For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth. We saw an unprecedented volume of new market entrants, including fintechs, Web3 startups, banks, and PSPs. Because of Fireblocks’ MPC custody and treasury management technology, which has become one of the most fundamental pieces of infrastructure for the digital asset ecosystem, we have seen first-hand the innovation happening among fintechs, Web3 startups, banks, and PSPs who are diligently bringing new digital asset products to market.

This landmark puts the company on the list of Twilio and Slack, which have recorded similar revenue amounts within five years. Notably, It has been only four years since the inception of Fireblocks.

BTCUSD_2022
Bitcoin’s price hovers above $22,000. | Source: BTCUSD price chart from TradingView.com

Fireblocks Won ‘Centaur’ Status Via Its Subscriptions And Plans To Expand The Reach

The CEO revealed during the announcement that the company provides an annual license to its customers for using its MPC wallet and other services like institutional staking and accessing decentralized finance (DeFi). Shaulov affirmed that the firm achieved this milestone in the year’s second half. Without mentioning specific figures, he added that Fireblock boosted its revenue by 600% in the previous year and expected to increase the figure by 300% this year.

In attempts to enable a transparent and secure environment for users of the digital ecosystem, over 1500 organization has deployed the technology of Fireblocks in 2022. The MPC-CMP technology of the firm has become the choice of prominent institutions and organizations, including Six Digital Exchange, Checkout.com, BNP Paribas, MoonPay, Animoca Brands, ANZ Bank, FIS, and Wirex.

Related Reading: Hive Blockchain To Mine Other Crypto Assets After Merge

Citing the intention to expand the company’s scale, Shaulov expressed that the engineering team would increase its headcount by 150-300 this year. Currently, the company has 550 employees working.

Featured image from Pixabay and chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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