In the middle of a bear market, Fireblocks’ subscriptions bring in more than $100 million.
Fireblocks, a blockchain security service company based in New York, made more than $100 million in annual recurring revenue (ARR) this year. This shows that investors are becoming more interested in the crypto ecosystem, despite their negative feelings.
ARR refers to how much money a company makes every month from subscriptions. As a company that sells software as a service, Fireblocks saw a lot of interest in decentralised finance (DeFi), blockchain, and Web3 technologies.
Related: During the bear market, 62% of wallets did not sell any Bitcoin for a year.
Even though the bear market is still going on, there has been an overall shift in how companies and investors think. Instead of chasing market volatility to make a quick buck, they are more interested in finding ways to use crypto.
Michael Shaulov, co-founder and CEO of Fireblocks, said the following about the company’s growing customer base:
“We’ve seen with our own eyes how fintechs, Web3 start-ups, banks, and payment service providers are coming up with new digital asset products and putting them on the market.”
Fireblocks’ $100 million in sales in 2022 have also come from consumer brands, gaming companies, and crypto start-ups. As crypto continues to become a bigger part of the world’s financial system, Fireblocks expects to get better at helping businesses make secure crypto products.
Fireblocks also said in its announcement that it works with top companies like BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.
Idan Ofrat, the chief technology officer of Fireblocks, talked about the company’s future and confirmed that Fireblocks is committed to providing solutions for newcomers to emerging markets and use cases like stablecoin issuance, nonfungible token (NFT) treasury management, and crypto payments.
BlockFi is at the top of the Inc. 5000 list because its sales have grown by almost 250,000% in three years.
Internal documents that got out in 2021 showed that when bulls took over the cryptocurrency market, FTX’s income went up by 1000%.
Related: A Sato CEO says bear market turbulence is the time to create and learn.
CNBC says that FTX’s revenue went from $90 million in 2020 to $1.2 billion in 2021, based on audited financials for FY 2020-2021. The report also says that FTX will have $2.5 billion in cash and a 27% profit margin by the end of 2021.
The impressive revenue numbers across the crypto ecosystem are likely to go down, though, due to a bear market and regulatory hurdles.
