Fireblocks Records $100M in Revenue amid Crypto Winter

Blockchain infrastructure service provider, Fireblocks has announced it has recorded $100 million in Annual Recurring Revenue (ARR). 

"For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth," said Fireblocks Co-founder and CEO Michael Shaulov. "We saw an unprecedented volume of new market entrants, including fintech, Web3 startups, banks, and PSPs. 

Shaulov also noted that its unique "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. We will continue growing our secure and scalable product suites to meet this market demand and support every business joining the decentralized economy."

This feat was achieved in just four years since the unicorn's first product went live. It effectively positions it in the league of known tech startups like Twilio and Slack that have also recorded similar milestones within the same period.

Fireblocks is an important name in the cryptocurrency ecosystem nowadays as its systems allow businesses to integrate crypto services with minimal effort. Positioned as an institutional grade Software-as-a-Service (SaaS) provider, Fireblocks' MPC-CMP technology is now used by top brands, including BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.

Investors, including Michelle Bailhe, Partner at Sequoia, have attested to the superiority in the technology that Fireblocks provides. According to her, this has contributed to the startup's growth over the years.

Backed through a series of Venture Capital fundings, Fireblocks has gained popularity for introducing some of the most secured suites for institutions to integrate crypto-related services. As of this year, Fireblocks said it has about 1,500 institutions making use of its products, positioning it as one of the mainstream goto SaaS providers in the digital currency ecosystem.

Image source: Shutterstock