Fireblocks Sees Over $100M in Subscription Revenue | bitcoinist.com

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Although the crypto market is suffering from a long-running downtrend and investors are reflecting negative sentiment, crypto adoption seems to be growing on another count.

Fireblocks, a software-as-a-service (SaaS) company that currently operates more than 1,300 crypto and Web 3 businesses, hit a new revenue record, indicating that crypto use cases continue to attract more in addition to companies in the world.

Related Reading: Investment Giant Fidelity Could Enable Bitcoin Trading on Its Platform

The company announced on Monday that its annual recurring revenue (ARR) only topped $100 million three years after its product was listed on the market. The achievement cements his “Centaur” status. Centaur is a term used for SaaS startups to symbolize that the company has passed $100 million in revenue.

New York-based blockchain security company Fireblocks offers its software and APIs to enterprises for managing cash, accessing DeFi projects, NFT minting, and other digital operations. The company achieved this ARR milestone through subscriptions to the platform.

Michael Shaulov, Founder and CEO of Fireblocks, added in a statement about the achievement;

For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth. We have seen an unprecedented volume of new market entrants including fintechs, web3 startups, banks and PSPs. With Fireblocks’ MPC cash management and custody technology, which has become one of the most fundamental infrastructure elements in the digital asset ecosystem, we’ve seen first-hand the innovation happening among fintechs, web3 startups, banks and PSPs working diligently to bring new digital asset products to market.

This benchmark puts the company on the list of Twilio and Slack, which saw similar revenue in five years. Notably, it’s only been four years since the inception of Fireblocks.

BTCUSD_2022
Bitcoin price is hovering above $22,000. | Source: BTCUSD Price Chart from TradingView.com

Fireblocks Achieved “Centaur” Status Through Subscriptions and Plans to Expand Reach

The CEO revealed during the announcement that the company provides an annual license to its customers to use its MPC wallet and other services such as institutional staking and access to decentralized finance (DeFi). Shaulov said the company achieved this milestone in the second half of the year. Without mentioning specific numbers, he added that Fireblock had increased its revenue by 600% the previous year and planned to increase that figure by 300% this year.

In an effort to enable a seamless and secure environment for users in the digital ecosystem, more than 1,500 organizations deployed Fireblocks technology in 2022. The company’s MPC-CMP technology has become the choice of institutions and organizations. leading 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 Post Merger

Citing plans to expand the scale of the business, Shaulov said the engineering team will increase its workforce from 150 to 300 this year. Currently, the company has 550 employees.

Featured image from Pixabay and chart from TradingView.com

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