Fireblocks Records $100 Million In Annual Recurring Revenue

Fireblocks, a New York-based blockchain security service provider, earned more than $100 million in annual recurring revenue (ARR) this year, demonstrating rising interest in the crypto ecosystem despite negative market sentiment.

Fireblocks announced that its ARR has crossed $100 million barely four years after its establishment and three years after the release of its first product. That places it in the category of tech darlings like Slack and Twilio, both of which achieved Centaur status in less than five years.

The centaur news comes at the same time that Fireblocks is holding a conference in Barcelona, where it has taken over the entire beachfront W Hotel.

“We pioneered MPC (Multi-Party Computation) technology and it’s become an industry status,” Fireblocks co-founder and CEO Michael Shaulov said.

MPC allows several parties, each with its own private data, to assess a computation without ever revealing any of each party’s private data. It is widely regarded as the gold standard for crypto key management and security.

Fireblocks’ ARR topped $100 million in the second quarter of this year, according to Shaulov. He declined to disclose precise data, but he did say that the company’s sales increased by 600% last year and are likely to increase by 300% this year. In terms of revenue, Shaulov stated that Fireblocks sells a yearly license to use their MPC wallets and also provides other services to institutional clients like as decentralized finance and staking.

“We have seen first-hand the innovation happening among fintechs, Web3 start-ups, banks and payment service providers who are diligently bringing new digital asset products to market,” he added.

According to Fireblocks, the company has over 1,500 institutional clients from traditional finance and cryptocurrency. Shaulov stated that the company’s development in traditional financial clients, including banks and payment service providers, had helped it weather the crypto market downturn.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News