Fireblocks recorded over $100 million in subscription revenue

Contrary to unfavorable investor attitudes, Fireblocks, a New York-based blockchain security service provider, reported over $100 million in annual recurring revenue (ARR) this year, demonstrating growing interest in the crypto ecosystem. -change.

ARR refers to the regular income a business receives through subscriptions. As a software-as-a-service provider, Fireblocks has seen huge demand for blockchain, web3, and decentralized finance technologies.

Rising revenue despite an ongoing bear market may be tied to a general shift in outlook, as companies and investors are more interested in investigating potential uses for cryptocurrencies than surfing market volatility to earn money fast.

Consumer brands, gaming companies, and cryptocurrency start-ups also contributed to Fireblocks’ projected revenue of $100 million in 2022. Fireblocks plans to become a more powerful enabler for businesses offering crypto products. secure, as cryptocurrency permeates the global financial infrastructure.

In addition to these industry stalwarts, Fireblocks also mentioned a partnership with BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands and Wirex in its statement.

Idan Ofrat, CTO of Fireblocks, spoke about the future of the company and reaffirmed Fireblocks’ commitment to providing solutions for new market entrants and use cases such as issuing stablecoins, NFT cash management and crypto payments.

According to CNBC, audited financial statements for fiscal years 2020 and 2021 showed that FTX’s revenue grew from $90 million in 2020 to $1.2 billion in 2021. According to the report, FTX had a profit margin of 27 % and $2.5 billion in cash by the end of 2021.

As the bulls took over the cryptocurrency market in 2021, as revealed by hacked internal documents, crypto exchange FTX saw its revenue increase by 1000%.

The excellent revenue figures in the crypto sector are likely to decline, however, due to a weak market and subsequent regulatory challenges.

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