In contrast 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 the growing interest in the cryptocurrency ecosystem.
ARR refers to the regular income a business receives via subscriptions. As a supplier of software as a service, Fireblocks has seen a huge demand for blockchain, Web3, and decentralized finance technologies.
Increased revenue despite an ongoing bear market can be linked to a general shift in perspective, as businesses and investors are more interested in investigating potential uses for cryptocurrencies than in riding market volatility to make quick money.
Consumer brands, gaming businesses, and cryptocurrency start-ups have also contributed to Fireblocks’ projected $100 million in revenue in 2022. Fireblocks anticipates becoming a stronger enabler for companies offering secure crypto products as cryptocurrency permeates the world’s financial infrastructure.
In addition to these industry stalwarts, Fireblocks also mentioned partnering 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 company’s future and reaffirmed Fireblocks’ commitment to providing solutions for new market entrants and use cases like stablecoin issuance, NFT treasury management, and crypto payments.
According to CNBC, audited financial statements for the fiscal years 2020 and 2021 showed that FTX’s revenue increased 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 at the end of 2021.
As bulls assumed control of the cryptocurrency market in 2021, as revealed by internal papers that were hacked, crypto exchange FTX saw a 1000% increase in revenue.
The excellent revenue figures across the crypto sector are projected to decline, though, because to a subsequent weak market and regulatory challenges.