Sep 12, 2022 11:10
In one major blockchain news this Monday, we report on Fireblocks, a fast-growing company whose technological platform offers tools and other innovative products for managing, storing and transferring cryptocurrencies.
Basically, the company has announced that its annual recurring revenue (ARR) for 2022 had once again surpassed the $100 million mark.
According to the company, this is a milestone that puts it among a small group of software-as-a-service (SaaS) startups to become a “Centaur.” In fintech company parlance, companies that fall into this category are unicorns – with $1 billion or more in valuation.
Fireblocks is a ‘SaaS unicorn’
Fireblocks is a multi-billion startup focused on helping blockchain and crypto platforms and its milestone comes just after four years of operations.
As noted in the press release, the startup has joined companies such as Slack and Twilio in “a rare subset of SaaS unicorns” to reach the mark in under five years.
Fireblocks’ growth comes amid crypto’s continued dalliance with a bear market that impacted several projects in the industry. But while crypto prices of major coins have dithered below previous bull cycle lows and are bouncing near crucial support, the consolidation has been tempered with significant broader industry growth.
Michael Shaulov, the co-founder and CEO of Fireblocks noted this in a statement, adding:
“We saw an unprecedented volume of new market entrants, including fintechs, Web3 startups, banks, and PSPs. Because of Fireblocks’ 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 start-ups, banks, and PSPs who are diligently bringing new digital asset products to market.”
The company targets further growth in the sector, providing secure and scalable products to meet market demand and boost the decentralised economy.
Other than its increased use in the digital assets space, Fireblocks’ software technology is being deployed by some of the world’s leading institutions and startups to protect customers.
Recently, the company has struck deals with players such as BNP Paribas (covered here), Wirex, Six Digital Exchange, and Checkout.com among others who use its tools to secure investor funds and to streamline daily operations.
This article on Invezz in July highlighted Fireblocks’ collaborative effort with Polygon, while in August this year, we reported it had added NFT and DeFi support for Solana.
Indeed, over 1,500 financial institutions have used Fireblocks’ suite of products to securely transfer more than $3 trillion worth of digital assets.
The post Fireblocks hits SaaS unicorn milestone with $100 million annual recurring revenues appeared first on Invezz.
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