Robinhood Crypto Trading Revenue Takes A Big Dip

Crypto trading platform Robinhood has recorded a big dip in its revenues in the last quarter of 2022. The crypto firm recorded a trading revenue [...]

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Fireblocks hits SaaS unicorn milestone with $100 million annual recurring revenues

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 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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HIVE Posts Revenues of $44.2 Million in the Latest Quarter

<p>Public-listed crypto mining firm, HIVE Blockchain Technologies, recently <a href="https://www.hiveblockchain.com/news/hive-announces-quarterly-revenue-of-442-million-up-13-from-the-same-quarter-last-year-and-earnings-for-our-1st-quarter-ended-june-30-2022/" target="_blank">published</a> its financial results for the quarter ended 30 June 2022. In the reported period, the company generated revenues of $44.2 million, compared to the revenues of $49.8 million in the previous quarter.</p><p>According to the details shared by HIVE, the firm mined a total of 1,338 Bitcoin equivalent in the latest quarter, compared to 1,248 BTC equivalent in the previous quarter. The recent correction in the price of Bitcoin and Ethereum impacted the revenues of HIVE significantly.</p><p>In terms of <a href="vhttps://www.financemagnates.com/cryptocurrency/news/hive-blockchain-increases-bitcoin-mining-capacity/" target="_blank">mining capacity</a>, HIVE has witnessed a sharp surge in the past few months after the company acquired several <a href="https://www.financemagnates.com/cryptocurrency/news/hive-blockchain-orders-1800-crypto-mining-machines-from-bitmain/" target="_blank">mining machines</a>.</p><p>Commenting on the quarterly results, Frank Holmes, HIVE’s Executive Chairman, said: “We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital, and we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible. It was an extremely challenging quarter for the global digital asset ecosystem, where we saw the capitulation of Bitcoin and Ethereum prices not seen since 2020. On a relative basis, we are very pleased with our Company’s performance amongst our peers in the digital asset industry.”</p><p>Acquisitions</p><p>In the announcement, HIVE noted that one of the major reasons behind the latest jump in Bitcoin production is the company’s acquisition of the Quebec and Atlantic facilities. Moreover, HIVE expanded its operations in Europe.</p><p>“I have urged investors to focus on HIVE’s operating earnings from our data centers which generate digital assets, however as a result of recent changes to IFRS reporting rules, the quarterly mark-to-market fluctuations in the value of HIVE’s investment portfolio in digital assets must be reflected on the Company's income statement each quarter,” Holmes added.</p> This article was written by Bilal Jafar at www.financemagnates.com.

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White House Expects to Raise over $10b in Revenue under New Crypto Tax Rules

The White House would bring in significantly more revenue over the next decade if the Biden Administration’s budget plan approved to ramp up the national budget. (Read More)

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Bitcoin Miner Revenue Grows By 7%. Here’s How Much They Made

Bitcoin miner revenue is once again on the rise. This time around, the miners have seen a significant bump in their returns from their mining activities in the space of a single week. This increase in revenue coincides with the increase in the hash rate coupled with a rise in the number of transactions carried out in a day. Daily fees have dropped during this time though, so let’s take a look at the numbers. Bitcoin Miner Revenue Jumps The previous week, bitcoin miner revenues had come out to a little over $36.5 million daily recorded on the part of the miners. This is not a bad figure per se but last week’s numbers have shown that there is room for improvement. Related Reading | Small Cap Altcoins Continue To March Ahead Of Bitcoin And Ether Gains Miner revenue had grown a total of 7.3% during this time to a total of $39,177,835 in daily revenues in the third week of March. These numbers come despite a drop in the daily fees accumulated during the week. While the previous seven days had seen daily fees hit as high as $391,669, last week’s numbers came out lower at $381,999 fees per day, leading to a 2.47% in this metric. BTC price slips below $43,000 | Source: BTUCSD on TradingView.com The daily transaction volume had been on the rise though. $5,826 (In billions) in daily transaction volumes was recorded, up from $5,419 (In billions) the previous week, marking a 7.50% increase, the highest increase recorded for the week. Transactions per day had grown 3.26% from 247,906 to 255,993. Not a high value, so the increase in on-chain transaction volumes is said to be caused by the 4.11% increase that was recorded in the average transaction value, rising from $21,859 to $22,757. Hash Rate Takes A Leap The increase in the miner revenue has also come with an increase in the bitcoin hash rate. The hash rate which had seen s a decline from its late February/early March highs had once again begun to pick up during the past week. The network saw mining difficulty reduced by 0.4% the previous week, which coincided with the increase in the hash rate. As mining difficulty has increased, there has now been a jump in the average block production per hour since then, growing 2.725 from 6.13 average blocks to 6.29. BTC hash rate recovers as March draws to a close | Source: Arcane Research As the block production rate continues to tether on the high side, it is expected that mining difficulty could continue to go up in tandem. An estimate from CoinWarz who’s that this adjustment could reach as high as a 7.5% increase. Related Reading | Bitcoin Almost Hits $44,000 With Terra $125 Million BTC Purchase Tempo Up Following the theme of the week, the average number of transactions per block also increased from 1,642 to 1,695. This represents a 3.26% increase from the previous week. Featured image from CoinDesk, charts from Arcane Research and TradingView.com

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Mercuryo Sees 350% Business Growth with Global Wallet Users Hit 2.2 Million

On January 27, Mercuryo, a global crypto payments company based in London, announced that more than 2 million users have used its multicurrency wallet service.

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Creek Road Miners Buys 600 Bitcoin Mining Machines from Bitmain

On December 23, Creek Road Miners, Inc., a cryptocurrency mining company, announced that it has bought 600 Bitmain Antminer S19xp (140Th) machines as part of its efforts to expand its crypto mining...

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CoinSmart’s Daily Active Users Jump 651% YoY in Q3

Retail trading volume also jumped substantially in the third quarter.

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