In contrast to unfavourable 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, as reported by Cointelegraph.
According to Cointelegraph, 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 decentralised 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.
Fireblocks co-founder and CEO Michael Shaulov, said, “We have seen first-hand the innovation happening among fintech, Web3 start-ups, banks and payment service providers who are diligently bringing new digital asset products to market.”
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.
(With insights from Cointelegraph)
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