Unicorn: Fireblocks Surpasses $100M in Annual Recurring Revenue

Fireblocks reaches unicorn status for a software-as-a-service company. Over 1,500 organizations have deployed Fireblocks technology to interact with crypto.

Huge Demand for Crypto Infrastructure Fuels Fireblocks Growth

Software unicorn Fireblocks, which provides software for financial institutions to handle crypto operations, announced it has passed $100 million in Annual Recurring Revenue (ARR).

This milestone makes it one among very few tech unicorns to achieve this valuation in less than five years. The company’s CEO said the explosive growth is proof of the growing demand from banking, financial and business brands to enter into the digital asset economy.

“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,” said Fireblocks Co-Founder and CEO Michael Shaulov.

The company, which had a seed funding round of $550 million, in January 2022, has seen its technology become widely adopted by over 1,500 clients including some of the world’s largest institutions.

Scalability, ease of use and multi-layer security are the main reasons why customers around the world, ranging from crypto and fintech startups to large financial institutions, have selected Fireblocks for their digital asset technology stack.

“Fireblocks offers critical infrastructure for a wide range of companies looking to build out digital asset operations, including games, fintechs, banks and more. We’re committed to supporting organizations like Fireblocks that empower developers and ultimately make Web3 more user-friendly and secure,” said Arjun Balaji, an investment partner with Paradigm investment firm.

Source : bsc.news

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