Fireblocks records $100M+ revenue in subscriptions amid bear market

FireBlocks, a New York-based blockchain security service provider, reported more than $100 million in annual recurring revenue (ARR) this year, proving that interest in the crypto ecosystem is rising against negative investor sentiment.

ARR relates to the recurring revenue earned by the company based on subscriptions. As a software-as-a-service provider, Firefox has shown strong interest in decentralized finance, blockchain and Web3 technologies.

The reason behind the rise in revenue in the ongoing bear market may be due to a general shift in mindset, as companies and investors seem more interested in exploring crypto use cases than chasing market volatility for a quick buck.

Michael Shaulov, Founder and CEO of FireBlocks, shares insights on its growing customer base:

“We’ve seen first-hand the innovation among fintechs, Web3 startups, banks and payment service providers who are diligently bringing new digital asset products to market.”

Additionally, consumer brands, gaming companies, and crypto startups contribute to Fireblocks’ $100 million revenue by 2022. As crypto continues to penetrate the global financial infrastructure, FireBlocks expects to become stronger as an incentive for businesses offering secure crypto products.

In the announcement, FireBlocks said it has worked with industry leaders including BNP Paribas, Six Digital Exchange, ANZ Bank, FIS,, MoonPay, Animoca Brands and Wirex.

Speaking about the company’s future, FireBlocks CTO Idan Ofrat affirmed FireBlocks’ commitment to providing solutions to emerging marketers and leveraging crypto-payments such as stablecoin mining, non-vulnerable token (NFT) treasury management.

Related: BlockFi has achieved nearly 250,000% revenue growth in three years, Inc. 5000 exceeds the list.

In the year In 2021, crypto exchange FTX saw a 1000% increase in revenue as bulls dominated the crypto market, as revealed by leaked internal documents.

In the year Audited financials for 2020-2021 show that FTX’s revenue will grow from $90 million in 2020 to $1.2 billion in 2021, CNBC reported. The report also stated that FTX It says it has $2.5 billion in cash at the end of 2021 with a 27 percent profit margin.

However, the next bear market coupled with regulatory hurdles is expected to bring impressive revenue numbers to the crypto ecosystem.