Fireblocks among rare subset of startup unicorns with $100 million Annual Recurring Revenue
“We saw an unprecedented volume of new market entrants, including fintechs, Web3 startups, banks, and PSPs.”
Fireblocks has announced that its 2022 Annual Recurring Revenue (ARR) has surpassed $100 million, a milestone for the leading provider ofzv MPC-based Wallet Infrastructure.
The $100 million ARR mark places Fireblocks among a rare subset of startup unicorns and was achieved in four years after the company’s inception and three years since Fireblocks’ first product went into market.
Fireblocks offers a platform designed for moving, storing, and issuing digital assets through the Fireblocks Network and MPC-based Wallet Infrastructure.
Catering to exchanges, lending desks, custodians, banks, trading desks, and hedge funds, Fireblocks serves over 1,500 financial institutions and has secured the transfer of over $3 trillion in digital assets, with a unique insurance policy that covers assets in storage and transit.
Demand grows for Fireblocks’ MPC custody and treasury management tech
Michael Shaulov, co-founder and CEO at Fireblocks, commented: “For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth. 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. We will continue growing our secure and scalable product suites to meet this market demand and support every business joining the decentralized economy.”
Michelle Bailhe, Partner at Sequoia, said: “Fireblocks’ growth is a testament to the quality of its product and the dedication of the team building it. As crypto becomes increasingly integrated into global financial infrastructure, Fireblocks will continue to grow in importance, enabling businesses to deliver secure crypto products for customers around the world, ranging from crypto and fintech startups to large financial institutions.”
Fireblocks is the only platform that eliminates a single point of failure and insulates digital assets from cyberattacks, internal collusion, and human error using a patent-pending multi-layer security approach. As digital assets and crypto enter into mainstream consciousness, Fireblocks’ MPC-CMP technology has become widely adopted by some of the world’s most recognized institutions and cutting-edge start-ups such as BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex. In 2022, over 1,500 organizations deployed Fireblocks’ technology to protect customer and investor funds, strengthen digital asset security, and streamline day-to-day crypto operations.
Idan Ofrat, Chief Technology Officer and Co-founder at Fireblocks, added: “Essentially, businesses — from startups to enterprises — reach out to Fireblocks in order to maximize security in their technology stack so that they may focus on their core competencies: building innovative services and products for their customers while maintaining agility and the ability to react quickly to headwinds. As we look to the future, we are committed to delivering the same secure, easy-to-use and scalable solution for emerging market entrants and use cases such as stablecoin issuance, NFT treasury management, and crypto payments.”
Arjun Balaji, Investment Partner with Paradigm, stated: “Fireblocks offers critical infrastructure for a wide range of companies looking to build out digital asset operations, including games, fintechs, banks and more. At Paradigm, we’re committed to supporting organizations like Fireblocks that empower developers and ultimately make Web3 more user-friendly and secure.”