Fireblocks, a platform for creating products on the blockchain and managing day-to-day crypto operations, has broken $100 million in annual recurring revenue.
Launched four years ago, it makes Fireblocks one of the few Software-as-a-Service unicorns – alongside Slack and Twilio – that have topped the milestone in less than five years.
The company was founded on a mission to enable every business to easily and securely support digital assets and cryptocurrencies.
“For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth,” said Fireblocks co-founder and CEO Michael Shaulov.
“We saw an unprecedented volume of new market entrants, including FinTechs, Web3 startups, banks and PSP (payment service providers).
“We have seen first-hand the innovation… 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 decentralised economy.”
The cryptocurrency custody firm raised a $550 million funding round in January, valuing it at more than $8 billion.
Fireblocks claims to be 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’ technology has become widely adopted by some of the world’s most recognized institutions and cutting-edge startups such as BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands and Wirex.
In 2022, over 1,500 organisations deployed Fireblocks’ technology to protect customer and investor funds, strengthen digital asset security and streamline day-to-day crypto operations.
“Essentially, businesses – from startups to enterprises – reach out to Fireblocks in order to maximise 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,” said Idan Ofrat, Fireblocks’ chief technology officer and co-founder.
“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.”