Blockchain, Crypto Firm Fireblocks Tops $100M Annual Recurring Revenue

Driven by growing interest in decentralized finance (DeFi), blockchain and Web3 technologies, blockchain and cryptocurrency platform Fireblocks has topped $100 million in annual recurring revenue (ARR).

The company reached this milestone four years after its founding and three years after the launch of its first product. By doing so within five years, Fireblocks has become not only a unicorn but also a centaur, according to a Monday (Sept. 12) press release.

“Because of Fireblocks’ [multi-party computation (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 startups, banks and [payment service providers (PSPs)] who are diligently bringing new digital asset products to market,” Fireblocks Co-Founder and CEO Michael Shaulov said in the release. “We will continue growing our secure and scalable product suites to meet this market demand and support every business joining the decentralized economy.”

Fireblocks’ platform is used to create products on blockchain and manage crypto operations, and the company aims to help any business support digital assets and crypto, easily and securely, the release stated.

The platform uses a multi-layer security approach to protect digital assets from cyberattacks, internal collusion and human error, and it’s currently used by more than 1,500 organizations, per the release.

“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,” Fireblocks Chief Technology Officer and Co-Founder Idan Ofrat said in the release.

The announcement comes about three months after cloud payments provider Checkout.com debuted a stablecoin settlement solution that uses Fireblocks’ crypto payment technology.

Read more: Checkout.com Teams With Fireblocks on Stablecoin Settlement Tool

“Checkout.com is the first PSP to have access to Fireblocks’ crypto paymouts technology,” Checkout.com said in a press release at the time. “With this access, Checkout.com is also the first to successfully deploy automatic fiat-to-stablecoin conversion for their merchants as they receive and process funds from customers.”

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