Fireblocks posts over $100 million in annual recurring revenue and solidifies its unicorn status
Blockchain, digital asset security and crypto development platform Fireblocks announcement that its annual recurring revenue in 2022 surpassed the $100 million mark, giving the company unicorn status among startups.
Annual recurring revenue is recurring subscription revenue received by a business over time.
The newly crowned unicorn positions itself as the only platform that eliminates a single point of failure and protects its users against cyberattacks, manipulation, and human error using multi-party computing (MPC). At the same time, its cash management technology also gives it an advantage.
MPC is a security system designed by Fireblocks that layers software and hardware to strengthen the security of digital assets. It uses cryptography to allow multiple parties, each holding their own private data, to evaluate a computation in secret before deciding whether to share or deviate from instructions when running the protocol as a collective.
Fireblocks said its MPC has been adopted by well-known entities such as BNP Paribas, Six Digital Exchange, Checkout.com, ANZ Bank, MoonPay, Animoca Brands and more than 1,500 organizations in 2022 alone.
Cash management technology
Fireblocks also credits its latest success to its cash management technology, which provides secure storage for financial institutions to control and access their digital assets, connect to liquidity pools, and transfer crypto or fiat. to on-chain counterparties.