The bear market is still going on, but the developments in the crypto industry are not standing still. Crypto Software Provider fire blocks even reached a major milestone for its sales. The year is not over yet, but it has already reached more than $100 million in sales.
Record sales for Fireblocks
The company writes this via press station PR Newswire. Just four years after its inception, it has hit the $100 million annual recurring revenue (ARR) milestone – in a bear market, of course. Company sees herself now as an equal next to other major software providers, such as chat app maker Slack and communications infrastructure developer Twilio.
Fireblocks says there is overwhelming demand for infrastructure for applications in blockchain, Decentralized Finance (DeFi), and Web 3.0. Even though the market has more than halved in value, activity in the industry is still growing. “For the crypto asset industry, 2022 has been a year of both consolidation and massive growth,” said Fireblocks CEO Michael Shaulov.
The company provides software for FinTech companies, banks, crypto startups and payment companies, among others. Examples of products are custodysoftware, treasury management programs and payment applications for the crypto industry. These types of products are what businesses need regardless of crypto asset prices.
Crypto still popular with institutions
The explosive growth in demand clearly indicates that despite the bear market, companies still see a lot of money in crypto. The market must continue to run, so parties such as Fireblocks are indispensable for the industry.
Last month we wrote that other large companies are also still interested in the market. Crypto firms are still able to raise hundreds of millions of dollars despite the circumstances. Crypto exchange FTX has also grown rapidly, with a gigantic increase in turnover of a factor of ten. Bitcoin was deemed dead by investors a while ago and now the search volume is remarkably low, but the industry itself is clearly alive and kicking.
