The Israeli fintech startup and unicorn – a company with a $1 billion plus valuation – Fireblocks is raking in the big bucks these days. The company expects to hit $100 million in Annual Recurring Revenue (ARR) for 2022. The surprising thing here is that Fireblocks specializes in cryptocurrencies, which crashed and burned not long ago, so people must have an expectation that they will make a rebound.
The news comes not long after Fireblocks acquired First Digital, an Israeli startup that offers a stablecoin and digital asset payments technology platform, for that exact amount – $100 million – in February. And it was only last December when Fireblocks first became a unicorn when the firm raised $400 million in a Series E round of funding, hitting an $8 billion valuation.
With the Fireblocks DeFi API and Browser Extension, you can securely access the full range of DeFi – decentralized finance – protocols for strategies like decentralized exchange (DEX) trading, lending/borrowing, staking, and yield farming.
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“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 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.”