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Fireblocks, a New York-based blockchain security service provider, made over $100 million in Annual Recurring Revenue (ARR) this year, confirming the rising interest in the crypto ecosystem that contradicts negative investor sentiments.

ARR relates to the recurring revenue earned by a company based on subscriptions. As a software-as-a-service provider, Fireblocks witnessed overwhelming interest in decentralized finance, blockchain and Web3 technologies.

The reason behind increased revenue amid an ongoing bear market can be attributed to an overall change in mindset, as companies and investors seem more inclined toward exploring crypto use cases rather than chasing market volatility for a quick buck.

Sharing insights into its growing customer base, Fireblocks co-founder and CEO Michael Shaulov stated:

“We have seen first-hand the innovation happening among fintechs, Web3 start-ups, banks and payment service providers who are diligently bringing new digital asset products to market.”

In addition, consumer brands, gaming companies, and crypto start-ups have contributed to Fireblocks’ $100 million revenue in 2022 as well. As crypto continues to seep into global financial infrastructure, Fireblocks expects to grow stronger as an enabler for businesses delivering secure crypto products.

In its announcement, Fireblocks further disclosed working with industry leaders including BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.

Speaking about the company’s future, Fireblocks CTO Idan Ofrat confirmed Fireblocks’ commitment to delivering solutions for emerging market entrants and use cases such as stablecoin issuance, nonfungible token (NFT) treasury management, and crypto payments.

Related: BlockFi tops the Inc. 5000 list with almost 250,000% revenue growth in three years

In 2021, crypto exchange FTX witnessed a 1000% hike in its revenue as bulls took over the crypto market, as revealed by leaked internal documents.

Audited financials for FY 2020-2021 showed that FTX’s revenue grew from $90 million in 2020 to $1.2 billion in 2021, according to CNBC. The report further claims that FTX possessed $2.5 billion in cash by the end of 2021 with a profit margin of 27%.

However, a subsequent bear market coupled with regulatory hurdles is expected to bring down the impressive revenue numbers across the crypto ecosystem.