Blockchain, digital asset security and crypto development platform Fireblocks announced that its 2022 annual recurring revenue exceeded the $100 million mark, giving the company a unicorn status among startups.
Annual recurring revenue is the recurring subscription revenue received by a company over time.
The newly crowned unicorn positions itself as the only platform that eliminates a single point of failure and safeguards its users against cyberattacks, manipulation, and human error using multi-party computation(MPC). Meanwhile, its treasury management technology also gives it an edge.
MPC is a security system designed by Fireblocks that layers software and hardware to enforce digital asset security. It uses cryptography to enable multiple parties, each holding their own private data, to assess a computation in secrecy before deciding whether to share or deviate from the instructions during the protocol execution as a collective.
Fireblocks reported that its MPC had been adopted by renowned entities such as BNP Paribas, Six Digital Exchange, Checkout.com, ANZ Bank, MoonPay, Animoca Brands, and more than 1,500 organizations in 2022 alone.
Treasury Management technology
Fireblocks also attributes its latest success to its treasury management technology, which offers secure storage for financial institutions to control and access their digital assets, connect to liquidity pools and transfer crypto or fiat to counterparties on-chain.