Talking Fireblocks’ Massive Growth and Crypto Biggest Challenges: CEO Michael Shaulov (Exclusive Interview)

Fireblocks is one the most prominent providers of custody infrastructure solutions for the cryptocurrency industry. Pavel Berengoltz and Michael Shaulov founded the company in 2018.

Fireblocks was valued at $8 billion and raised $550 million in January. Fireblocks began as a small company with a handful of people. Many believed the idea was “dumb and stupid”. The company has grown to 500 employees, which now serves the top players in the industry.

CryptoPotato had the opportunity to speak to Michael Shaulov, one of the co-founders, and Chief Executive Officer (CEO) of the company.

“People Told me Our Idea was Dumb and Stupid”

Fireblocks, as mentioned, has made a lot of progress in the last four years. Its most recent valuation is $8 billion. This is a remarkable and rapid growth. It has not always been this way, and there have been many critics along the way.

One of the most funny stories I have is that people told me when we started that our idea was stupid and dumb. They claimed that people would continue to use cold storage, so why bother focusing on hot storage or transfer?

Shaulov said that he didn’t expect the company to grow so fast, especially in the past 18 months. He describes it as “very unexpected” and “occasionally even unplanned.”

Michael Shauluv is the CEO of Fireblocks and co-founder. Source: Linkedin

Shaulov believes that even though the industry has been on a wild ride, the company has not changed much. However, it did grow from three to ten people in the beginning to approximately 500 now.”

We didn’t expect this kind of growth but we are glad that we can deliver something valuable.

The Challenge: From Crypto Trading to Real-World Use cases:

The last couple of months have been extremely difficult for the entire cryptocurrency market, with trillions of dollars being wiped off its total market capitalization. The market cap currently stands at $900 billion, down from $2 trillion just 60 days ago.

Shaulov believes that these turbulent times have presented one of the greatest challenges for cryptocurrency as a whole: real-world applications.

The main challenge now, and I believe it is the most timely, considering everything that has happened in the industry over the past few weeks, is to find and empower real-world use cases.

He believes the majority of cryptocurrency trading has been done in the industry.

We all know that the value of Ethereum and Solana, aside from Bitcoin, is not known. The question now is how it will be used in real-world applications. Will it be used to pay? It could be used to tokenize assets.

He said that the industry is beginning to see some of these use cases emerge but that “we need more and more of them across everything rather than just crypto trading use cases.”

That is the problem, and it’s hard because “you have to go and transform existing industry through innovation.”

Bear Markets for Building: Fireblocks Less Affected

Shaulov believes, like many other founders and executives in the space that the market slowdown is an opportunity for us to concentrate on deliverables, and keep building.

He did however mention that clients were definitely affected by the downturn.

The market is expanding and we are impacted by the last set of incients, both from Luna as well as from Three Arrows Capital.

Despite the difficult economic times, Fireblocks is still hiring people in its research and development (R&D). According to the CEO, the slowdown allows them focus more resources internally to streamline and improve processes.

He shared with us that Voyager, Three Arrows Capital and Celsius are their main clients. However, they have a diverse client base, which includes banks and institutions. This is because they are focused on long term real-world use cases and market volatility doesn’t affect them as much.

Shaulov doesn’t believe that companies should cut staff.

Fireblocks’ plans for tackling the downturn, as well as their move into Web3, can be found in the video above.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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