The cryptocurrency space has been in a bear market for the past few months, with prices dropping by more than 50%.
The co-founder and CEO of Fireblocks, Michael Shallow, revealed in a recent interview that the bear market is about to build.
Asked about his thoughts on the bear market, Shalow said it gives developers an opportunity to build. However, he added that activities within the broader market are influencing FireBlock’s activities. he said;
“The last set of events – both from Luna and more recently – delivering across markets from Celsius, Three Arrows Capital, and so on, is certainly impacting our customer base and the continued expansion of the market.”
Fireblocks is a leading provider of custody infrastructure solutions within the cryptocurrency ecosystem. The company has been around since 2018 and in January raised $550 million to reach a valuation of $8 billion.
However, Shallow said that people told him when he started the company that his idea was dumb and stupid. he said;
“I have a really funny story that when we actually started out, people were telling me that this idea was dumb and stupid. People will continue to use cold storage, and we’re going to have a problem with hot storage,” he said. Or why bother to look into the problem of transfer.”
The co-founder said he didn’t expect the company to grow as much as it did over the past four years. Shallow said the growth recorded over the past 18 months was beyond what he expected.
According to the CEO, Fireblocks has managed to create a product with a unique product-market-fit where the market was growing and leading. He said the company has grown from 10 people to around 500 employees over the years. Shallow said;
“Not that we were expecting this type of growth, but we’re happy that we’re able to deliver something that’s valuable.”
The CEO said that the biggest challenge within the cryptocurrency space is building products with real-world use cases. He concluded that;
“I think the main challenge right now, and it’s probably the most timely challenge, given what’s been going on in the industry over the past few weeks is really finding and empowering real-world use cases. As we all know, outside bitcoin, the value of Ethereum or Solana is the question of how exactly will it be used for real-world use cases – will it be used for payments? What will be done for tokenized properties?”