For years, banks’ digital-asset projects lived in innovation labs, with budgets kept below the thresholds that would have required board approval. That changed in 2025, and a lot of the flow went to Fireblocks. Its banking segment grew annual recurring revenue by 59%, and the number of bank clients rose 31% year-on-year. Among banks contracting at more than $150,000 a year, customer numbers grew 65% and revenue 81%. That is not pilot activity.
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