- Malaysian Web3 firm Block Solutions grew profits 33X since 2019.
- Etherscan’s 14 million monthly users drive ad revenue.
- Block Solutions plans to continue improving Etherscan.
While major media companies struggle amid the economic downturn, Malaysian Web3 firm Block Solutions is thriving.
The parent company of Ethereum blockchain explorer Etherscan grew its profits by over 33X in the past 4 years.
Etherscan’s engine for growth
Etherscan’s popularity fuels Block Solutions’ growth, drawing over 14 million monthly users. Ad revenue transformed into $18.6 million in net profit last year, up 4% with revenue dipping slightly. Overall revenue has jumped 22X since 2018.
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What’s next for Block Solutions?
CEO Matthew Tan attributes the success to Etherscan mirroring blockchain growth and his team’s humble culture.
With $51 million in cash reserves, Tan plans no major changes, just improving Etherscan. The recent acquisition of Solscan, another blockchain explorer, should boost synergies.
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As a Web3 pioneer, Block Solutions spotted the potential early. By perfecting its core explorer product without overexpansion, the firm has built a high-growth, highly profitable business.
To read the original article in its entirety: https://www.techinasia.com/etherscans-26m-revenue-advertising-ceo
