RocketFuel Blockchain Inc (OTCQB:RKFL) experienced significant growth in 2023, marked by improvements to its payment product, expansion of cross-border payment solutions, and the successful launch of payout and gift card products.
The company caters to a broad market, serving small businesses, startups, mid-market entities, and increasingly attracting enterprise clients. Notably, the company demonstrated the sixth consecutive quarter of over 100% revenue growth.
Despite the challenges in the evolving blockchain and digital currency markets, RocketFuel vice president of sales Daniel Gonzalez remains optimistic. Gonzalez notes that the company views 2022-2023 as a period of evolution rather than a "crypto winter."
The executive anticipates blockchain's deeper integration into daily life, with RocketFuel positioning itself as a Web 2.5 to Web 3.0 company. The company's recent partnership with Ripple, a prominent blockchain technology firm, aims to explore innovative solutions for money movement across borders.
RocketFuel remains focused on growth, aiming to optimize existing solutions for efficiency, conversions, and revenue. Gonzalez hints at potential new product lines, possibly involving loyalty programs.
Proactive: Before we get your thoughts on what RocketFuel has planned for 2024, let's recap what's happened in 2023.
DG: 2023 was a huge year for us. We made significant improvements to our paying product, which increases conversion rates across the board, and expanded our reach for our cross-border payment solution. We successfully launched two different products: our payout product, which allows businesses to pay a large number of recipients, and we launched a gift card solution, which helps businesses fight declined and chargebacks, and provides an overall more stable solution to certain card processing restrictions. At the end of the year, we added additional layers of redundancy across our entire business line.
Product wise, we've seen a hockey stick growth in 2023, with an increase in transaction size, and an exponential increase in the number of transactions. We also signed several million-dollar clients who are, more importantly, using more than one product.
In your most recent financial results, you showed the sixth running quarter of more than 100% revenue growth.
Yeah, it's amazing to see, and I'm very happy to be a part of it. The team here is amazing. It's fantastic. We are a small family.
How is your growth mirroring what we're seeing in the blockchain markets and the digital currency markets?
2023 was an interesting year. A lot of people call it the crypto winter, but we don't see it as such. No matter what is going on in the market, there's a solution that digital currency can solve. As the world progresses into this digital currency, we're all on pins and needles waiting for more countries to adopt crypto as a legal tender or launch their own stable coin backed by the government. When that happens, we're going to see tremendous growth. 2024 seems like a great place to be in the market, with the Bitcoin halving coming up. The Bitcoin halving has always been the beginning of the bull runs.
When it comes to digital currencies, are you agnostic when it comes to fiat currencies, stable coins, Bitcoins, or Ethereum?
Yeah, our goal is to help people make payments and move money. It doesn't matter if it's Fiat, or crypto or you name it. Right at the end of the day RocketFuel’s goal is to enable people to pay anyone, anywhere in the world, and have them receive the funds as an individual or as a business in Fiat or crypto.
Do you see blockchain evolving as 2024 progresses and how is RocketFuel positioned for that?
We see blockchain evolving more into our day-to-day lives whether or not you see it or not. We're seeing offshoots of multiple blockchains. There's (different layer that are) all going to be integrated more deeply into our lives. We're positioned as a Web 2.5 to Web 3.0 company to take advantage of all these solutions and use them to a business's benefit.
2024 is going to be an amazing year. Right now we're continuing our growth model and getting all the business we can. At the same time, we're looking to optimize our existing solutions for efficiency and conversions, and revenue. And then who knows, we might even see some new products line up with loyalty.