Fireblocks raises $133m to bring crypto to banks

Fireblocks raises $133m to bring crypto to banks

Startups
March 22, 2021 by Editor's Desk
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Fireblocks, a cryptocurrency startup, has raised $133 million in Series C funding.  With a strategic investment from Silicon Valley Bank, the investment was led by capital firms, Ribbit and Stripes and Coatue.  The CEO of Fireblocks, Michael Shaulov said that the cash injection will allow the company to increase the settlement infrastructure. They felt that
Crypto Bank

Fireblocks, a cryptocurrency startup, has raised $133 million in Series C funding. 

With a strategic investment from Silicon Valley Bank, the investment was led by capital firms, Ribbit and Stripes and Coatue. 

The CEO of Fireblocks, Michael Shaulov said that the cash injection will allow the company to increase the settlement infrastructure. They felt that the need of the hour is to onboard new customers as crypto adoption has grown. 

He further adds that although they do not have any plans to become a bank. They truly believed that their infrastructure would allow them to enter a new age of financial services. 

He also said that regarding his firm’s investment that they are at the edge of the biggest amendment that the financial world has ever witnessed. 

And Fireblocks are at the forefront of this revolution. 

Well, to be precise Series C funding is adjusted towards more developed projects and has already achieved success. The companies would require supplementary capital to scale their products and services into new markets. 

Being founded in 2018, the company Fireblocks was built by veterans of Israeli military intelligence including the CEO of Fireblocks. Previously, Michael co-founded a mobile security startup, Lacoon Mobile Security. The firm specializes in digital asset custody and also works on digital transaction speed. 

Did you know according to the Wall Street Journal, in the latest funding round, Fireblocks valuation to over $900 million? 

Fireblocks have been magnetite for capital firms that are looking to capitalize on the growing institutional demand for Bitcoin. Before its Series C fundraising, Fireblocks already had an investment of around $179 million from several investors like Galaxy Digital, Swisscom Venture, Paradigm, Tenaya Capital, and many others. 

With the help of Fireblocks, the banks and fintech companies were able to connect to the cryptocurrency market by offering custody, asset management, lending and payment solutions, and tokenization. 

Since its establishment, the company has also claimed to secure $400 billion in digital assets. They also have a list of huge clientele such as Nexo, BlockFi, Sle, and Celsius. 

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