Fireblocks raises $310 mn in Series D, reaches $2 bn valuation

By Pavithra R

Fireblocks, building a transparent, efficient, and fraud-free financial system for blockchain-based assets, has announced raising $310 mn in Series D funding.

The investment round is co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. This extension of capital marks a significant milestone for Fireblocks, boosting the company’s valuation to $2 bn.

Since its inception, Fireblocks has raised a cumulative total of $489 mn from the leading global VCs in the fintech, blockchain and cybersecurity space including Cyberstarts, Eight Roads, Tenaya Capital, Swisscom, Paradigm, Ribbit Capital, and Coatue.

“We’re thrilled to be able to expand our company and infrastructure through this new injection of funds. The growth we’ve seen to date is a reflection of all parties involved, at every stage. As it stands, our technology has stood out in the space since the company was founded and its success rate has been evident. Looking ahead into the growth of the industry, there is massive potential for us to continue stepping in and being a trusted partner to financial institutions and other organizations looking to enter the space safely and seamlessly,” said Michael Shaulov, CEO of Fireblocks.

The Fireblocks platform propagates the expansion of digital asset use cases beyond bitcoin into payments, gaming, NFTs, digital securities and ultimately allows any business to become a digital asset business. Its technology can be white labeled for crypto custody solutions, allowing new and established FIs to implement direct custody on their own without having to rely on third parties.

“Fireblocks is the preferred choice by large and small institutions given that its platform allows them to offer their customers’ custom custody solutions instead of outsourcing critical capabilities. We are an investor, partner and customer of Fireblocks in multiple areas as we believe the Fireblocks Asset Transfer Network and its crypto custody infrastructure are world-class and are unparalleled in the digital asset space. As Thailand’s largest bank, we are looking forward to bringing Fireblocks’ solutions to future users in Southeast Asia,” said said Mukaya (Tai) Panich, Chief Venture and Investment Officer, SCB 10X.

Founded in 2018, Fireblocks is a provider of enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Expanding its services globally, the firm now supports many of the world’s biggest banks in addition to leading crypto-native exchanges, lending desks, hedge funds, OTC desks, and market makers like Revolut, BlockFi, Celsius, PrimeTrust, Galaxy Digital, Genesis Trading, crypto.com, eToro and others. While continuing its strategic expansion alongside the growth of the digital asset industry, Fireblocks intends to scale all business lines, adding more customers and partners to its ecosystem.