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Fireblocks secures $133 million in Series C led by Coatue, Ribbit, and Stripes

By Megha Bhattacharya

March 19, 2021

  • America
  • Fireblocks
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Fireblocks details expansion plans in Europe, Counsel appointeeFireblocks announced that it has secured $133 million in Series C funding led by Coatue, Ribbit, and Stripes with strategic investment from BNY Mellon and SVB. This brings the total amount raised by the company to $179 million. The round includes participation from previous investors, including Paradigm, Galaxy Digital, Swisscom Ventures, Tenaya Capital and Cyberstarts Ventures. Fireblocks aims to continue the expansion of its global resources to service banks and FinTech and connect them to the entire crypto capital markets.

“FinTechs and banks require not only a specialized custody and settlement infrastructure to ensure customers funds are safely managed, but a platform that enables new lines of digital offerings,” said Michael Shaulov, CEO of Fireblocks. “While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services. We are humbled to have the top VCs in FinTech, and the most important strategic partners support our mission to replatform the financial ecosystem into digital assets. Their financial backing guarantees the long term stability, technology superiority and service delivery to our exponentially growing customer base.”

According to Fireblocks, it will now offer banks and traditional financial institutions the ability to plug into the broader decentralized finance ecosystem and all of its market participants. Using Fireblocks’ platform, banks and FinTechs can rapidly deploy custody, tokenization, asset management, trading, lending and payment solutions across public and private blockchain networks.

“Developing products to bridge digital and traditional assets is foundational to the future of custody,” said Roman Regelman, Chief Executive Officer of Asset Servicing and Head of Digital at BNY Mellon. “Following significant due diligence and market research, we recognize Fireblocks as a market leader in providing secure technology to support digital asset services.”

“Our partnership with Fireblocks is consistent with our belief that a new financial ecosystem is emerging and that companies like Fireblocks are essential,” said Kris Fredrickson, Managing Partner at Coatue. “We have been thoroughly impressed with Fireblocks’ team, technology, and vision for the future. We believe that Fireblocks can help set a new industry standard for companies looking to participate in the digital assets industry.”

The enterprise-grade platform, Fireblocks, aims to deliver a secure infrastructure for moving, storing, and issuing digital assets. It enables banks, FinTechs, exchanges, liquidity providers, OTCs and hedge funds to manage digital assets across a range of products and services. The technology consists of the Fireblocks Network and MPC-based Wallet Infrastructure. It serves over 200 financial institutions and has secured over $400 billion in digital assets.

“We are standing at the cusp of the biggest transformation that the world’s financial system has ever seen,” said Micky Malka, Managing Director of Ribbit Capital. “Fireblocks is standing right at the forefront of this revolution, and we believe that their technology will play a critical role in driving tremendous innovation in the financial sector for decades to come. We are excited to join their team and help fuel their exciting journey ahead.”

“Fireblocks has built the most powerful technology stack for anyone that’s looking to get into the digital asset business,” said Ken Fox, Founder and Managing Partner of Stripes Group. “Fireblocks is leading the breakthroughs in MPC wallets, settlement network and access to DeFi and tokenization services. It has the versatility that banks and fintechs need to continue competing in this market.”

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