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Fireblocks secures $30mn in series B & adds Coinbase co-founder to board of directors

By Pavithra R

November 19, 2020

  • Fireblocks
  • USA
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New York-based Fireblocks, an institutional platform for securely moving blockchain-based digital assets, has announced securing $30 million in Series B funding led by Paradigm with the participation of existing investors, Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG) and Cedar Hill Capital.

The new financing brought the FinTech’s cumulative fundraising to $ 46 mn. Firecblocks has also announced the joining of Fred Ehrsam, co-founder and managing partner of Paradigm, and a co-founder of Coinbase to its board of directors.

“Fireblocks has become an essential element for any company looking to create new digital asset operations or scale existing ones. The extraordinary growth of the Fireblocks Network and its team last year proves the enormous value they have unlocked for corporate and institutional clients. Beyond custody, Fireblocks has made a simple crypto-backend for everyone from hedge funds to platforms fintech to connect directly to the cryptocurrency and be able to access any commercial site, liquidity provider, loan recipient, counterpart and crypto app in the ecosystem,” said Fred Ehrsam.

Founded in 2018, Fireblocks is a provider of enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. It offers an end to end security platform for transferring digital assets. It streamlines all exchanges, OTCs, counterparties, hot wallets, and custodians into one platform and enables them to securely scale digital asset operations through patent-pending SGX & MPC technology.

According to company data, the firm has facilitated the transfer of more than $ 150 billion in digital assets for corporate and institutional clients in Asia and North America. Leveraging Fireblocks’ MPC-based portfolio infrastructure and network for safe custody and liquidity, companies like Revolut, Celsius, BlockFi, PrimeTrust, Genesis, Nexo and more have expanded or launched new digital asset services safely.

“By removing the complexities and costs associated with launching and expanding new business streams dealing with digital assets and cryptocurrencies, we have seen a 533% increase in customer growth in the third quarter as well as traction and adoption with some of the largest and most innovative companies in finance. The digital asset market is evolving rapidly and is occurring simultaneously around the world. With the new injection of capital, we will be able to continue to grow our internal R&D, talent in marketing and sales will continue to drive product innovation coverage and customer growth in key geographic regions,” said Michael Shaulov, CEO of Fireblocks.

Fireblocks plans to continue expanding its services globally, working to empower innovations in digital payments, banking, transactions, and advancing the security of the digital asset ecosystem. The firm has also announced the appointment of Matt Maloney as senior vice president of Global Sales of Fireblocks of Cisco to support the rapid growth of the company.

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