Fireblocks Secures $30 Million Funding in Series B Funding
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Fireblocks Secures $30 Million Funding in Series B Funding

November 19, 2020      Jafrin Ahmed

Digital Asset platform Fireblocks has raised $30 million in a Series B funding round led by Paradigm with participation from investors such as Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill Capital. The latest funding round brought the company’s total valuation to $46 million.

Fireblocks in Series B Funding

Major companies such as Revolut, Celsius, BlockFi, PrimeTrust, Genesis, Nexo, and many more have securely expanded and launched new digital asset services using Fireblocks’ MPC-based wallet infrastructure and Network. The wallet infrastructure services apparently enhance secured custody and settlement.

The Fireblocks Network currently includes participation from over 160 institutional participants and liquidity providers including B2C2, Galaxy, Amber, and Three Arrows.

In addition to the funding, the company also added Fred Ehrsam, the co-founder and Managing Partner at Paradigm, and co-founder of Coinbase, to the Fireblocks’ Board of Directors.

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Fred Ehrsam said in the announcement release:

“Beyond custody, Fireblocks has made a simple crypto backend for everything from hedge funds to fintech platforms to plug directly into crypto and be able to access every trading venue, liquidity provider, lending desk, counterparty, and crypto-native app in the ecosystem.”

Fireblocks Facilitated Over $250B Digital Assets Till Yet

The digital asset company has also added Matt Maloney from Cisco as Fireblocks’ SVP of Global Sales. It intends to hire further in the product, engineering, and others.

Michael Shaulov, CEO of Fireblocks, added in a statement:

“The digital asset market is evolving rapidly and it’s happening simultaneously, all around the world. With the new injection of capital, we will be able to continue to grow our in-house R&D, marketing, and sales talent to continue pushing the envelope on product innovation, and customer growth in key geographic regions.”

Fireblocks was founded in 2018 that brings hot wallets, custodians, exchanges, OTCs,  and counterparties under a single platform for users.  A year later, the digital asset company has reportedly facilitated over $250 billion in digital assets for enterprise and institutional customers in Asia, Europe, and North America.

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#$30 million funding #Fireblocks #Paradigm #Series B funding
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.