The Series D funding round was co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and Siam Commercial Bank’s SCB 10X. It follows a $133 million Series C round in March, which included an investment from BNY Mellon and SVB Capital, bringing total funding for Fireblocks to $489 million.
The Fireblocks platform enables small, large and enterprise-scale firms to accept and securely store cryptographic assets such as cryptocurrencies and nonfungible tokens, which can represent things such as digital art, in-game items and digital securities.
“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,” said Mukaya “Tai” Panich, chief venture and investment officer at SCB 10X.
Fireblocks clients include large financial intuitions such as banks, crypto exchanges, lending desks, and markets such as Revolut Technologies Inc., BlockFi Trading LLC, Crypto.com and eToro.
“I don’t think we would have a scalable business without Fireblocks,” said Wilfred Daye, chief executive at Enigma Securities Ltd., a cryptocurrency and decentralized finance custody solutions company. “We’re transacting in billions a month. A year ago, we were doing $10 million a month.
Blockchain technologies have been pushing into the financial sector with increasing acceleration over the past few years, especially with the adoption of decentralized finance and NFT markets. The number of blockchain wallet users in the world has risen to over 70 million in July 2021, up from 10 million in 2017, according to Statistica. And NFT sales have risen to $200 million per month in July 2021, from $10 million per month in January, according to Nonfungible.com.
Fireblocks intends to use the new funding to keep pace with the accelerated growth of adoption of these technologies and help scale its platform to meet business needs. Part of the new funding will also add more resources and spend more on research and development to extend the platform’s performance.
According to the company, in the past two years, the team has helped launch or more than 500 digital asset businesses and reached $1 trillion in digital assets transferred using its platform.
“The growth we’ve seen to date is a reflection of all parties involved, at every stage,” said Michael Shaulov, chief executive of Fireblocks. “As it stands, our technology has stood out in the space since the company’s inception, and its success rate has been evident.”
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Published By : Silicon Angle