Tel-Aviv-based crypto custodian Fireblocks has raised $133 million in a Series-C round. To date, the firm has raised $179 million, thus making them the most well funded custodian in the industry.
The round was led by Coatue, Ribbit, and Stripes with investment from The Bank of New York Mellon and SVB Capital. Follow on investors include Paradigm, Galaxy Digital, Swisscom Ventures, Tenaya Capital and Cyberstarts Venture.
Fireblocks is expected to continue their global expansion efforts which sees them servicing some of the world’s largest banks and fintechs, and connects them to the entire crypto capital markets.
Given the explosion of cryptocurrencies, with 2020 being a banner year, Bitcoin alone is topping a $1 trillion market value. Needless to say, banks and fintechs are experiencing unprecedented demand from customers and investors to enable digital asset products and services.
And while not every banking institution has been ready to jump on board, the writing is on the wall. Either they get with it, or they lose out on it. Enter Fireblocks.
The platform enables banks and fintechs to deploy custody, tokenisation, asset management, trading, lending and payment solutions across both public and private blockchain networks.
“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,” comments 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.”
Founded in 2018, to date, Fireblocks secures north of $400 billion in assets for its customer base.
“Developing products to bridge digital and traditional assets is foundational to the future of custody,” said Roman Regelman, CEO 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.“