Fireblocks, an enterprise-grade platform providing the infrastructure for moving, storing, and issuing digital assets, announced on Wednesday it secured $30 million through its Series B funding round, which was led by Paradigm with participation from existing investors, Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill Capital. The investment round brought the company’s total funding to $46 million.
Founded in 2018, Fireblocks claims it streamlines operations by bringing all your exchanges, OTCs, counterparties, hot wallets, and custodians into one platform. Wallets, deposit addresses, and API credentials are secured using patent-pending chip isolation technology and the newest breakthrough in cryptography (MPC). Since launching in 2019, Fireblocks has reportedly facilitated the transfer of over $150 billion in digital assets for enterprise and institutional customers in Asia, Europe, and North America. Michael Shaulov, CEO of Fireblocks, spoke about the investment round by stating:
“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.”
Fred Ehrsam, Co-founder and Managing Partner at Paradigm, also commented:
“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 added it plans to continue to expand its services globally, working to empower new innovations in digital payments, banking, transactions and advance the security of the digital asset ecosystem.