The platform providing companies with access to digital assets bolsters its unicorn status with a Series D of $ 310 million and a valuation of $ 2 billion.
Fireblocks, the platform that enables traditional institutions to enter the digital asset space, announced it has raised $ 310 million in Series D funding. The round is co-led by Sequoia Capital, Stripes, Spark Capital, Coatue , DRW VC and SCB 10X, the venture capital arm of Thailand’s oldest bank, Siam Commercial Bank, which with this investment is the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. This capital expansion marks an important milestone for Fireblocks, bringing the company’s valuation to $ 2 billion.
By propagating the expansion of digital asset use cases beyond bitcoin – namely to payments, games, non-fungible tokens, and digital securities – the Fireblocks platform ultimately enables any company to become a corporate d digital assets. Fireblocks’ technology can be white-labeled for crypto solutions, allowing new and established financial institutions to implement direct custody on their own without having to involve third parties.
“Fireblocks is the preferred choice of institutions large and small with its platform allowing them to offer their clients personalized custody solutions instead of outsourcing critical capabilities,” said Mukaya (Tai) Panich, Director of business and investments of SCB 10X. “We are a Fireblocks investor, partner and customer in multiple areas because we believe that Fireblocks’ asset transfer network and world-class crypto-custody infrastructure are unprecedented in the digital asset space. . As Thailand’s largest bank, we look forward to bringing Fireblocks solutions to future users in Southeast Asia. ”
“As crypto becomes more and more important, we are seeing an explosion in the number of companies that manage digital assets, including crypto-native companies, fintech companies, neo-banks and traditional financial institutions. , said Ravi Gupta, partner at Sequoia Capital. ” The secure storage and transfer of digital assets will be at the heart of all of these businesses, and Fireblocks is positioned to become the infrastructure for businesses to secure and move digital assets. The visionary team at Fireblocks provides essential infrastructure for a new financial world in which we are delighted to be a partner. ”
Since its inception in 2019, Fireblocks has raised a cumulative total of $ 489 million from leading global financial technology, blockchain and cybersecurity venture capitalists including Cyberstarts, Eight Roads, Tenaya Capital , Swisscom, Paradigm, Ribbit Capital and Coatue.
“We are delighted to be able to grow our business and our infrastructure with this new injection of funds. The growth we have seen to date is a reflection of all parties involved, every step of the way, ”said Michael Shaulov, Managing Director of Fireblocks. “Right now, our technology has stood out in the space since the inception of the company and its success rate is evident. In terms of growing the sector, there is enormous potential for us to continue to step in and be a trusted partner for financial institutions and other organizations quick to enter the space safely and transparently. ”
Blockchain technologies have entered the financial sector at an incredibly fast pace, with the bank being identified as the sector with the highest distribution of blockchain market value. Recent statistics indicate an increase in the number of users of digital assets – with the number of blockchain wallets registered in the second quarter of 2021 being over 70 million, up from 10.98 million in 2016. By 2022, it is expected that more 1 billion people use blockchain wallets.
While continuing its strategic expansion alongside the growth of the digital asset industry, Fireblocks intends to evolve all lines of business, thereby adding more customers and partners to its ecosystem.