The latest round of funding marks the third global bank, Siam Commercial Bank, to invest in Fireblocks alongside BNY Mellon and SVB Capital.
Digital assets security provider Fireblocks raised $310 Million in its Series D funding, which was co-led by venture capital firms and companies such as Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X.
This brings Fireblocks’ total funding to $489 Million from its previous Series C funding of $133 Million in March, with a company valuation of $2 Billion.
Known for their patented security features such as multi-party computation (MPC), security matrix layers, and their signature Policy Engine, Fireblocks trusted infrastructure is steadily gaining traction with over 500 adoptions, and it has been the reason for more traditional financial institutions jumping onto the crypto bandwagon.
“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 of SCB 10X.
“We are an investor, partner and customer of Fireblocks in multiple areas as we believe the Fireblocks Asset Transfer Network and its crypto custody infrastructure are world-class and are unparalleled in the digital asset space. As Thailand’s largest bank, we are looking forward to bringing Fireblocks’ solutions to future users in Southeast Asia.”
The co-founders of Fireblocks. Image Credit: Fintech Singapore
Fireblocks currently supports digital exchanges and finance-related services such as BlockFi, Celsius, and Galaxy Digital, and local crypto companies such as Hodlnaut have also announced their partnership to build a secure digital assets storage infrastructure.
Blockchain is undeniably the next big buzz for the financial sector. The technology is being integrated rapidly with traditional financial services, and data by Statista shows a total of 70 million blockchain wallets have been registered, as compared to 10.98 million in 2016.
“We’re thrilled to be able to expand our company and infrastructure through this new injection of funds. The growth we’ve seen to date is a reflection of all parties involved, at every stage,” said Michael Shaulov, CEO of Fireblocks.
“As it stands, our technology has stood out in the space since the company was founded and its success rate has been evident. Looking ahead into the growth of the industry, there is massive potential for us to continue stepping in and being a trusted partner to financial institutions and other organizations looking to enter the space safely and seamlessly.”
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