In a chat with Geektime, Michael Shaulov, CEO and co-founder, explains that the raised capital has yet to be touched: “The truth is that we haven’t started using the money yet.”

“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.”

Fireblocks was founded in 2018 by Michael Shaulov, Idan Ofrat, and Pavel Berengoltz.

Since January, Fireblocks has seen its customer base increase to about 500 compared to 150 in January. ItsARR (annual recurring revenue) is also up – by 350% so far in 2021 compared to 2020. Last year, ARR rose by 450% compared to 2019.

“We expect to end the year up 500%,” Shaulov said.
“We’ve already adjusted our revenue predictions for 2021 three times.”

Put simply,Fireblocks aims to offer financial institutions an all-in-one platform to run a digital asset business, providing them with infrastructure to store, transfer and issue digital assets. In particular, Fireblocks provides custody to institutional investors andhas secured the transfer of over $1 trillion in digital assets over time.

Fireblocks launched out of stealth mode in June of 2019 and has since opened offices in the United Kingdom, Israel, Hong Kong, Singapore, France and theDACH region.

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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Fireblocks 310m series sequoia stripes spark2

The Series F round was led by former United States Secretary of the Treasury Steven Mnuchin’s Liberty Strategic Capital.

AnyVision AI-based face-recognition company raised $235 million in a Series C round led by SoftBank Vision Fund 2i and Eldridge. Proceeds will accelerate AnyVision’s product innovation in edge computing and areas such as touchless access control and video surveillance.

Outbrain, whose recommendation platform for the open web powers “discovery feeds,” announced $200 million investment from the Baupost Group, one week after its prospectus for a NASDAQ IPO was published.

Wiliot received $200 million in a Series C funding round led by SoftBank Vision Fund 2.

Fireblocks 310m series sequoia stripes sparked

Blockdata.

This is the third consecutive record this year, with $3.83 billion and $5.131 billion raised in Q1 and Q2, respectively.

Notably, the latest numbers are almost double the total amount raised throughout all of 2020, when VC funds invested $3.8 billion in crypto companies.

With so much money pouring into the industry, who were the biggest winners?

1. FTX – $900 million

Helmed by 29-year-old billionaire Sam Bankman-Fried, crypto exchange FTX closed a whopping $900 million Series B funding round in July, which brought the company’s valuation to $18 billion.

Over 60 investors, including Sequoia Capital, Paradigm, and Coinbase Ventures, participated in the biggest round in the industry’s history.

As it was reported at the time, the funds were to be used for various mergers and acquisitions.

Fireblocks 310m series sequoia stripes sparking

NFTs.

Simplifying the transformation to blockchain-based markets

We’ve also extended the Fireblocks platform to support growing demand from the world’s leading banks and traditional FIs who have turned their attention to digital assets and crypto.

With the backing of organizations like BNY Mellon and SCB 10x, we’ve built out our customer success, compliance, risk management, and R&D to simplify the inherent complexities that come with entering the digital asset space.

“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, SCB 10X.

“As it stands, our technology has stood out in the space since the company’s inception, 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 organisations looking to enter the space safely and seamlessly.”

FireBlocks also noted that a portion of the new funding will be used to expand customer success operations and invest in R&D resources that can extend the platform’s ‘throughput, scalability, and performance’.

FireBlocks are also working on a new and extensive program to simplify interaction with the platform and the reliability of its critical infrastructure to clients.

The fundraise matches the recent demand from institutional investors in cryptocurrency and DeFi platforms.

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.”

Blockchain technologies are being integrated into the financial sector at an incredibly rapid pace, with banking identified as the sector containing the highest distribution of blockchain market value. Recent statistics point to the increase in digital asset users, as the number of registered blockchain wallets in the second quarter of 2021 was more than 70 million, up from 10.98 million in 2016.

Nasdaq: CHKP) for $100 million) , Idan Ofrat, a founder of C4 Security, which was sold to Elbit Systems Ltd., and Pavel Berengoltz, who was VP Development at Safend, which was bought by Wave Systems.

Talking to “Globes, Shaulov explained the sharp jump in Fireblocks’ valuation within a few months. “There’s a combination of factors here. The crypto market is exploding, and there’s an understanding that it will be much bigger than just bitcoin. Since the beginning of this year, our customer base has grown by 350%, to 500 today.

Annual recurring revenue has also grown by 300% since January. At the same time, there has been very significant consolidation in the market. Our main competitors, such as Israeli company Curv, have been acquired, and it’s clear that we are the market winners.

Siam Commercial bank, for example, is using the company’s infrastructure to transform into a blockchain-based bank.

“Our platform creates highly secure wallets for cryptocurrencies and digital assets where institutions can store their funds or their customer funds and also get security insurance,” he said.

Coinbase’s direct listing alters the landscape for fintech and crypto startups

Fireblocks’ issuance and tokenization platform allows for the creation of asset-backed tokens.

“We handle all the security or compliance, all the policies and workflows,” Shaulov said. “Basically all the complicated stuff you need to do as a business when you want to start working with this new technology.

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.

The company employs 150 people, 100 of them in Israel.

Fireblocks is a platform for financial enterprises that provides a secure infrastructure for moving, storing, and issuing digital assets using blockchain technology. The platform enables crypto exchanges, lending desks, custodians, banks, trading desks, hedge funds and other financial bodies to carry out transfers of cryptocurrencies through the Fireblocks Network and MPC (multi-party computation)-based Wallet Infrastructure.

Fireblocks was founded in 2018 by Michael Shaulov (who sold Lacoon Mobile Security to Check Point Software Technologies Ltd.

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