In the last year alone, consumers and companies alike have become increasingly interested in innovative payment alternatives, such as Airbnb, Microsoft and AT&T. In fact, Visa’s new survey revealed that 25% of small businesses in nine countries plan to accept crypto payments in 2022.
In the last year, Fireblocks grew at an exponential pace from 150 to over 800 customers around the world, with institutions in the Asia Pacific and Europe, the Middle East, and Africa regions leading the way. The Fireblocks Network, which connects members to the crypto capital markets ecosystem and enables instant settlements, is used by customers such as Bank of New York Mellon, Revolut, Galaxy Digital, Crypto.com, BlockFi, Deribit, eToro, CoinShares, SwissBorg, 3AC, B2C2 and more. To date, Fireblocks customers have amassed $45 billion assets under custody on the platform.
Fireblocks CEO Michael Shaulov said:
“The adoption of cryptocurrencies across the financial and commercial sectors is going to accelerate in 2022, and Fireblocks’ mission is to be a strategic partner for these new market entrants. We are thrilled to be joined by the top growth investors.
The new round of financing will accelerate our ability to support our clients globally, as well as heavily invest in innovation for DeFi, NFTs and payments, and allow new and established financial institutions to employ direct custody rather than relying on third parties, which will increase their competitive advantage.”
As the pioneer of MPC technology for digital assets, Fireblocks has established a secure multi-layer infrastructure that is at the heart of its platform.
With $2 trillion in digital assets transferred, the Fireblocks’ platform now supports more than 20 blockchains and 1,000 cryptocurrencies, and is powering digital asset use cases across trading, gaming, NFTs, digital securities, and payments that will allow more businesses, web 2.0 leaders and enterprises, including all financial institutions, to participate in the digital asset economy.
The disruption of cryptocurrencies in the financial sector reached the point of no-return and over the next decade every business will become a web 3 business. According to a recent Gartner report, one-fifth of major organizations will utilize digital currencies by 2024, indicating that the adoption of crypto by large corporations will accelerate in 2022 and beyond.
As more consumers are requesting brands to support crypto, Fireblocks is creating opportunities for institutions that want to further acclimate their portfolios into the ecosystem.
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure.
Fireblocks serves over 800 financial institutions, has secured the transfer of over $2 trillion in digital assets, and has a unique insurance policy that covers assets in storage and transit.
The company’s clients have increased from 150 to over 800 throughout 2021.
“It’s pretty aggressive growth, and we have a lot of clients from very different use cases and domains, from traditional financial institutions to leading hedge funds, exchanges, neo banks, gaming companies, payment providers and so on,” Shaulov said.
Shaulov also said that other than supporting a wide range of blockchains and tokens, Fireblocks differentiates itself by providing a network for its clients to interact by buying and selling transactions amongst each other.
Among other services, Fireblocks also provides strategic consulting to help clients build digital asset capabilities that are already using its custody platform.
“The new round of financing will accelerate our ability to support our clients globally, as well as heavily invest in innovation for DeFi, NFTs, and payments, and allow new and established financial institutions to employ direct custody rather than relying on third parties, which will increase their competitive advantage,” said Shaulov.
Founded in 2018, Fireblocks aids banks and other financial institutions establish “independent activities for storing and transferring cryptocurrencies.” The company has already cultivated a large clientele serving more than 800 institutional customers and aims to grow its revenue by 300% this year alone, according to Shaulov.
Globes. This now brings the company’s valuation to a total of $8 billion, almost quadrupling its $2.2 billion valuation from last June.
The round was co-led by US investment and capital venture firms, D1 Capital Partners and Spark Capital alongside participation from other equity and venture firms including General Atlantic, Index Ventures, CapitalG, and many others.
The new round of funding makes Fireblocks one of Israel’s most valuable private tech startups joining the ranks of fintech companies Rapyd and Tipalti and cybersecurity company, Snyk, who have all reached valuations of $8 billion, according to Globes.
According to Fireblocks’ CEO, Michael Shaulov, the vast majority of the funds will be directed towards investment in further developing the company while roughly less than 20% of the money would be used to broker secondary deals with existing shareholders.
Institutional crypto storage and custodial company Fireblocks has announced that it has raised $550 million in a Series E funding round, valuing Fireblocks at $8 billion.
The funding round was co-led by D1 Capital Partners and Spark Capital, with participation from General Atlantic, Index Ventures, Mammoth, CapitalG (Alphabet’s independent growth fund), Altimeter, Iconiq Strategic Partners, Canapi Ventures, and Parafi Growth Fund.
Adding to the support of existing investors such as Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm, DRW Venture Capital, Tenaya Capital and SCB10x, Fireblocks has become the highest valued digital asset infrastructure provider to date.
“Fireblocks has become a key driver of crypto market growth around the world, with an estimated 15% of daily crypto transaction volume secured through their infrastructure,” said Dan Sundheim, founder of D1, a New York based investment firm. “This new injection of capital will further enable Fireblocks to onboard the next wave of businesses into the digital asset ecosystem.”
With the continued explosion of the digital asset market in 2022, Fireblocks said it is determined to have an exceptional year, as they intend to continue its strategic expansion, broadening all alliances, adding to their client base and stakeholders, and tailoring their commitment to extending their ecosystem.
Series D six months ago.
“We’re going to use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music,” Michael Shaulov, Fireblocks chief executive officer, told Reuters.
Fireblocks said that the funding was led by D1 Capital Partners and Spark Capital in participation with other investors such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund.
In decentralized finance, the market facilitates crypto-related transactions outside of customary banks.
Fireblocks provides the infrastructure to strengthen the security of digital assets for companies interested in building cryptocurrencies and digital assets.