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The new funding brings Fireblocks’s valuation just shy of $1 billion as Fireblocks.
America’s Oldest Bank Taps Fireblocks
BNY Mellon’s latest crypto investment is likely linked to its new plan to offer digital asset custody to its clients.
As Bitcoin and crypto become mainstream, the complexity of holding digital assets still cools the interest of many investors. Fireblocks, founded in 2018, is building tools to facilitate the storage and transfer of digital currencies.
Other investors in today’s funding round include hedge fund Coatue Management LLC, Ribbit Capital, and Stripes. BNY Mellon has declined to disclose the size of their investment but is understood to represent the majority of the $133 million.
BNY Mellon is the oldest bank in America. Its growing involvement in cryptocurrency is a sign of the old meeting the new in finance. The level of institutional adoption in cryptocurrency has also been growing exponentially of late, affirming changing financial tides.
Disclaimer: The author held BTC and ETH at the time of writing.