Fireblocks Cumulative Fundraising Hits $46 Million Following New Series B - Visionary Financial
Fireblocks has announced a $30 million Series B fundraising round led by Paradigm. The recent raise now brings the companies cumulative fundraising to $46 million. Fireblocks offers an enterprise-grade platform that provides a secure infrastructure for storing, moving, and issuing a variety of digital assets.
Fireblocks Series B
Fireblocks has just closed a $30 million Series B round that was led by Paradigm. Aside from Paradigm, other existing investors participated such as:
- Tenaya Capital
- Galaxy Digital
- Digital Currency Group
- Cedar Hill Capital
The Series B now puts Fireblocks’ cumulative funding at $46 million, as the company continues to provide top-tier infrastructure for moving, issuing, and storing digital assets. With institutional demand skyrocketing in 2020, entities such as exchanges, OTS desks, lending desks, liquidity providers, and hedge funds are leveraging Fireblocks enterprise-grade platform. Last month, it was reported by Visionary Financial that the company exceeded $150B in digital asset transfers and was expanding operations in Germany and France.
Michael Shaulov, the CEO of Fireblocks, stated that:
“By removing the complexities and costs associated with launching and expanding into new business streams that deal with digital assets and cryptocurrencies, we’ve seen a 533% increase in customer growth in Q3 as well as traction and adoption with some of the biggest and most innovative companies in finance. The digital asset market is evolving rapidly and it’s happening simultaneously, all around the world. With the new injection of capital, we will be able to continue to grow our in-house R&D, marketing, and sales talent to continue pushing the envelope on product innovation, and customer growth in key geographic regions.”
Fireblocks has brought aboard Matt Maloney as an SVP of Global Sales. Matt comes from Cisco and will be a valuable asset in the firm’s goal of expanding services globally. With global demand on the rise, the company plans to add more ammunition going into next year with new hires. These strategic moves will come in the product, engineering, and customer success divisions.
Fred Ehrsam, the co-founder and Managing Partner of Paradigm, has also joined the Fireblocks Board of Directors. It is important to note that Ehrsam is also the co-founder of Coinbase. Following the completion of the Fireblocks Series B, Ehrsam commented that:
“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones. The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers. Beyond custody, Fireblocks has made a simple crypto backend for everything from hedge funds to fintech platforms to plug directly into crypto and be able to access every trading venue, liquidity provider, lending desk, counterparty, and crypto-native app in the ecosystem.”
Despite a global pandemic, Fireblocks has continued to reveal impressive developments this year. Aside from overseeing more than $150B in digital asset transfers, the company has also inked its 100th customer in 2020. This occurred back in October when Fireblocks worked alongside Revolut, who is one of the biggest fintechs in Europe. Going into next year, the company plans to drive innovation in its key features such as asset transfer networks, MPC wallet infrastructure, Tokenization, Security, Compliance, and approval policies.
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