Fireblocks Solidifies Unicorn Status with $310 Million Series D
NEW YORK, July 27, 2021 — Fireblocks, the preeminent platform that empowers the entry of traditional institutions into the digital asset space, announced today it has raised $310 million in Series D funding.
The round is co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. This extension of capital marks a significant milestone for Fireblocks, boosting the company’s valuation to over $2 billion.
The Fireblocks platform propagates the expansion of digital asset use cases beyond bitcoin into payments, gaming, NFTs, digital securities and ultimately allows any business to become a digital asset business. Fireblocks’ technology can be white labeled for crypto custody solutions, allowing new and established financial institutions to implement direct custody on their own without having to rely on third parties.
“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.
“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.”
As the pioneer of MPC technology for digital assets, Fireblocks has created a trusted infrastructure that sits at the core of its platform. Now adopted by over 500 institutions and securing over one trillion dollars in digital assets, Fireblocks infrastructure has been a fundamental driver in the growth and adoption among new and traditional financial institutions.
Expanding its services globally, Fireblocks now supports many of the world’s biggest banks in addition to leading crypto-native exchanges, lending desks, hedge funds, OTC desks, and market makers like Revolut, BlockFi, Celsius, PrimeTrust, Galaxy Digital, Genesis Trading, crypto.com, eToro and others.
“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.”
Since its inception in 2019, Fireblocks has raised a cumulative total of $489 million from the leading global VCs in the fintech, blockchain and cybersecurity space including Cyberstarts, Eight Roads, Tenaya Capital, Swisscom Ventures, Paradigm, Ribbit Capital, and Coatue.