Fireblocks, a blockchain infrastructure company, raised $ 310 million in its most recent funding round and reached a valuation of $ 2 billion. The company, which specializes in the custody of digital assets, is interested in bringing traditional assets into the blockchain space. Fireblocks assumes that this trend of digitization will continue to increase in the recent future.
Fireblocks raises $ 310 million in Series D funding
Fireblocks, a custody and blockchain infrastructure company, raised $ 310 million in its Series D funding round. The new investment brought the company’s valuation to $ 2.2 billion, tripling in value since the Series C funding round last February. Six investment firms took part in the round: Sequoia Capital, Stripes, Spark Capital, Coatue, DRW Venture Capital and SCB 10X, the venture arm of Siam Commercial Bank in Thailand.
The company aims to use these funds to bring traditional assets and products onto the blockchain. Fireblocks CEO Michael Shaulov stated on the matter:
Timing is everything and I think now is the beginning of the real opportunity to do so. We have seen quite a few projects and essentially the technology and appetite for it has reached the highest levels of these banks.
Fireblocks claims to already work with more than 70 banks around the world to provide them with its infrastructure to manage cryptocurrency assets and tokenize some of their assets for other purposes. Schalow in detail:
Our platform creates highly secure wallets for cryptocurrencies and digital assets in which institutions can store their funds or their client funds and also take out security insurance.
The company has managed to grow immensely despite the recent cryptocurrency boom. However, Fireblocks also had some issues with its Ethereum custody service. The company was sued last month by Stakehound, a custody platform that allegedly lost access to 38,178 ethers due to negligence. At the time, Stakehound stated that the loss was actually caused by “human error by a defendant’s employee working in an unsuitable work environment”.
However, Fireblocks was quick to respond, denying his responsibility for the event. Schalow said:
“It had nothing to do with the real service we currently offer to over 400 customers, none of our customers’ wallets was affected, not even by the way [Stakehound’s] Wallets, they still use the wallets that we make available to them.
What do you think of Fireblocks’ latest funding round? Let us know in the comments section below.
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