Bank of New York Mellon, Revolut, Galaxy Digital, Crypto.com, BlockFi, Deribit, eToro, CoinShares, SwissBorg, 3AC, and B2C2 are some of its satisfied customers, which to date have amassed $45 billion assets under custody on the platform.
Fireblocks has raised $550 million in a Series E funding co-led by D1 Capital Partners and Spark Capital, representing a watershed moment for the direct custody platform, bringing the company’s valuation to over $8 billion: the highest valued digital asset infrastructure provider to date.
The fundraiser had the participation from General Atlantic, Index Ventures, Mammoth, CapitalG (Alphabet’s independent growth fund), Altimeter, Iconiq Strategic Partners, Canapi Ventures, and Parafi Growth Fund, who joined existing investors Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm, DRW Venture Capital, Tenaya Capital and SCB10x.
Fireblocks currently caters to more than 800 major institutions, and powers digital asset and crypto products for custodians, fintech, crypto exchanges, lending desks, super apps, and asset management firms,
The direct custody platform supports more than 20 blockchains and 1,000 cryptocurrencies, while powering use cases across trading, gaming, NFTs, digital securities, and payments.
Michael Shaulov, Chief Executive Officer at Fireblocks, commented: “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.”
Dan Sundheim, founder of D1, a New York based investment firm, said: “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. This new injection of capital will further enable Fireblocks to onboard the next wave of businesses into the digital asset ecosystem.”
Fireblocks intends to use the $550 million in funding to pursue its strategic expansion, broadening all alliances, adding to its client base and stakeholders, and tailoring its commitment to extending its ecosystem. Fireblocks is creating opportunities for institutions that want to further acclimate their portfolios into the ecosystem.
The firm’s multi-layer infrastructure is at the heart of its platform. Its network connects members to the crypto capital markets ecosystem and enables instant settlements.
Bank of New York Mellon, Revolut, Galaxy Digital, Crypto.com, BlockFi, Deribit, eToro, CoinShares, SwissBorg, 3AC, and B2C2 are some of its satisfied customers, which to date have amassed $45 billion assets under custody on the platform.
In 2021, the firm grew 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. Fireblocks has also enabled decentralized finance for institutional players by launching Aave Arc.
