Crypto Security Firm Fireblocks Raises $30 Million in Series B Funding, Targets Global Expansion

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Crypto security firm Fireblocks said Wednesday that it has raised $30 million in a Series B funding round. The money will be used to hire new talent as well as to expand its global operations to meet “institutional and retail market demand for digital assets.”

The round was led by Paradigm, with participation from Fireblocks’ existing investors – Galaxy Digital, Digital Currency Group, Cyberstarts, Tenaya Capital, Swisscom, and Cedar Hill Capital, according to a company statement.

“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,” said Michael Shaulov, CEO of Fireblocks.

Fireblocks is an enterprise-grade platform that helps institutional investors such as hedge funds, exchanges, and over-the-counter trading desks, to move, store or issue digital assets securely.

Since its launch in June 2019, Fireblocks has secured a total of over $150 billion in digital assets for institutional clients throughout the world. In the third quarter of 2020, Fireblocks reported a 533% spike in customer growth, according to Shaulov. He added that the company is seeing similar growth in the current Q4 quarter.

Fireblocks said it has more than 160 active institutional participants on its network, including some of the biggest liquidity providers, such as B2C2, Galaxy, Amber, and Three Arrows.

The Series B round brings Fireblocks’ total funding to date to $46 million. The firm raised $16 million in Series A in June last year.

What do you think about Fireblocks’ latest funding round? Let us know in the comments section below.

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