Fireblocks Raises $30 Million In Series B Funding Led By Paradigm
Fred Ehrsam joins Fireblocks Board of Directors as company looks to aggressively expand its presence in key global markets
NEW YORK, Nov. 18, 2020 /PRNewswire/ -- Fireblocks (www.fireblocks.com) announced today it has raised $30 million in Series B funding, bringing its cumulative fundraising to $46 million. This round was led by Paradigm (https://www.paradigm.xyz) with participation from existing investors, Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill Capital. Coinciding with the completion of this round of fundraising is the addition of Fred Ehrsam to Fireblocks' Board of Directors. Ehrsam is the co-founder and Managing Partner at Paradigm, and co-founder of Coinbase.
"Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones," said Ehrsam. "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."
Since launching in June 2019, Fireblocks has facilitated the transfer of over $150 billion in digital assets for enterprise and institutional customers in Asia, Europe and North America. Using Fireblocks' MPC-based wallet infrastructure and Network for secure custody and settlement, companies such as Revolut, Celsius, BlockFi, PrimeTrust, Genesis, Nexo and more have securely expanded or launched new digital asset services. Today, the Fireblocks Network boasts 160+ active institutional participants, including some of the biggest liquidity providers, such as B2C2, Galaxy, Amber, and Three Arrows.
"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," said Michael Shaulov, CEO of Fireblocks. "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."
To support the rapid growth of the company, Fireblocks has expanded its team, welcoming Matt Maloney as Fireblocks' SVP of Global Sales from Cisco. The company will be looking to make key strategic hires in product, engineering, and customer success.
In the next year, Fireblocks plans to continue to expand its services globally, working to empower new innovations in digital payments, banking, transactions and advance the security of the digital asset ecosystem.
For more information about job opportunities please visit: www.fireblocks.com/careers
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks has secured the transfer of over $150 billion in digital assets and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
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