December 1, 2020

A Crypto Investor

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Digital Assets Security Firm Fireblocks Raises $30M in Series B Funding Led by Paradigm

Fireblocks, a cybersecurity startup that helps financial institutions to protect their cryptocurrencies both those in storage and in transit from hackers, recently announced that it has raised a total of $30 million in a Series B round of funding.

According to a press release shared with Coinfomania, the funding which was led by blockchain-focused venture capital Paradigm brings the security company’s cumulative fundraising to $46 million.

Other investors who participated in the round are were Fireblocks’ existing investors including Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill Capital. 

The company also added Fred Ehrsam, co-founder of Paradigm and crypto exchange Coinbase, to its Board of Directors just after completing the latest Series B funding round.

Ehrsam said in the release that “Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones. 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.”

The startup has achieved so much since it launched in 2019. Fireblocks has been able to secure the transfer of digital assets worth more than $150 billion for various institutional clients in several continents, including Asia, Europe, and North America. 

With a groundbreaking MPC & patent-pending chip isolation technology that secures private keys, API credentials and eliminates the need for deposit addresses, Fireblocks has helped several multinational companies like Revolut, Celsius, BlockFi, PrimeTrust, Genesis, and Nexo to expand securely or launch new digital asset services.

Speaking of the just concluded fundraising, the CEO of Fireblocks, Michael Shaulov said, ” 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.”

The company intends to continue its global expansion next year to provide new and secure means of digital payments as well as improve the security of the digital asset ecosystem.

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Original Article
Author: Obike Favour