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Digital asset platform Fireblocks bags US$30m in Series B funding

Digital asset platform Fireblocks bags US$30m in Series B funding

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2 -min read
Listen to this article

FIREBLOCKS, an all-in-one platform to store, transfer, and issue digital assets, has raised US$30 million in Series B funding, led by crypto-focused investment firm Paradigm.

This brings its cumulative funding to US$46 million, the firm noted in a press statement on Thursday.

Also participating in this round were existing investors Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group, and Cedar Hill Capital.

Fred Ehrsam, who is the co-founder and managing partner of Paradigm, has joined Fireblocks' board of directors. He is also the co-founder of US-based crypto exchange Coinbase.

"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," he said.

Since its launch in June 2019, Fireblocks has facilitated the transfer of over US$150 billion in digital assets for enterprise and institutional customers in Asia, Europe and North America, the company said.

Within Asia, Fireblocks has offices in Hong Kong and Singapore. The company told The Business Times (BT) that it is running its product strategy and business solutions out of Singapore, with sales support in Hong Kong. 

Michael Shaulov, chief executive of Fireblocks, said the new injection of capital will enable the firm to grow its in-house research and development, marketing and sales talent to drive product innovation and customer growth in key geographic regions.

"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," the company said.

Fireblocks has 75 employees worldwide, of which three are in Singapore. The firm, which established a physical presence in the city-state just in March this year, plans to hire an additional six to 10 people over the next six months, it said. "We will be expanding the team in areas such as product strategy, business solutions, sales and marketing," Fireblocks told BT. 

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