Fireblocks has raised $310 million, securing the cryptocurrency custody platform’s unicorn standing with a $2 billion valuation.
Introduced Tuesday, the Fireblocks Collection D spherical was co-led by heavy hitter tech VCs Sequoia Capital, Stripes, Spark Capital, Coatue and DRW. Additionally a co-leader on the spherical was SCB 10X, the enterprise arm of Thailand’s oldest financial institution, Siam Industrial Financial institution (now the third world financial institution to spend money on Fireblocks alongside BNY Mellon and SVB Capital).
Expertise companies focusing on the safekeeping of cryptocurrencies and tokens have change into fascinating objects on the procuring lists of banks and huge fintech gamers eyeing the digital asset house. Corporations like Fireblocks that may present cryptographic key sharding expertise similar to multi-party computation (MPC), are seen as notably helpful, and there have been some acquisitions and partnerships.
Fireblocks, which partnered with BNY Mellon early this yr to assist custody digital property for the financial institution, mentioned its strong $2 billion valuation alerts to the market that the corporate might be not within the vary to be acquired.
It’s not the primary time Fireblocks CEO Michael Shaulov has pointed to his plan to remain the course as an impartial agency.
“On the again of the consolidation that we’ve seen out there within the latest months, loads of the purchasers grew to become a bit kind of nervous, particularly when custody infrastructure is worried,” mentioned Shaulov in an interview, including:
“It was essential for us to indicate the purchasers that we now have the steadiness sheet and valuation to remain impartial. It helps improve belief with our current shoppers and companion with banks who know they will spend money on one thing that’s not going to finish up within the fingers of their rivals.”
The Collection D spherical brings the overall Fireblocks has raised since launch in 2019 to $489 million, which has included backing from Cyberstarts, Eight Roads, Tenaya Capital, Swisscom, Paradigm, Ribbit Capital and Coatue.