Digital Asset Firm Fireblocks Raises $30M to Gird for 'Influx in Customer Demand'

Fireblocks plans to maintain its standing as “the biggest player in crypto-native markets” but also wants to go after institutional players.

AccessTimeIconNov 18, 2020 at 2:00 p.m. UTC
Updated May 9, 2023 at 3:13 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Fireblocks has closed a $30 million Series B funding round to serve more of the crypto sector’s biggest trading firms.

The funding round was led by Paradigm and joined by existing investors including Cyberstarts, Tenaya Capital and Galaxy Digital. Paradigm co-founder and managing partner Fred Ehrsam has joined Fireblocks’ board of directors as part of the deal.

  • 'The Voice' Makes Its Way to the Metaverse
    12:43
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    00:53
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    01:52
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    00:32
    What's the Key to Winning a Hackathon?
  • “One can say he almost built this space,” Fireblocks CEO Michael Shaulov said in an interview, referring to Ehrsam’s background as a co-founder of Coinbase. 

    The Series B should allow the company to expand global operations to meet “institutional and retail market demand for digital assets,” Fireblocks said in a press release. Fireblocks provides tools for the secure storage and transfer of digital assets – be it for crypto exchanges or traditional hedge funds.

    While Fireblocks plans to maintain its standing as “the biggest player in crypto-native markets,” Shaulov said, the firm also wants to go after institutional players given the positive regulatory momentum seen this past year. 

    “Everyone from crypto-native funds to large tech companies and banks are integrating Fireblocks because it's simple,” Ehrsam said in an email. “We’re excited to help them cement this market leadership position and support the influx in customer demand as crypto goes mainstream.”

    Fireblocks saw a 533% increase in customer growth in Q3, according to Shaulov. He added the firm is seeing similar momentum in Q4.

    Fireblocks launched a program to speed up cryptocurrency transactions in July, and crypto derivatives exchange FTX was first to join. The company seeks to expand upon the program by adding more exchanges in the next two months.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.