Digital Asset Infrastructure Provider Sets Sights

Fireblocks, which recently opened offices in Singapore and Hong Kong, has raised $30 million in Series B funding, bringing its total fundraising to $46 million.

With Asia’s financial institutions looking to enter the digital asset space, Fireblocks expects to use the new funding for research and development and push growth in the region and support early adopters, and add to the 20 customers it currently has in Asia, the firm said in the announcement.

Fireblocks is a blockchain-based platform for securely moving, storing, and issuing digital assets in the finance industry. Since launching in June last year, the New York-headquartered platform has already facilitated the transfer of over $150 billion in digital assets for enterprise and institutional customers in Asia, Europe and North America.

Institutional Participants

There are currently more than 160 active institutional participants on the Fireblocks network, including some of the biggest liquidity providers, such as B2C2, Galaxy, Amber, and Three Arrows.

According to CEO Michael Shuvalov, Fireboocks recorded a 533 percent increase in customer growth in the third quarter of 2020 and facilitated $23 billion in transfers in the last month alone.

Development Plans

To support its growth ambitions, Fireblocks added Paradigm managing partner and Coinbase co-founder Fred Ehrsam to its board of directors and hired Matt Maloney from Cisco as its SVP of global sales.

Going forward, Fireblocks plans to expand its services globally, and grow its focus on digital payments, banking, transactions and security of the digital asset ecosystem. The company will also be making key strategic hires in product, engineering, and customer success, the announcement said.

The fundraising round was led by Paradigm, with participation from existing investors, Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill Capital.