BNY Mellon and Silicon Valley bank have injected capital amounting to 3 million in Fireblocks’ Series C funding. Fireblocks aims to expand operations and transform the financial world through the new funding.Targets Transformation Of Digital World With New FundingDigital asset custodian, Fireblocks has raised 3 million in a Series C funding. The round was led by tech-focused investment manager, Coatue, Ribbit Capital, and Stripes. According to Fireblocks’ blog post, BNY Mellon and Silicon Valley Bank are the high-profile institutional investors behind the mega-investment.As it is with Series C funding in the corporate world, Fireblocks targets massive expansion to broaden its reach. In its scaling process, the company intends to seal and maintain strategic partnerships with premier
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BNY Mellon and Silicon Valley bank have injected capital amounting to $133 million in Fireblocks’ Series C funding. Fireblocks aims to expand operations and transform the financial world through the new funding.
Targets Transformation Of Digital World With New Funding
Digital asset custodian, Fireblocks has raised $133 million in a Series C funding. The round was led by tech-focused investment manager, Coatue, Ribbit Capital, and Stripes. According to Fireblocks’ blog post, BNY Mellon and Silicon Valley Bank are the high-profile institutional investors behind the mega-investment.
As it is with Series C funding in the corporate world, Fireblocks targets massive expansion to broaden its reach. In its scaling process, the company intends to seal and maintain strategic partnerships with premier financial institutions “to support their transformation and service the market horizontally.” The company had announced the completion of its Series B funding in November 2020. It raised $30 million, taking its total amount raised to $46 million. San Francisco-based crypto investment giant Paradigm led the funding.
Fireblocks is not left behind as many cryptocurrency companies continue to record massive growth in the wake of growing adoption. The company has kept custody of digital assets for over 200 clients, initiating over $400 billion worth of transactions since its inception in 2018. The latest funding has placed Fireblocks as the industry’s “most well-funded crypto infrastructure provider.” CEO, Michael Shaulov said:
Fintechs and banks require not only a specialized custody and settlement infrastructure to ensure customers’ funds are safely managed, but a platform that enables new lines of digital offerings. While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services. We are humbled to have the top VCs in Fintech, and the most important strategic partners support our mission to re-platform the financial ecosystem into digital assets.
Finance 2.0 Masterplan
Along with new strategies, Fireblocks aims to retain values that have proven pivotal towards its success. It is committed to lowering entry barriers for institutions seeking to partake in the new financial world. Its infrastructure also enables clients to control their assets.
According to Forbes, a BNY Mellon spokesperson shared some comments on the company’s investment.
“We are proud to be a part of the larger movement to bring digital assets mainstream. This strategic investment is the logical next step in our journey to being an asset servicer for all asset classes.”
Digital Asset Custodians Record Massive Leap In AUM
Digital asset custodians provide a framework for regulated digital asset investments. They have undoubtedly played a huge role in the large influx of institutional traders. Over the past few months, top asset custodians have recorded millions of dollars worth of cryptocurrencies under custody. Fireblocks currently keeps custody of around $10 – 20 billion worth of cryptocurrencies.
CryptoPotato reported in January that Israeli asset manager, Grayscale amassed up to 3% of bitcoin’s maximum supply. In the same week, it added up to $1 billion to its bitcoin trust.