In a series D funding led by several high-profile investors from across the globe, Fireblocks raised $310 million. This extension of capital marks a significant milestone for Fireblocks, boosting the company’s valuation to $2 bn. This investment round was co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X.
One of the things the company hopes to do with the funds is work with traditional financial institutions and bring assets to the blockchain, said Michael Shaulov, chief executive officer at Fireblocks.
“As crypto becomes increasingly important, we are seeing an explosion of companies that handle digital assets, including crypto-native companies, fintech companies, neobanks, and traditional financial institutions,” said Ravi Gupta, a partner at Sequoia Capital. “The secure storage and transfer of digital assets will be core to all of these businesses, and Fireblocks is positioned to become the infrastructure for companies to secure and move digital assets. The visionary team at Fireblocks is providing critical infrastructure to a new financial world and we’re thrilled to be their partner.”
500+ digital asset businesses launched
Fireblocks has seen its customer base increase to about 500 compared to 150 in January. Its ARR (annual recurring revenue) is also by 350% so far in 2021 compared to 2020. Last year, ARR rose by 450% compared to 2019.
Fireblocks aims to offer financial institutions an all-in-one platform to run a digital asset business. It would provide them with infrastructure to store, transfer and issue digital assets. In particular, Fireblocks provides custody to institutional investors and has secured the transfer of over $1 trillion in digital assets over time.
“We expect to end the year up 500%,” Shaulov said. “We’ve already adjusted our revenue predictions for 2021 three times.”
As the future of digital assets and crypto goes beyond bitcoin, the Fireblocks platform is ready to support the next generation of digital asset businesses, including everything from payments and settlement solutions to digital securities, gaming, and NFTs.
Since its establishment in 2019, Fireblocks has raised a cumulative total of $489 million. Fireblocks is an all-in-one platform to store, transfer, and issue digital assets, enabling exchanges, lending desks, custodians, banks, trading desks, and hedge funds to scale digital asset operations. The platform currently services 500 institutional players, including Revolut, BlockFi, Galaxy Digital and eToro, while securing more than $1 trillion in digital assets.