Crypto firm Fireblocks raises $550 mn

Fireblocks, a digital asset infrastructure provider, has raised $550 million from institutional investors, making it one of the largest financing rounds in the cryptocurrency sector in the last few years.
Dollar spending on technology
The funding was led by D1 Capital Partners and Spark Capital, with participation from investors such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund.

“We’re going to use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music,” Michael Shaulov, Fireblocks chief executive officer told Reuters.

Fireblocks works with companies and financial institution that want to build cryptocurrencies and digital assets, providing the infrastructure – including wallets – to make the digital assets safe and secure.

A recent Gartner report showed about one-fifth of major organizations will utilize digital currencies by 2024, suggesting the adoption of crypto by large corporations will accelerate in 2022 and beyond.

Fireblocks has a network which connects its members to the digital currency capital markets and enables instant settlements of payments and fund transfers.

Fireblocks aims to facilitate fund transfers in “a secure way because a lot of the hacks are not happening when you’re storing it, but when you’re moving or selling it.”

An estimated 15 percent of daily crypto transaction volume has been secured through Fireblock’s infrastructure.

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