Fireblocks raises $30M in Series B Funding round

Fireblocks raises $30M in Series B funding, bringing the total funding to $42M. The round was led by Venture firm Paradigm.

By · Nov 19, 2020 . 5min read

Fireblocks raises $30M latest news

Crypto security firm Fireblocks, which is working towards securing digital assets in transit, raises $30M in a Series B funding round. The round was led by venture firm Paradigm. Other participating investors in the round involved Fireblocks’ enduring supporters Digital Currency Group, Swisscom, Tenaya Capital, Galaxy Digital, Cyberstarts, and Cedar Hill Capital. Additionally, Fred Ehrsam, Paradigm’s co-founder has also joined Fireblocks’ board of directors. Further, he is the co-founder of the crypto exchange Coinbase.

With this new capital, Fireblocks intend to scale its infrastructure and team. The firm also plans to increase its engineering people to 100 people in the coming three months. Additionally, it will also hire staff across various departments like sales, marketing, and support functions. The proposed hirings would improve its headcount from the prevailing 70 individuals to 130 in the next few months. Moreover, to assist the growth of the company, it has onboarded Matt Maloney as Fireblocks’ SVP of Global Sales from Cisco. 

Fireblocks raises $47M in total from funding rounds.

By next year, Fireblocks also proposes to examine innovations in digital payments, banking, and transactions, amongst other related areas. The Series B brings Fireblocks’ total funding to $46 million. In June 2019, the firm received $16 million in Series A. Additionally, Fireblocks raises $30M in Series B funding. In the next year, it intends to extend its services globally, serving to enable innovations in digital payments, banking, transactions, and promote the security of the digital asset ecosystem.

Since its launch in 2019, Fireblocks stated that it had promoted the transfer of over $150 billion in digital assets for business and institutional consumers in Europe, Asia, and North America. It’s scaling plans appear as the crypto market proceeds to attract interest from investors. It assists institutional clients, like exchanges, over-the-counter trading desks, and hedge funds to transfer assets safely. Recently, the Fireblocks Network claims 160+ active institutional participants. It includes some of the largest liquidity providers, like B2C2, Galaxy, Amber, and Three Arrows.

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