Fireblocks Raises $30 Million In Series B Funding Led by Paradigm

November 19, 2020 - 01:53
Fireblocks Raises $30 Million In Series B Funding Led by Paradigm

Fred Ehrsam joins Fireblocks Board of Directors as company looks to aggressively expand its presence in key global markets


NEW YORK, HONGKONG and SINGAPORE - Media OutReach - 19November 2020 - Fireblocks ( announced today it has raised $30 million in Series B funding,bringing its cumulative fundraising to $46 million. This round was led by Paradigm( with participation from existing investors, Cyberstarts, TenayaCapital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar HillCapital. Coinciding with the completion of this round of fundraising is theaddition of Fred Ehrsam to Fireblocks' Board of Directors. Ehrsam is theco-founder and Managing Partner at Paradigm, and co-founder of Coinbase.


"Fireblocks hasbecome the go-to for any business looking to build new digital asset operationsor scale existing ones," said Ehrsam. "The extraordinarygrowth of the Fireblocks Network and its team in the last year attests to theenormous value they have unlocked for enterprise and institutional customers.Beyond custody, Fireblocks has made a simple crypto backend for everything fromhedge funds to fintech platforms to plug directly into crypto and be able toaccess every trading venue, liquidity provider, lendingdesk,counterparty, and crypto-native app in the ecosystem."


Since launchingin June 2019, Fireblocks has facilitated the transfer of over $150 billion indigital assets for enterprise and institutional customers in Asia, Europe andNorth America. In Asia, Fireblocks has offices in Hong Kong and Singapore. UsingFireblocks' MPC-based wallet infrastructure and Network for secure custody andsettlement, companies such as Revolut, Celsius, BlockFi, PrimeTrust, Genesis,Nexo and more have securely expanded or launched new digital asset services.Today, the Fireblocks Network boasts 160+ active institutional participants,including some of the biggest liquidity providers, such as B2C2, Galaxy, Amber,and Three Arrows.


"By removingthe complexities and costs associated with launching and expanding into newbusiness streams that deal with digital assets and cryptocurrencies, we've seena 533% increase in customer growth in Q3 as well as traction and adoption withsome of the biggest and most innovative companies in finance," said MichaelShaulov, CEO of Fireblocks. "The digital asset market is evolving rapidlyand it's happening simultaneously, all around the world. With the new injectionof capital, we will be able to continue to grow our in-house R&D, marketingand sales talent to continue pushing the envelope on product innovation, andcustomer growth in key geographic regions." 


Tosupport the rapid growth of the company, Fireblocks has expanded its team,welcoming Matt Maloney as Fireblocks' SVP of Global Sales fromCisco. The company will be looking to make keystrategic hires in product, engineering, and customer success.


In the nextyear, Fireblocks plans to continue to expand its services globally, working toempower new innovations in digital payments, banking, transactions and advancethe security of the digital asset ecosystem.


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About Fireblocks

Fireblocks isan enterprise-grade platform delivering a secure infrastructure for moving,storing, and issuing digital assets. Fireblocks enables exchanges, lendingdesks, custodians, banks, trading desks, and hedge funds to securely scaledigital asset operations through the Fireblocks Network and MPC-based WalletInfrastructure. Fireblocks has secured the transfer of over $150 billion indigital assets and has a unique insurance policy that covers assets in storage& transit. For more information, please visit