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Crypto security firm Fireblocks raises $30 million in Series B led by Paradigm

Crypto security firm Fireblocks raises $30 million in Series B led by Paradigm

Crypto security firm Fireblocks, which helps secure digital assets in transit, has raised $30 million in a Series B funding round.

The round was led by venture firm Paradigm. Other participating investors in the round included Fireblocks’ existing backers — Galaxy Digital, Digital Currency Group, Swisscom, Cyberstarts, Tenaya Capital and Cedar Hill Capital.

As part of the investment, Paradigm co-founder Fred Ehrsam has also joined Fireblocks’ board of directors.

With fresh capital at hand, Fireblocks plans to scale its team and infrastructure, CEO Michael Shaulov told The Block. The firm intends to double its engineering team to 100 people in the next three months and also hire staff across sales, marketing, and support functions.

The planned hirings would increase Fireblocks’ headcount from the current 70 people to about 130 in the next few months. 

Fireblocks’ scaling plans come as the crypto market continues to draw interest from investors. Fireblocks helps institutional clients, such as exchanges, over-the-counter trading desks, and hedge funds, to securely transfer assets. Shaulov told The Block that the firm currently serves more than 120 commercial clients.

“By the end of the year, we will have about 150 clients,” said Shaulov. “The business is growing really quickly. We are seeing a lot of new customers coming into the market, including traditional fintech companies and banks.”

Shaulov declined to share any specific names there but said more details could be announced in early 2021. Pilots and approval processes at clients’ end take time, according to Shaulov.

As for business performance, Shaulov said Fireblocks helped transfer $23 billion worth of assets via its network last month. Ssince launching its infrastructure in June 2019, the firm has secured a total of over $150 billion in digital assets.

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones,” Ehrsam said in a statement. “The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

In the coming year, Fireblocks also plans to explore innovations in digital payments, banking, and transactions, among other related areas.

The Series B brings Fireblocks’ total funding to date to $46 million. In June 2019, the firm raised $16 million in Series A.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Yogita Khatri