Fireblocks 310m series sequoia stripes spark

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Expanding its services globally, Fireblocks now supports many of the world’s biggest banks in addition to leading crypto-native exchanges, lending desks, hedge funds, OTC desks, and market makers like Revolut, BlockFi, Celsius, PrimeTrust, Galaxy Digital, Genesis Trading, crypto.com, eToro and others.

“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, 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.


VC and SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. The New York-based unicorn, with offices in Tel Aviv, is now valued at $2 billion.

“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, 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 next highest round won by an Israeli company in July was $275 million for cybersecurity unicorn Cybereason, which is widely believed ready for an IPO.

FireBlocks –an infrastructure and custody platform for institutions – announced today it has raised $310 million in a Series D funding round.

The round of funding secures FireBlocks’ coveted unicorn status with a $2bn valuation.

Since November, the platform had previously raised assets in two earlier funding rounds. Following the third round, FireBlocks has now raised $489m in venture capital.

The co-leaders of the funding round include an array of prolific investors, such as Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X – the venture arm of Thailand’s oldest bank – Siam Commercial Bank.

SCB’s participation now marks the third global bank to invest in Fireblocks following previous investments from BNY Mellon and SVB Capital.

Fireblocks 310m series sequoia stripes spark2

Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X.

The latest funding round also witnessed participation from the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital.

This funding has boosted the company’s valuation to US$2 billion, bringing its status as a crypto unicorn.

“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, 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.

Fireblocks 310m series sequoia stripes sparked

The Israeli startup ecosystem capital funding party just won’t rest. Israeli crypto Unicorn, Fireblocks, has secured $310 million in Series D funding at a $2.2 billion valuation — only 4 months after dropping jaws with a massive Series C round.

$473M still in the bank

Fireblocks architecture is based on a secure transfer environment, which enables free flow of digital assets between financial institutions and the market. The secure transfer environment uses the company’s Hot Vault system to enable users to transfer assets from various storage solutions over the Blockchain network.

Fireblocks 310m series sequoia stripes sparking

The Fireblocks platform, Shaulov said, helps spread the expansion of digital asset use cases beyond bitcoin into payments, gaming, NFTs, digital securities and “ultimately allows any business to become a digital asset business.”

What that means is that Fireblocks’ technology can be white labeled for crypto custody offerings, “so that new and established financial institutions can implement direct custody on their own without having to rely on third parties,” the company says.

Shaulov emphasizes Fireblocks’ commitment to staying an independent company after a wave of consolidation in the space. Earlier this year, PayPal announced its plansto acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel. Then in early May, bitcoin-focused Galaxy Digital Holdings Ltd.
said it agreed to buy BitGo Inc.

NEW YORK, July 27, 2021 /PRNewswire/ — Fireblocks (www.fireblocks.com), the preeminent platform that empowers the entry of traditional institutions into the digital asset space, announced today it has raised $310 million in Series D funding. The round is co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. This extension of capital marks a significant milestone for Fireblocks, boosting the company’s valuation to over $2 billion.

The Fireblocks platform propagates the expansion of digital asset use cases beyond bitcoin into payments, gaming, NFTs, digital securities and ultimately allows any business to become a digital asset business.

Fireblocks, a NYC-based platform that enables the entry of traditional institutions into the digital asset space, raised $310m in Series D funding at a $2 billion valuation.

The round was co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand’s Siam Commercial Bank.

The company, which has raised a cumulative total of $489 million since founding, intends to use the funds to scale all business lines, adding more customers and partners to its ecosystem.

Launched in 2019 and led by Michael Shaulov, CEO, Fireblocks Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets.

So it’s a bit like ‘Shopify for crypto.’ ”

Sequoia Partner Ravi Gupta is naturally bullish on the company, describing Fireblocks as “the leading back-end infrastructure for crypto products.”

“The team has the potential to build a large, enduring business serving crypto-native companies, consumer fintech companies, and traditional financial institutions alike,” he told TechCrunch. “Their growth has been tremendous, and the quality of their product and customer sentiment are remarkable.”

Image Credits: Left to right: Fireblocks co-founders Idan Ofrat, Michael Shaulov and Pavel Berengoltz / Fireblocks

Fireblocks has also started to see businesses outside of what would be identified as fintech or finance show interest in its platform such as e-commerce websites that are looking to create NFTs on the back of their merchandise.

Maintaining performance and support for the next thousand digital asset businesses

We want to thank our customers, who have come to rely on the Fireblocks platform as a core part of their everyday business.

As we help launch and support the next wave of digital asset businesses, our newest funding round will ensure that our service reliability keeps pace with our accelerated growth as a company.

Part of the new funding will add more resources to customer success and, most importantly, R&D resources that extend the platform’s throughput, scalability, and performance.

We are working on a new and extensive program to simplify the interaction with the Fireblocks platform and its reliability as critical infrastructure to our clients.

“We’re thrilled to be able to expand our company and infrastructure through this new injection of funds.

And as for Fireblocks’ valuation boost, the growth correlates with its increase in customers and ARR this year, according to CEO and co-founder Michael Shaulov.

Since January, Fireblocks has seen its customer base increase to about 500 compared to 150 in January. Its ARR (annual recurring revenue) is also up — by 350% so far in 2021 compared to 2020. Last year, ARR rose by 450% compared to 2019.

“We expect to end the year up 500%,” Shaulov said.

“We’ve already adjusted our revenue predictions for 2021 three times.”

Put simply, Fireblocks aims to offer financial institutions an all-in-one platform to run a digital asset business, providing them with infrastructure to store, transfer and issue digital assets.

Fireblocks, an infrastructure provider for digital assets, has raised $310 million in a Series D round of funding that tripled the company’s valuation to $2.2 billion in just over five months.

Sequoia Capital, Stripes and Spark Capital co-led Fireblocks’ latest round, which also included participation from Coatue, DRW VC and SCB 10X – the venture arm of Thailand’s oldest bank – and Siam Commercial Bank. The latter is the third global bank to invest in Fireblocks in addition to the Bank of New York (BNY) Mellon and SVB Capital.

In February, the New York-based startup raised $133 million in a Series C round at a $700 million valuation. The latest financing brings Fireblocks’ total raised since its 2018 inception to $489 million.

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