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

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NEW YORK, HONG
KONG and SINGAPORE - Media OutReach - 19
November 2020 – Fireblocks (www.fireblocks.com) announced today it has raised $30 million in Series B funding,
bringing its cumulative fundraising to $46 million. This round was led by Paradigm
(https://www.paradigm.xyz) with participation from existing investors, Cyberstarts, Tenaya
Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill
Capital. Coinciding with the completion of this round of fundraising is the
addition of Fred Ehrsam to Fireblocks’ Board of Directors. Ehrsam is the
co-founder and Managing Partner at Paradigm, and co-founder of Coinbase.

 

“Fireblocks has
become the go-to for any business looking to build new digital asset operations
or scale existing ones,” said Ehrsam. “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.
Beyond custody, Fireblocks has made a simple crypto backend for everything from
hedge funds to fintech platforms to plug directly into crypto and be able to
access every trading venue, liquidity provider, lending
desk,counterparty, and crypto-native app in the ecosystem.”

 

Since launching
in June 2019, Fireblocks has facilitated the transfer of over $150 billion in
digital assets for enterprise and institutional customers in Asia, Europe and
North America. In Asia, Fireblocks has offices in Hong Kong and Singapore. Using
Fireblocks’ MPC-based wallet infrastructure and Network for secure custody and
settlement, 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 removing
the complexities and costs associated with launching and expanding into new
business streams that deal with digital assets and cryptocurrencies, we’ve seen
a 533% increase in customer growth in Q3 as well as traction and adoption with
some of the biggest and most innovative companies in finance,” said Michael
Shaulov, CEO of Fireblocks. “The digital asset market is evolving rapidly
and it’s happening simultaneously, all around the world. With the new injection
of capital, we will be able to continue to grow our in-house R&D, marketing
and sales talent to continue pushing the envelope on product innovation, and
customer growth in key geographic regions.” 

 

To
support the rapid growth of the company, Fireblocks has expanded its team,
welcoming Matt Maloney as Fireblocks’ SVP of Global Sales from
Cisco. The company will be looking to make key
strategic hires in product, engineering, and customer success.

 

In the next
year, Fireblocks plans to continue to expand its services globally, working to
empower new innovations in digital payments, banking, transactions and advance
the security of the digital asset ecosystem.

 

For more
information about job opportunities please visit: www.fireblocks.com/careers

About Fireblocks

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