Fireblocks Custody Company Raises $310 Million

Blockchain infrastructure company Fireblocks raised $310 million in its most recent funding round and was valued at $2 billion. The company specializing in digital asset management is interested in bringing existing assets into the blockchain space. Fireblocks assumes that this digitization trend will continue to grow in recent years.

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Fireblocks Uplift $310 Million in Series D Funding

Blockchain infrastructure and storage firm Fireblocks raised $310 million in a Series D funding round, and new investments have raised the company’s value to $2.2 billion, triple its value since its Series C funding in February. In this funding round, six investment firms took part named Sequoia Capital, Stripes, Spark Capital, Coatue, DRW Venture Capital, and SCB 10X and firm has raised $310 Million.

Shaulov, the CEO of Fireblocks said that “the company has planned to utilize the raised funds to add traditional assets and products to the blockchain.”

Timing is everything and I think now is the beginning of a real opportunity to do it. We’ve seen quite a few projects and essentially the skills and desire for them have reached the highest level of this bank.

Fireblocks claimed that it has partnered with more than 70 banks globally to provide crypto asset management infrastructure and it has tokenized some of its assets for other purposes. Charlotte stated that

Our platform has designed a wallet that is embedded with advanced technology, this wallet can be used for keeping cryptocurrencies and digital assets. In this wallet, users can keep their funds or client funds and have security insurance.

Ethereum Controversy

The company has grown tremendously despite the recent cryptocurrency boom. However, Fireblocks also had some problems with its Ethereum custodial service. The company was sued last month by Stakehound, an escrow platform that allegedly lost access to 38,178 others due to negligence. At the time, Stakehound said that the damage was caused by a human error caused by the accused employee’s inappropriate work environment.

However, Fireblocks denied responsibility for the incident and responded quickly. Charlo stated that

“This new appreciation in our company has nothing to do with the actual service we currently provide to our more than 400 customers. It will not affect the Stakehounds wallet that we are currently using.”

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