Fireblocks, a crypto-security firm has raised $133 million in its Series C funding round which was led by investment manager Coatue, fintech firm Ribbit and growth equity firm Stripes. It also received a strategic investment from the oldest American custody bank BNY Mellon.
The oldest bank in America, Bank of New York Mellon, just invested in the #Bitcoin custodian company, Fireblocks!
BNY Mellon is one of the world’s largest custody banks, and they plan to hold, transfer, and buy #bitcoin for their asset management clients!
— Documenting Bitcoin ???? (@DocumentingBTC) March 18, 2021
Fireblocks CEO Michael Shaulov in a statement said,
“We are humbled to have the top VCs in Fintech, and the most important strategic partners support our mission to re-platform the financial ecosystem into digital assets. Their financial backing guarantees the long term stability, technology superiority, and service delivery to our exponentially growing customer base.”
At a time when most of the crypto firms are looking to go public, Fireblocks decision seems more calculated for better growth before their public debut. The recent completion of the Series C funding round comes just months after the closing of a Series B funding round where the crypto startup secured $30 million and has raised a total of $179 million.
Fireblocks offers its crypto security services to crypto custodians and currently, its technology is being used to secure more than $400 million worth of digital assets primarily due to its recent association with BNY Mellon who announced that they would be offering Bitcoin custody services to their clients and secure the crypto holdings using Fireblock’s technology.
Crypto Services in High Demand as Mainstream Adoption Begins
The mainstream adoption of cryptocurrencies especially Bitcoin has begun where institutional giants and fortune 500 companies started using Bitcoin as a treasury hedging asset and now even traditional financial giants and banking systems that include JP Morgan, Morgan Stanley, and BNY Mellon gaining bitcoin exposure over the past few months based on client’s demand.
More traditional financial giants would be joining the growing bitcoin league and the demand for crypto-related services be it security or safe custody would rise significantly. This is evident from the growing valuation of crypto companies planning to go public or even the recent fundraising rounds of crypto startups that have attracted many mainstream heavyweights.