Financial transaction

Crypto firm Fireblocks raises $550M, $8B valued venture

Fireblocks, a digital asset infrastructure provider, said on Thursday it raised $550 million from institutional investors, making it one of the largest funding rounds in the cryptocurrency industry in the past. of recent years.

The latest investment valued the company at $8 billion.

The funding was led by D1 Capital Partners and Spark Capital, with participation from investors including General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund, Fireblocks said in a statement.

All the companies have confirmed their investment in emails to Reuters.

“We will use the capital to further invest in new use cases in the digital asset space such as decentralized finance, non-fungible tokens, games, entertainment and music,” Michael Shaulov told Reuters. , CEO of Fireblocks. telephone interview.

Decentralized finance refers to the segment of the market that facilitates crypto-denominated financial transactions outside of traditional banks.

Non-fungible tokens, on the other hand, are unique digital assets that cannot be replaced.

Fireblocks works with businesses and financial institutions that want to create cryptocurrencies and digital assets, providing the infrastructure – including wallets – to make digital assets safe and secure.

Shaulov said his company’s goal is to make every business a crypto business.

US-based Fireblocks cited a recent Gartner report that showed around a fifth of large organizations will be using digital currencies by 2024, suggesting that large enterprise crypto adoption will accelerate. in 2022 and beyond.

Shaulov said Fireblocks has a network that connects its members to digital currency capital markets and enables instant payment settlements and fund transfers.

He said Fireblocks aims to facilitate money transfers “in a secure way, because many hacks don’t happen when you store it, but when you move it or sell it.”

According to New York-based D1 founder Dan Sundheim, one of the top investors in the last funding round, around 15% of daily crypto trading volume was secured through Fireblock’s infrastructure.

This story was published from a news feed with no text edits.

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