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Crypto Custodian Fireblocks Raises $550m, Plans Asia Growth

The financing – which brought the company’s valuation to more than $8 billion – was co-led by D1 Capital Partners and Spark Capital

Institutional crypto storage and custodial company Fireblocks announced that it has raised $550 million in a Series E funding round, valuing Fireblocks at $8 billion. Photo: Fireblocks.


Fireblocks, a New York-based company that provides custody services for digital assets and cryptocurrency products, said on Friday it had raised $550 million in a Series E funding round.

The financing – which brought the company’s valuation to more than $8 billion – was co-led by D1 Capital Partners and Spark Capital.

Other participants were from General AtlanticIndex Ventures, Mammoth, Alphabet’s CapitalGAltimeterIconiq Strategic PartnersCanapi Ventures, and Parafi Growth Fund.

Fireblocks said it supports more than 800 clients including Bank of New York Mellon and Revolut, as well as fintech firms, crypto exchanges, lending desks, super apps and asset managers. It had 150 clients a year ago, according to company data.


Digital bank industry ‘booming’

“The adoption of cryptocurrencies across the financial and commercial sectors is going to accelerate in 2022, and Fireblocks’ mission is to be a strategic partner for these new market entrants,” Fireblocks CEO Michael Shaulov said.

Fireblocks said it had expansion plans for Asia, “especially with the booming digital bank industry in Asia Pacific”.

Existing investors include Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm, DRW Venture Capital, Tenaya Capital and SCB10x.

“The new round of financing will accelerate our ability to support our clients globally, as well as heavily invest in innovation for DeFi, NFTs and payments,” Shaulov added.

Fireblocks said a secure multi-layer infrastructure is at the heart of its platform.

“Fireblocks has become a key driver of crypto market growth around the world, with an estimated 15% of daily crypto transaction volume secured through their infrastructure,” Dan Sundheim, founder of D1 Capital Partners, said.


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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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