The digital asset custodian was established in June 2019 and has expanded to include offices in various regions including Hong Kong, Israel, the UK and Singapore
Fireblocks, the enterprise-class digital asset custody company, announced yesterday that it has raised $ 310 million in its most recent funding round. The crypto infrastructure firm has now risen to $ 2.2 billion in valuation following the Series D funding round, according to a published statement.
The fundraising was jointly led by Spark Capital, Stripes and Sequoia Capital, with other participants such as DRW Venture Capital, Coatue and SCB 10X, a subsidiary of Siam Commercial Bank in Thailand. SCB 10X is the third bank to fund Fireblocks, with SVB Capital and BNY Mellon already on the investor list.
The financing round brings the total amount of the New York startup to 489 million US dollars. The latest funding follows a Series C round announced back in February in which the company raised $ 133 million and reached a valuation of $ 700 million.
Fireblocks CEO and co-founder Michael Shaulov attributes the rise in rating to increases in customer numbers and annual recurring revenue. Since the start of the year, Fireblocks’ annual recurring revenue is up 350% year over year, and Shaulov is forecasting an even higher figure for year end.
“We assume that we will end the year with a plus of 500%. We have already adjusted our sales forecasts for 2021 three times. “
He noted that the use of blockchain technology is increasing outside of the contemporary crypto circle. Shaulov stated that Fireblocks worked with financial firms around the world to expand use cases for asset digitization projects. The CEO also announced that Fireblocks is working with 70 banks that have plans to get into crypto, and the company plans to help them build the necessary infrastructure.
Fireblocks intends to use the Series D round money to recruit more sales and marketing, research and development, and customer support staff to help expand into the Asia Pacific region. In line with the expansion goal, Mukaya Panich, SCB 10X’s chief venture and investment officer, stated that the bank was preparing to bring Fireblocks’ services to the region.
The custody company for digital assets currently offers custody services to its more than 500 institutional customers. It has processed more than $ 1 trillion in digital asset transactions. Fireblocks also allows stored assets to be used for various activities, including making payments and offering non-fungible tokens (NFTs).