By Shelly Melancon (Switzerland)
Isreali-based blockchain firm, Fireblocks has pooled $310 million from investors in an investment round. The investment round featured big players in the blockchain industry including a subsidiary of Thailand’s oldest bank, Siam Commercial Bank. Fireblocks now has a valuation of $2 billion by virtue of the investment round.
According to the CEO of the firm, Michael Shaulov, the funds raised will be directed towards broadening the firm’s internal capacity. Shaulov mentioned other projects that the funding will cover- increasing research, development and support teams. He added that Fireblocks is aggressively growing its user base into other markets such as Europe, the Middle East, Africa (EMEA) and Asia-Pacific (APAC), as such the funds will come in handy to build its marketing team.
Fireblocks Secures $138 Million Funding in March
While still speaking, Shaulov noted the relevance of strategic collaborations, which will be one of Fireblocks’ focal points. Fireblocks has grown to be a reputable asset management firm since 2019, having pooled an estimate of $489 million from venture capitalists in the industry. In a Series C funding in March, Fireblocks obtained $133 million.
Fireblocks provides infrastructure solutions including crypto assets management service to more than 500 firms comprising crypto exchanges, OTC trading desks, hedge funds and market makers. A host of blockchain and crypto-based ventures participated in the latest funding- they include Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, which is Thai’s SCB blockchain subsidiary.
Fireblocks Allegedly Responsible for the Loss of $75 Million in ETH
Despite the controversy Fireblocks was involved in Q2, it still continues to enjoy the goodwill of investors. Back in May, another asset management firm, StakeHound had accused the former of being responsible for the loss of over 38,000 ETH ($75 million). However, Fireblocks argued that the StakeHound had been negligent about the private keys tied to the wallet in which the Ether was kept. According to reports, the lost crypto assets were meant for staking on Ethereum 2.0, a PoS-enabled version of the network.
Fireblocks has also partnered with a number of traditional financial firms on projects related to the digitization of securities, currencies and physical assets. For Facebook-backed Diem, a payment network, Fireblocks played a pivotal role. Diem was created to help financial firms conduct transactions. With Aave permissioned decentralized finance lending protocol for large scale investors coming to life, Fireblocks continues to support the protocol.
Nowadays, blockchain projects are being wholly supported by venture capital firms, signifying a widespread acceptability of cryptocurrencies and blockchain technology. Even with the mid-May market crash, the interest has not wavered a bit. Meanwhile, Siam Commercial Bank recently established a $110 Million decentralized finance Fund.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.