Silicon Valley Bank Has Invested Millions Into Fireblocks’ Series C Funding
The well-known crypto custodian platform, Fireblocks, raised about $133 million with Silicon Valley Bank and BNY Mellon, who both contributed to the crypto-related service providers. The need to transform and expand its offering necessitated the firm’s call for funding from other institutional bodies.
The digital asset space is becoming highly popular, and this has helped the service providers record higher profit margins are the years go by. The company raised around $133 million, which would be used for the expansion plans the firm has been talking about for some months. The funding is C funding and would help Fireblocks facilitate processes in the financial world.
Fireblocks receives heavy funding from institutions
Some of those who led the fundraising are popular technology-based investment manager Coatue, Stripes, and Rabbit Capital. The firm explained that the investors are the reasons for the success of the fundraising, meaning that they were the most prominent investors. It’s safe to note that Series C funding is very elaborated because the funds are usually used for expansion services and increase the company’s impact globally.
The new investment would probably be similar to a partnership, while Fireblocks creates better relationships with financial institutions. This would help the crypto custodian broaden its offering and give various users access to its services.
The firm had previously had the Series B funding before November’s end, and it was able to get around $30 million from the fundraising. During last year’s funding, Paradigm was able to help Fireblocks get the most from the announced fundraising. People are becoming open to investing in crypto and crypto-related services, making it an important aspect of the industry.
Fireblocks also recorded very attractive profits caused by the continuous rise in digital currencies like Bitcoin. The platform has around 200 institutional investors and has had over $400 billion trading volumes since 2018. The firm does not joke with funding, and this can be seen in various aspects where the crypto-related firm had initiated fundraisings.
Fireblocks to facilitate digital asset offerings
The firm’s top executive, Michael Shaulov, spoke about the newly acquired funds while explaining its new expansion plans. He said that fintech and banks require specialized custody, which would help users manage their funds and make available new digital offerings.
The entrepreneur revealed that the company has no interest in becoming a bank but would help facilitate new financial services. He completed by saying that the firm is proud to have top VCs in the business while still having good partners that support their plans of expanding the digital asset space.
The company has new strategies and would also keep old strategies that helped it remain a success. Fireblocks explained that it wants to support user’s swift access to their digital asset holdings. BNY Mellon also explained through a spokesperson that it’s proud to be part of the team to bring digital assets to the mainstream. The firm added that step for it is to become an asset servicer for numerous asset classes.
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