Home Blockchain Blockchain firm Fireblocks raises $310 million, valuation at $2 billion – Reuters

Blockchain firm Fireblocks raises $310 million, valuation at $2 billion – Reuters

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NEW YORK/BENGALARU (Reuters) – Fireblocks, a platform that permits banks and different monetary establishments to retailer, transfer and challenge cryptocurrencies, mentioned on Tuesday it raised $310 million in recent capital from buyers, boosting its valuation to $2 billion.

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are positioned on PC motherboard on this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

The funding spherical was co-led by funding corporations akin to Sequoia Capital, Stripes, Spark Capital, Coatue, DRW Enterprise capital and SCB 10X, the enterprise arm of Thailand’s Siam Business Financial institution.

All six entities confirmed their participation in Fireblocks’ capital increase.

One of many issues the corporate hopes to do with the funds is figure with conventional monetary establishments and produce property to the blockchain, mentioned Michael Shaulov, chief government officer at Fireblocks.

“Timing is all the pieces and I believe proper now it’s the start of the actual alternative to do it,” Shaulov advised Reuters in an interview.

“We’ve got seen various initiatives and … basically the know-how and the urge for food to do it has reached probably the most senior ranges of these banks,” he added.

The monetary sector has been adopting blockchain know-how at a quick tempo, with the banking sector recognized because the business most suited to make use of blockchain.

Latest statistics level to the rise in digital asset customers, with the variety of registered blockchain wallets within the second quarter of 2021 at than 70 million, up from 10.98 million in 2016, in line with Fireblocks. By 2022, it’s projected that a couple of billion individuals can be using blockchain wallets.

“As crypto turns into more and more essential, we’re seeing an explosion of corporations that deal with digital property, together with crypto-native corporations, fintech corporations, neobanks and conventional monetary establishments,” mentioned Ravi Gupta, Associate at Sequoia Capital, in a press release.

Since its inception in 2019, Fireblocks has raised a complete of $489 million from a number of the largest world enterprise capital buyers within the fintech, blockchain and cybersecurity house together with Cyberstarts, Eight Roads, Tenaya Capital, Swisscom, Paradigm, Ribbit Capital, and Coatue.

Reporting by Gertrude Chavez-Dreyfuss in New York and Sohini Podder in Bengaluru; modifying by Richard Pullin

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