Fireblocks raises $30M for Series B fund led by Paradigm

Digital asset custody platform Fireblocks disclosed it has raised $30 million in Series B funding, the fund’s total asset value is estimated to be boosted to $46 million as a result. Aside from existing investors that made contributions including Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), and Cedar Hill Capital, the fund also saw a leading commitment by Paradigm in this round. Additionally, Fireblocks added Fred Ehrsam, Coinbase’s co-founder, plus co-founder and Managing Partner at Paradigm, to the board of directors. This move is part of Fireblocks' strategic hires for the firm’s active growth agenda. Matt Maloney was made SVP of Global Sales as a part of the same strategy.

Ehrsam commented,

“The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers. Beyond custody, Fireblocks has made a simple crypto backend for everything from hedge funds to fintech platforms to plug directly into crypto and be able to access every trading venue, liquidity provider, lending desk, counterparty, and crypto-native app in the ecosystem.”

Fireblocks’ CEO, Michael Shaulov, shared his thoughts on the firm’s vision,

“By removing the complexities and costs associated with launching and expanding into new business streams that deal with digital assets and cryptocurrencies, we’ve seen a 533% increase in customer growth in Q3 as well as traction and adoption with some of the biggest and most innovative companies in finance.” “The digital asset market is evolving rapidly and it’s happening simultaneously, all around the world. With the new injection of capital, we will be able to continue to grow our in-house R&D, marketing, and sales talent to continue pushing the envelope on product innovation, and customer growth in key geographic regions.”