Fireblocks, a crypto-custody provider, raises $550 million at an $8 billion valuation

The crypto-custody provider Fireblocks has raised $550 million in a Series E funding round, valuing the company at $8 billion, according to a press release.

The round was led by D1 Capital Partners and Spark Capital. It also included General Atlantic, Index Ventures, Mammoth, CapitalG (an independent growth fund within Alphabet), Altimeter, and ParaFi Capital.

Earlier investors also joined the round: Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm and SCB10x.

Fireblocks CEO Mikhail Shaulov, in a discussion with The Block, described the company’s results for the past year as ‘phenomenal’. He noted that the number of platform users grew from 150 to 800, and revenue rose by 600%.

Shaulov did not specify revenue in absolute terms, but stressed that the firm is not yet profitable.

Founded in 2018, Fireblocks provides institutional players with a platform for secure custody, access to DeFi services such as Aave Arc, and opportunities for staking crypto assets and tokenisation.

Custodian services are used by Bank of New York Mellon, Revolut, Galaxy Digital, BlockFi, Deribit, eToro, CoinShares, Three Arrows Capital, and B2C2. Assets on the Fireblocks platform amount to $45 billion.

The funds will be allocated to expanding the client base, supporting various DeFi services and new blockchain platforms such as Terra, and increasing staff—from 300 to 600.

In July Fireblocks raised $310 million at a valuation of $2 billion.

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