Paradigm-led $30 million Fireblocks round

An infrastructure company focused on institutional crypto investors, Fireblocks, raised $30 million in a Series B funding round led by the venture firm Paradigm.

Also participating were existing investors Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG) and Cedar Hill Capital.

Today we celebrate raising $30M in Series B funding led by @paradigm, bringing the total capital raised to $46M. We also want to welcome @FEhrsam, co-founder of @Coinbase and Paradigm to our Board of Directors! Find out what’s next for us in 2021 — https://t.co/U4COy5IsLM pic.twitter.com/A228YwggaR

— Fireblocks (@FireblocksHQ) November 18, 2020

As part of the new investment, Fireblocks’ board includes the Coinbase co-founder and Paradigm CEO Fred Ehrsam.

Back in 2019, New York–based Fireblocks launched a cloud platform to secure cryptocurrency transactions from a range of risks—from private-key theft to spoofing.

Since then, more than 120 corporate and institutional clients and over 30 partners across Asia, Europe and North America have joined the Fireblocks Network, including Fidelity, Revolut, Celsius, BlockFi, PrimeTrust, Genesis, Nexo and other industry players.

Fireblocks has also provided institutional access to DeFi services on the Compound platform.

According to CEO Mikhail Shaulov, since the platform’s launch it has processed crypto transactions worth more than $150 billion, of which $23 billion were in October this year.

The funds will be used to scale the business, whose competitors include California-based BitGo. The company plans to expand its staff, grow its client base and sign new partnership agreements.

In 2019, Fireblocks raised $16 million in a Series A round.

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