Crypto Security Startup Fireblocks Raises $16M USD In Series A Funding

Investing, News | June 12, 2019 By:

Crypto security startup Fireblocks has raised $16 million in Series A funding round led by Cyberstarts, Tenaya Capital, Eight Roads (the investment arm of Fidelity International), Swisscom Ventures and MState.

Fireblocks is an enterprise-grade platform for financial institutions that need to streamline digital asset trading operations – without sacrificing security. The company claims that its platform can securely transfer assets across exchanges, wallets, custodians, and counterparties and keep them readily available using patent-pending chip isolation security and MPC technology. Currently, the platform is integrated with 15 digital asset exchanges and offers support for over 180 cryptocurrencies, tokens, and stablecoins.

In a press release, Fireblocks said that its platform has been designed to eliminate the root cause of crypto hacks and scams.

“While blockchain based assets by themselves are cryptographically secure, moving digital assets is a nightmare,” said Michael Shaulov, CEO and Co-Founder of Fireblocks. “After interviewing over 100 institutional customers, including hedge funds, broker-dealers, exchanges, and banks, we concluded that the current process is slow and highly susceptible to cyber attacks and human errors. We built a platform that secures the process and simplifies the movement of funds into one or two steps.”

Davor Hebel, Partner, Head of Eight Roads Ventures Europe, said that they believe that Fireblocks’ platform will help propel digital assets trading to the next level of evolution, enabling huge improvements in operational efficiencies, security, and trust.

“Sitting as part of the broader Fidelity group, we realize that cybersecurity is crucial in the adoption of blockchain and digital assets,” said Hebel.