Fireblocks Valued at $8 Billion Following a $550 Million Fundraiser

The leading cryptocurrency custodian – Fireblocks – closed a $550 million Series E venture capital round, co-led by Spark Capital, D1 Capital Partners, General Atlantic, Mammoth, and other investors. The financing boosted the company’s valuation to a whopping $8 billion.

The Newest Fundraise

Despite the ongoing correction in the cryptocurrency market, the New York-based blockchain platform – Fireblocks – continues to raise funds. According to a recent blog post, the firm’s latest investment turned it into the “highest-valued digital asset provider in the world.”

CEO Michael Shaulov said that Fireblocks intends to distribute the fresh capital in innovations for the DeFi sector, non-fungible tokens (NFTs), and payments:

“Everything that’s happening at the cross-section of DeFi, NFTs, gaming, streaming, and entertainment will be the biggest emerging use cases in the next year and a half.”

He added that the organization might employ some of the money into possible acquisitions of other ventures.

Additionally, the multimillion fundraise should help the firm “catch up” with its rapidly growing customer base. In the span of a year, Fireblocks increased its institutional clients from 150 to 800. Prominent names include BNY Mellon, Galaxy Digital, Revolut, BlockFi, eToro, and CryptoCom.

Earlier this month, the American company became the first backer of the Aave Arc – a permissioned version of the DeFi lending platform Aave.

The entity claims to provide support for nearly 1,000 cryptocurrencies across over 20 blockchains. A week ago, it added support for Solana, while Shaulov named NEAR and Tron as the next possible additions.

The Previous Funding Round

Last summer, Fireblocks raised $310 million in a Series D round. Among the most notable investors co-leading the initiative were Stripes Group, Sequoia Capital, Spark Capital, DRW Venture, and more.

As a result, the company became a crypto unicorn with a valuation of around $2 billion. Back then, it intended to use the capital to expand geographically, particularly in the Asia-Pacific region.

It seems like the initiative was successful as Shaulov now noted that 25% of Fireblocks’ customers are located there. He also described that part of the world as the fastest-growing area for his firm since 2020.