Fireblocks, which is a company famous for providing infrastructure for Digital Assets, has been able to raise over $310 million in a Series D round of funding. As a result the valuation of the company has tripled to a whopping $2.2 billion in just a span of five months.
Fireblocks’ latest round of investment saw participation from SCB 10X, Coatue and DRW VC and was co-led by Spark Capital, Sequoia Capital and Stripes. The SCB 10X is the venture arm of the Siam Commercial Bank, which is also the oldest bank in Thailand. The Siam Commercial Bank is the third global bank to invest in Fireblocks apart from the famous Bank of New York (BNY) Mellon and SVB Capital.
Fireblocks, a New York based startup, had raised over $133 million in a Series C funding round at an estimated valuation of $700 million. The latest funding secured by Fireblocks brings their total valuation raised from funding events since its inception in 2018, to a staggering $489 million. According to the Chief Executive Officer and co-founder of Fireblocks, Michael Shaulov, their boost in valuation correlates directly with the sharply increasing customer base and ARR this very year.
Even back in January, Fireblocks used to have a customer base of around 150, which has now risen to an amazing 500 since then. Even their annual recurring revenue or ARR has also gone up by almost 350 percent in this year of 2021 compared to 2020. Previous year the ARR had gone up by around 450 percent when compared to 2019. According to Shaulov, they are expecting to end the year with an estimated revenue generation of over 500 percent. He also added that they have already changed their prediction models three times in order to get an estimate owing to the rapidly changing and escalating treds of the market and the growth of the company at the same time.
In simple terms , Fireblocks is aiming to provide financial institutions with a platform that offers an all-encompassing facility for a business concerned with digital assets management. Their aim is to offer a solution that will enable business owners to transfer, issue or even store any form of digital assets. As of now Fireblocks is providing custodial services to institutional investors and has already secured the transfer of more than $1 trillion worth of digital assets over the course of time. Back in June 2019, the company had emerged from the stealth mode and ever since then they have spread out their wings across the globe, opening several offices in the United Kingdom, Hong Kong, Israel, France, Singapore and in the DACH region, which comprises the countries such as Austria, Switzerland and Germany.
At present, Fireblocks is hosting and catering to over 500 individual financial institutions in the capacity of customers, who are basically a mixture of companies already supporting and dealing in cryptocurrencies and other digital assets and another group of companies who are eager and willing to enter the digital assets space. Their customers include native cryptocurrency exchanges, global banks, OTC desks, hedge funds and lending desks, as well as companies such as Prime Trust, genesis Trading, Revolut, Celsius, BlockFi, Galaxy Digital, crypto.com and eToro and many others.
According to Shaulov, out of the 500 companies that Fireblocks is working with, 70 of them are banks who are looking to expand into the space of digital assets and cryptocurrencies and begin to introduce platforms for building their infrastructure accordingly. For instance, the Sam Commercial Bank who has already invested in the company, is using the company’s infrastructure to transform themselves into a blockchain-based banking system. He added that Fireblock specializes in creating extremely secure digital wallets for cryptocurrencies and various other digital wallets, which can be used by institutions and companies to store their funds, along with the funds of their customers. On top of that, Fireblocks is also providing them with security insurance as well.
Shaulov further added that the company is actually handling all sorts of security and other compliances, the entire workflow and even all the policies that come with it. In simple terms, Shaulov explained that Fireblocks is offering all sorts of assistance and helping out with all the complicated processes that any business will have to undertake if they are willing to work with this new technology. He called Fireblocks as the ‘Shopify for crypto’.
Ravi Gupta, who is the Sequoia Partner of Fireblocks, had maintained a pretty bullish outlook on the company and their services. He went on to describe the company as the provider of the leading back-end support and infrastructure for crypto products and other such digital assets. He further added that the company has outstanding potential to cater to consumer fintech companies, crypto-native companies and any such traditional financial institutions. According to him, the company has been growing exponentially and their growth is a testament to how amazing their products are and how brilliant their customer sentiments have been.
Fireblocks, which is an organization well-known for offering infrastructure for Digital Property, has been in a position to elevate over $310 million in a Sequence D spherical of funding. In consequence the valuation of the corporate has tripled to a whopping $2.2 billion in only a span of 5 months.
Fireblocks’ newest spherical of funding noticed participation from SCB 10X, Coatue and DRW VC and was co-led by Spark Capital, Sequoia Capital and Stripes. The SCB 10X is the enterprise arm of the Siam Industrial Financial institution, which can also be the oldest financial institution in Thailand. The Siam Industrial Financial institution is the third world financial institution to spend money on Fireblocks aside from the well-known Financial institution of New York (BNY) Mellon and SVB Capital.
Fireblocks, a New York primarily based startup, had raised over $133 million in a Sequence C funding spherical at an estimated valuation of $700 million. The newest funding secured by Fireblocks brings their complete valuation raised from funding occasions since its inception in 2018, to a staggering $489 million. In accordance with the Chief Govt Officer and co-founder of Fireblocks, Michael Shaulov, their increase in valuation correlates instantly with the sharply rising buyer base and ARR this very yr.
Even again in January, Fireblocks used to have a buyer base of round 150, which has now risen to a tremendous 500 since then. Even their annual recurring income or ARR has additionally gone up by virtually 350 % on this yr of 2021 in comparison with 2020. Earlier yr the ARR had gone up by round 450 % when in comparison with 2019. In accordance with Shaulov, they’re anticipating to finish the yr with an estimated income era of over 500 %. He additionally added that they’ve already modified their prediction fashions 3 times so as to get an estimate owing to the quickly altering and escalating treds of the market and the expansion of the corporate on the similar time.
In easy phrases , Fireblocks is aiming to offer monetary establishments with a platform that gives an all-encompassing facility for a enterprise involved with digital belongings administration. Their purpose is to supply an answer that can allow enterprise homeowners to switch, challenge and even retailer any type of digital belongings. As of now Fireblocks is offering custodial providers to institutional traders and has already secured the switch of greater than $1 trillion price of digital belongings over the course of time. Again in June 2019, the corporate had emerged from the stealth mode and ever since then they’ve unfold out their wings throughout the globe, opening a number of places of work in the UK, Hong Kong, Israel, France, Singapore and within the DACH area, which includes the international locations similar to Austria, Switzerland and Germany.
At current, Fireblocks is internet hosting and catering to over 500 particular person monetary establishments within the capability of consumers, who’re principally a combination of corporations already supporting and dealing in cryptocurrencies and different digital belongings and one other group of corporations who’re keen and prepared to enter the digital belongings area. Their prospects embrace native cryptocurrency exchanges, world banks, OTC desks, hedge funds and lending desks, in addition to corporations similar to Prime Belief, genesis Buying and selling, Revolut, Celsius, BlockFi, Galaxy Digital, crypto.com and eToro and lots of others.
In accordance with Shaulov, out of the five hundred corporations that Fireblocks is working with, 70 of them are banks who wish to develop into the area of digital belongings and cryptocurrencies and start to introduce platforms for constructing their infrastructure accordingly. As an example, the Sam Industrial Financial institution who has already invested within the firm, is utilizing the corporate’s infrastructure to rework themselves right into a blockchain-based banking system. He added that Fireblock focuses on creating extraordinarily safe digital wallets for cryptocurrencies and varied different digital wallets, which can be utilized by establishments and firms to retailer their funds, together with the funds of their prospects. On prime of that, Fireblocks can also be offering them with safety insurance coverage as properly.
Shaulov additional added that the corporate is definitely dealing with all kinds of safety and different compliances, your entire workflow and even all of the insurance policies that include it. In easy phrases, Shaulov defined that Fireblocks is providing all kinds of help and serving to out with all of the difficult processes that any enterprise must undertake if they’re prepared to work with this new expertise. He known as Fireblocks because the ‘Shopify for crypto’.
Ravi Gupta, who’s the Sequoia Associate of Fireblocks, had maintained a reasonably bullish outlook on the corporate and their providers. He went on to explain the corporate because the supplier of the main back-end assist and infrastructure for crypto merchandise and different such digital belongings. He additional added that the corporate has excellent potential to cater to shopper fintech corporations, crypto-native corporations and any such conventional monetary establishments. In accordance with him, the corporate has been rising exponentially and their development is a testomony to how superb their merchandise are and the way good their buyer sentiments have been.