Digital asset infrastructure provider Fireblocks said on Thursday that it has raised $550 million from institutional investors, making it one of the largest funding rounds in the cryptocurrency space in the past few years.
The latest investment valued the company at $8 billion.
Fireblocks said in a statement that the funding was led by D1 Capital Partners and Spark Capital, with participation from investors such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund.
All firms confirmed their investments in an email to Reuters.
“We are going to use the capital for further investments in new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment and music,” Michael Shallow, CEO of Fireblocks, told Reuters. phone interview.
Decentralized finance refers to the segment of the market that facilitates crypto-valued financial transactions outside of traditional banks.
On the other hand, non-fungible tokens are unique digital assets that cannot be substituted.
Fireblocks works with companies and financial institutions that want to build cryptocurrencies and digital assets, providing the infrastructure – including wallets – to make digital assets safe and secure.
Shallow said that his company aims to make every business a crypto venture.
US-based Fireblocks recently cited a Gartner report that showed one-fifth of major organizations will be using digital currencies by 2024, suggesting that adoption of crypto by large corporations will increase by 2022 and beyond. There will be speed.
Shalov said Fireblocks has a network that connects its members to the digital currency capital market and enables instant settlement of payments and fund transfers.
He added that FireBlock aims to “facilitate fund transfers in a secure manner because there are a lot of hacks that happen not when you are storing it, but when you are carrying or selling it.”
According to Dan Sundheim, founder of New York-based D1, one of the key investors in the latest funding round, an estimated 15% of daily crypto transaction volume is secured through Fireblock’s infrastructure.
This story has been published without modification in text from a wire agency feed.
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