Fireblocks Funded $16 Million, Led by Fidelity’s Eight Roads Along with Cyberstarts, Tenaya Capital
- Tenaya Capital, Eight Roads, and Cyberstarts have collectively confirmed that they are investing $16 Million in Fireblocks in their Series A of funding.
- Although the chief investment for this round of series comes from Fidelity International.
What Is Fireblock?
Fireblock allows distributed files to be trusted in their integrity and ownership by any of their users. In order to do this, they need to allow an author to create a trusted checkable certificate of ownership. Additionally, the need to allow an author to provide their users with an easy tool to verify the origin and ownership of their files.
Ethereum Blockchain Used to Provide Service
Essentially, a file certificate of ownership contains proven integrity of the file, a proven verifiable identity, a proven link between the file and identity, a timestamp and tamper-proof properties. They design identity on their platform with hash functions and ownership with digital signatures and proven social identities. All this is packaged by the platform in a certificate.
Notably, they use an Ethereum blockchain to provide their service. The platform uses only one smart contract by design to ensure maximum readability and avoid vulnerabilities.
The company has managed to secure huge clients like Galaxy Digital and Genisis Global Trading who use it to safeguard the transmission of their digital assets across exchanges, OTC brokerages, hot wallets, and cold storages.
What do the Founders have To Say?
Founders Michael Shailov and Pavel Berengoltz conceived the idea for the product following a series of high-profile acks. They want to secure the central cause for hacks and scams of virtual assets, which is spoofing, key theft, and imperiled credentials.
In a statement to CoinDesk, Shailov says:
“While Blockchain based assets by themselves are cryptographically secure, moving digital assets is a nightmare. 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.”