Fireblocks Raises $30M to Expand Its Crypto Service Operations; Building a ‘Next-Gen Backend’
To extend its services for larger firms in the crypto sector, Fireblocks recently completed a Series B funding round of $30 million and has a $46 million total raised in cumulative fundraising.
The funding round led by Paradigm, along with several investors, Cedar Hill Capital, Cyberstarts, Swisscom, and Galaxy Digital, to name a few, will enable the firm to expand its global operations to meet the demands of the retail market and institutional traders in the crypto market, according to a press release from Fireblocks.
The firm says it will be offering tools for the transfer and secure storage of digital assets, either for traditional hedge funds or crypto exchanges.
Fireblocks plans to lure more institutional players.
Although Fireblocks will be very active in the crypto-native markets, the company says it still wants to take advantage of the crypto market's positive regulatory momentum and go after institutional players. The firm also says that the simplistic nature of the Fireblocks platform makes it attractive to many users in the industry, leading to the rush of its integration. The company pointed out,
“Everyone from crypto-native funds to large tech companies and banks is integrating Fireblocks because it’s simple.”
The company is committed to maintaining its market position as the industry leader, supporting customers' high demands as the mainstream sector enters into massive adoption of cryptocurrency.
In the third quarter of the year, Fireblock’s customer growth increased by 533%, and the company is growing at a similar pace this fourth quarter.
To improve the speed of crypto transactions, Fireblocks launched a program, with crypto derivatives exchange FTX being the first to join the program. Fireblocks wants to increase participation in the program by inviting more exchanges into the program next month.
Paradigm co-founder joins Fireblocks director board
As part of the deal, Fred Ehrsam, the managing partner and co-founder of Paradigm, joined the board of directors at Fireblocks.
Ehrsam is also the co-founder of Coinbase, and chief executive officer of Fireblocks Michael Shaulov has acknowledged his crypto space contribution. “One can say he almost built this space,” Shaulov said in the press release.
Fireblocks intends to double its workforce
Buoyed by the influx of funds, Fireblocks intends to scale its infrastructure and personnel, according to Shaulov. The company wants to hire personnel across the support, marketing, and staff sales department. It also has plans to double its engineering team within the next three months.
The anticipated recruitment will increase its workforce from its present number of 70 personnel to about 130 in the next three months.
Fireblocks wants to meet the increasing demands of customers and clients in the industry. Its main service is directed towards hedge funds, over-the-counter trading desks, exchanges, and institutional clients to transfer funds securely. According to reports, the company serves over 120 commercial clients presently.
With the added funds, it is believed that the number will increase within the next few months.