Cryptocurrency News

Fireblocks Ends Its $30 Mln Series B Funding Round.

Fireblocks has ended its $30 Mln Series B funding round to serve more of the cryptocurrency sector’s leading trading firms.

The funding round was led by Paradigm & linked by existing investors along with Cyberstarts, Tenaya Capital, and Galaxy Digital. Paradigm co-founder and managing partner Fred Ehrsam has joined Fireblocks’ board of directors as a part of the deal.

“One can say he almost built this space,” Fireblocks CEO Michael Shaulov added within an interview, pertaining to Ehrsam’s background as a co-founder of Coinbase.

The Series B should permit the firm to expand global operations to satisfy “institutional as well as retail market demand for digital assets,” Fireblocks added within an official update. Fireblocks provides tools for the secure storage and transfer of digital assets – be it for cryptocurrency exchanges or traditional hedge funds.

While Fireblocks plans to take care of its standing as “the biggest player in crypto-native markets,” Shaulov said, the firm also wants to travel after institutional players given the positive regulatory momentum seen this past year.

“Everybody from cryptocurrency-native funds to large technology firms and banks is integrating Fireblocks because it’s simple,” Ehrsam revealed within an official email. “We’re excited to assist them to cement this market leadership position and support the influx in customer demand as cryptocurrency goes mainstream.”

Fireblocks saw a 533% hike in user growth within Q3, consistent with Shaulov. He added the firm is seeing similar momentum in Q4.

Fireblocks revealed a program to sped up cryptocurrency transactions earlier in July, and cryptocurrency derivatives exchange FTX was first to hitch. The firm seeks to expand upon the program by adding more exchanges within the next 2 months.

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