- The funding round values Fireblocks at $8 billion.
- Fireblocks is now eyeing potential customers outside of the world of finance.
Crypto infrastructure giant Fireblocks announced on Thursday it has raised $550 million in a Series E investment round that values the company at $8 billion.
That valuation is the same as the trading platform FTX US, and it makes Fireblocks one of the most valuable companies in the crypto industry—even as many people are not familiar with what exactly Fireblocks does.
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“Custody and wallet infrastructure is our bread and butter,” CEO Michael Shaulov told Decrypt, explaining the company’s core business is providing custody and back-end crypto services to companies and investment funds.
Fireblocks’ global customer base has jumped from 150 to 800 in the last year, and includes crypto firms like BlockFi and Crypto.com, but also more traditional firms like the Bank of New York and Revolut.
Shaulov’s background is in cybersecurity. He discovered crypto after his previous startup was acquired by cyber giant Checkpoint and, while staying on there, worked on a security incident where North Korean hackers stole $200 million in crypto.
As for next steps, Shaulov says the new funding round will help Fireblocks add support for the many new customers it has acquired while also building out new product lines, especially those that will help customers navigate the world ofand .
He added that Fireblocks aims to provide crypto services to fields like gaming, media and shopping.
“People are starting to realize there’s a lot of businesses outside of finance needing digital assets,” said Shaulov.
Fireblocks, whose employee headcount has gone from 70 to 300 in 12 months, is currently not profitable, primarily because it’s focused on growth, according to Shaulov.
The Series E round follows earlier funding rounds in 2021 that raised $133 million and $310 million. Last July, the company added former SEC Chairman Jay Clayton to its advisory board. The latest funding round was co-led by D1 Capital Partner and Spark Capital.