US-based firm Fireblocks, a digital asset infrastructure provider has raised $550 from institutional investors. Now Fireblocks has become one of the largest financial firms in the cryptocurrency sector.
All the funding was led by the D1 Capital Partners and Spark Capital, with participation from investors such as General Atlantic, Altimeter, Index Ventures, and CapitalG, Alphabet’s growth fund. Now with the latest investment, the company is valued at $8 billion. The investment of all the firms has also been confirmed by Reuters.
Fireblocks CEO Michael Shaulov told to Reuters, “We’re going to use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music”.
The company provides infrastructure including digital wallets to companies and financial institutions that want to build cryptocurrencies and other digital assets, with additional safety and security.
Fireblocks said according to a recent Gartner report, one-fifth of major organizations will utilize the digital assets by 2024, and many large corporations will adopt cryptocurrencies in 2022 and beyond.
Fireblocks has a network that connects its members to digital currency capital markets to enable instant settlement of payments and fund transfers.
According to an estimate by Dan Sundheim founder of New York-based D1, 15 percent of daily crypto transactions has been secured by Fireblocks. And this funding will accelerate the operations of Fireblocks to make it a bigger financial company.