The custody service for digital assets was launched in June 2019 and has since opened offices in several regions, including Hong Kong, Israel, the United Kingdom and Singapore.
Fireblocks, a company that manages digital assets for enterprises, announced yesterday that it raised $310 million in its latest funding round. The crypto infrastructure firm’s Series D financing brings its valuation to $2.2 billion, according to a company statement.
The round was led by Spark Capital, Stripes and Sequoia Capital, with participation from DRW Venture Capital, Coatue and SCB 10X, the venture arm of Thailand’s Siam Commercial Bank. SCB 10X becomes the third bank to invest in Fireblocks, joining SVB Capital and BNY Mellon among the company’s backers.
This financing brings the total capital raised by the New York–based startup to $489 million. The latest round follows a February Series C that raised $133 million and valued the company at $700 million.
Fireblocks CEO and co-founder Michael Shaulov attributed the rise in valuation to growth in both customer count and annual recurring revenue (ARR). Since the start of the year, Fireblocks’ ARR has grown 350% year-over-year, and Shaulov expects the figure to be even higher by year-end.
“We expect to finish the year up 500%. We have already adjusted our revenue forecasts for 2021 three times.”
He said blockchain technology adoption is expanding beyond the existing crypto ecosystem. Shaulov noted that Fireblocks works with financial firms worldwide to increase use cases for projects focused on asset digitization. He also revealed that Fireblocks is collaborating with 70 banks that plan to engage with crypto, and the company intends to help them build the necessary infrastructure.
Fireblocks plans to use the Series D proceeds to hire additional sales and marketing staff, expand research and development, and grow customer support to fuel expansion across the Asia-Pacific region. Echoing those expansion plans, Mukaya Panich, Chief Venture and Investment Officer at SCB 10X, said the bank is preparing to bring Fireblocks’ services to the region.
The digital-asset custody firm currently offers custodial services to more than 500 institutional clients and has processed transactions totaling over $1 trillion in digital assets. Fireblocks also enables the use of custodied assets for various activities, including payments and the issuance and support of non-fungible tokens (NFTs).