Crypto security startup Fireblocks announced the completion of a Series C funding round on Thursday, raising a total of $133 million.
A trio of firms led the Series C, according to Fireblocks: investment manager Coatue, the fintech-focused venture capital firm Ribbit and growth equity firm Stripes. In a reflection of Fireblocks' bid to cater to the banking industry's growing interest and involvement with digital assets, BNY Mellon and SVB Capital participated as strategic investors in the round.
The latest tranche of funding comes months after Fireblocks closed a $30 million Series B round led by crypto VC firm Paradigm. Fireblocks has raised a cumulative $179 million in funding to date, the firm said Thursday. Existing investors of Fireblocks, including Paradigm, Galaxy Digital and Swisscom Ventures, also took part in the Series C round.
"We are humbled to have the top VCs in Fintech, and the most important strategic partners support our mission to replatform the financial ecosystem into digital assets," Fireblocks CEO Michael Shaulov said in a statement. "Their financial backing guarantees the long term stability, technology superiority and service delivery to our exponentially growing customer base."
Fireblocks offers a suite of digital assets services, including custody and transfer, and is among a growing number of industry firms seeking to cater to the institutional customer base. CoinDesk reported last month that BNY Mellon had tapped Fireblocks as part of a plan to hold digital assets on behalf of its customers.
“Our partnership with Fireblocks is consistent with our belief that a new financial ecosystem is emerging and that companies like Fireblocks are essential,” Kris Fredrickson, managing partner for Coatue, said in a statement.
Interest from banks and other financial institutions has raised the profiles of companies offering digital asset custody. In a sign of the times, PayPal formally announced that it plans to acquire Curv this year. Such developments are taking place against the backdrop of a wider effort in the industry to develop to become so-called prime brokers that can offer a variety of services, including custody, to institutional clients.