Cryptocurrency Storage Company Fireblocks Raises $133 Million, BNY Mellon and Robinhood-backer Ribbit Capital Participate in Funding

March 18, 2021 9:51 AM EDT

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Fireblocks, a cryptocurrency startup that allows institutional investors to store and move digital assets, has raised $133 million in the latest funding round.

Bank of New York Mellon Corp (NYSE: BK), hedge fund Coatue Management, Stripes, SVB Capital, and Robinhood-backer Ribbit Capital all took part in the funding round, which values the company at nearly $1 billion.

Early investors in the company, Paradigm, Galaxy Digital and Swisscom Ventures, also participated in the round. The company has so far raised $179 million in funding.

“Fintechs and banks require not only a specialized custody and settlement infrastructure to ensure customers funds are safely managed, but a platform that enables new lines of digital offerings,” said Michael Shaulov, CEO of Fireblocks.

“While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services. 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. Their financial backing guarantees the long term stability, technology superiority and service delivery to our exponentially growing customer base.”

Fireblocks raised $30 million in November last year to continues investing in its crypto backend.

In February, BNY Mellon announced it will hold, transfer and issue bitcoin and other cryptocurrencies for institutional customers.

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