Many crypto firms and affiliates have resorted to different financing, and fundng forms explicitly targeted to improve their services. That is no surprise, as the Blockchain space’s growth, which is set to triple by the end of the year, has been a significant factor behind such moves. However, Fireblocks, one of the world’s largest crypto asset custodians who provide Blockchain services to institutional clients like Commercial banks, Crypto exchanges, and asset managers, have now confirmed that it has raised $133 million in a new series of funding led by prominent market movers like Coatue, Stripes, and Ribbit.
BNY Mellion and other top players partook in the funding
The blockchain technology company also confirmed that other industry players like BNY Mellon, one of the world’s largest banks, partook in the Series C funding. SVB Capital, Paradigm, and Galaxy digital were also prominent names who helped the digital asset custodians raise $133 million for their business. The idea behind Series C funding is to raise funds for a Company that is stable and targetting expansion. That typically describes Fireblocks, as the company, which raised $32 million in November 2020, has continued to grow from strength to strength since inception.
According to Fireblock’s CEO- Micheal Shaulov, he believed that the surge in the number of clients, which had exceeded their projections for the year, is a solid reason why they need to expand again. Shaulov believes that its commitment to providing its customers with top-notch infrastructure and services drives them to improve their system. The Executive confirms that the new funding will help the company move towards its projection and likely surpass it.
Fireblocks want to continue to serve its customers
According to Shaulov, the company’s first move is to bring in more experts and talents to join the existing experts in the system. Fireblocks will first be hiring 100 new employees, which will take their employee capacity to 200 in total. Most of the new employment will be focused on the frontline, as the Executive believes that the company already posses enough backend staffs. Shaulov confirmed that most of the success that has been enjoyed by Fireblocks in the last year, has solely been due to the effectiveness and hardworking prowess of its backend staff. The Executive reiterated the company’s desire to continue to cater to its rapidly growing number of customers, and believe that the new funding will make things more easier.
The Executive also confirms that the new funding will assist the firm in the lauching of new products will further serve both its existing and new customers. One of the new investors, Ken Fox, the founder of Stripes Group, believes that Fireblocks is taking the Blockchain space into another realm of development, especially with how they have been able to leverage operations between traditional banks and crypto exchanges. Fox believes that Fireblocks is the future and hence why his company invested in the blockchain technology firm.