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Fireblocks custodian has raised $550 million at a valuation of $8 billion

Fireblocks custodian has raised $550 million at a valuation of $8 billion

Cryptocastodial services provider Fireblocks has raised $550 million in a Series E funding round. Investors valued the company at $8 billion, according to a press release.

The round was led by D1 Capital Partners and Spark Capital. General Atlantic, Index Ventures, Mammoth, CapitalG  (an independent growth fund within Alphabet), Altimeter and ParaFi Capital also participated;

Earlier investors Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm and SCB10x also joined the round.

Fireblocks CEO Mikhail Shaulov in a conversation with The Block called the company's results for last year "phenomenal. According to him, the number of users of the platform increased from 150 to 800, while revenue grew by 600%;

Shaulov did not specify the amount of revenue in absolute terms, but stressed that the firm has not yet reached profit.

Founded in 2018, Fireblocks provides institutional players with a secure storage platform, access to DeFi services like Aave Arc, crypto-asset stacking and tokenization capabilities.nbsp

Bank of New York Mellon, Revolut, Galaxy Digital, BlockFi, Deribit, eToro, CoinShares, Three Arrows Capital, and B2C2 use custodian services. The assets involved in Fireblocks total $45 billion.

The company will use the funds to expand its customer base, support various DeFi services and new blockchain platforms like Terra, as well as to increase its staff from the current 300 to 600 employees.

Recall that Fireblocks raised $310 million in July at a valuation of $2 billion;

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