Fireblocks an enterprise platform for securing digital assets in transit, announced today its launch out of stealth mode with $16 million in Series A funding. Eight Roads Ventures invested alongside Cyberstarts, Tenaya Capital, Swisscom Ventures and MState. Fireblocks’ customers, which count some of the largest institutional digital asset trading operators like Galaxy Digital, Genesis Global Trading and more, use the platform to safeguard the digital assets in its portfolio as it is moved across exchanges, OTCs, brokerages, hot wallets, and cold storage.
Currently, Fireblocks is integrated with 15 digital asset exchanges and offers support for over 180 cryptocurrencies, tokens, and stablecoins. More than $3B in digital assets were stolen by hackers over the last 18 months due to private key theft, spoofing, and compromised credentials. Recently, Binance, the largest cryptocurrency exchange in the world lost $40MM in bitcoin due to an insecure hot wallet and compromised API credentials. Founded by Michael Shaulov and Pavel Berengoltz, whose mobile security company Lacoon Mobile Security was acquired by Check Point (NASDAQ:CHKP), and Idan Ofrat, the VP R&D of C4 Security which was acquired by Elbit Systems (NASDAQ:ESLT), Fireblocks aims to eliminate the root cause of digital asset hacks and scams.
“While Blockchain based assets by themselves are cryptographically secure, moving digital assets is a nightmare. After interviewing over 100 institutional customers, including hedge funds, broker-dealers, exchanges, and banks, we concluded that the current process is slow and highly susceptible to cyber attacks and human errors,” said Michael Shaulov, CEO and Co-Founder of Fireblocks. “We built a platform that secures the process and simplifies the movement of funds into one or two steps.”
“Sitting as part of the broader Fidelity group, we realise that cybersecurity is crucial in the adoption of blockchain and digital assets,” said Davor Hebel, Partner, Head of Eight Roads Ventures Europe. "We are excited to support the Fireblocks team as it develops a cutting-edge technology that will help propel digital assets trading to the next level of evolution, enabling huge improvements in operational efficiencies, security, and trust.”