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Crypto Platform Fireblocks Raises $30 Million With Paradigm

Singapore – The Israeli startup company Fireblocks, a regional office in Singapore, specializes in secure cryptocurrency transfers.

The executives recently announced Fireblocks‘ Series B completion and earned $30 million, bringing $46 million raised by the company to date. Paradigm led the current round with the participation of some existing investors, Tenaya Capital, Swisscom, Galaxy Digital, Gili Raanan’s investment fund CyberStarts, Cedar Hill Capital, and Digital Currency Group (DCG). 

Paradigm managing partner and co-founder Fred Ehrsam, who also works for Coinbase, confirmed his participation to Fireblocks‘ board of directors. 

The crypto security platform has provided secure infrastructures for storing, transferring, and issuing virtual currencies worldwide. It enables lending desks, custodians, banks, exchanges, hedge funds, and trading desks to securely scale digital asset operations through the MPC-based Wallet Infrastructure and Fireblocks Network.

Fire blocks executives revealed that its system has securely transferred over $150 billion worth of digital assets since its initial launch in June 2019. Among its first customers are some well-known fintech and blockchain companies, such as Genesis, Nexo, Revolut, Celsius, and BlockFi. 

According to Fireblocks, the company compromises more than 160 institutional participants, including some of the most prominent liquidity providers in the crypto industry, such as Galaxy, Amber, B2C2, and Three Arrows. 

Despite the coronavirus pandemic, Fireblocks has grown substantially and delivered positive trends in the global cryptocurrency market. Bitcoin, the most prominent cryptocurrency, is now closer to its all-time peak value of over $18,000. Currently, Fireblocks is one of the most successful blockchain companies in Singapore and Israel. It currently employs 75 people, and 50 are residing at the R&D Center We TLV Tower.Fire blocks CEO Michael Shaulov, the founder of Lacoon Mobile Security, said that they had seen a 53% increase in customer growth during the third quarter of 2020. Its traction and adoption with some of the most innovative companies are evolving rapidly and happening simultaneously.

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