NEW YORK — Fireblocks, an enterprise platform for securing digital assets in transit, announced this week its launch out of stealth mode with $16 million in Series A funding from Cyberstarts, Tenaya Capital, Eight Roads (the proprietary investment arm of Fidelity International), Swisscom Ventures and MState.
The company has offices in NY and Israel.
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, counterparties, hot wallets, and custodians. Currently, Fireblocks is integrated with 15 digital asset exchanges and offers support for over 180 cryptocurrencies, tokens, and stablecoins.
More than $3 billion 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 $40 million 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, and Idan Ofrat, the VP R&D of C4 Security which was acquired by Elbit Systems, 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.”