Fireblocks, a platform which secures and protects digital assets in transit, is getting some serious backing for its latest project from the proprietary investment arm of Fidelity International.
The USD 16 million in Series A funding from investment heavyweights including Cyberstarts, Tenaya Capital, and Eight Road will now enable Fireblocks to seek further backing and further increase its development.
The company is certainly a friend of the industry enabling users to safeguard themselves from digital hacks and being compromised online. Their platform now offers users increased security using industry standard protection. Exchanges are increasingly looking at companies such as this to protect the transmission of storage of digital assets.
The platform also allows the use of several layers of security including passwords, biometrics, and two-factor identification, which have all now become industry standard. Co-Founder Michael Shailov stated that his main aim is to eliminate cybercrime and protect clients from such events as “clearly sophisticated hacking by true professionals, including nation-states“. Even governments around the globe are now considering blockchain as part of their anti-hacking protection. Shailov explained that transfer speed is becoming more important as a means of protecting users:
“THERE WAS A NEED TO TAKE ASSETS, EITHER NATIVE TO THE BLOCKCHAIN OR TOKENIZED ASSETS OR SECURITIES, AND MOVE, TRADE, SELL THEM IN A REASONABLY FAST TIME FRAME… KEEPING ASSETS LOCKED DOWN IN COLD STORAGE LIKE A TRADITIONAL CUSTODIAN IS ANTITHETICAL IN THE WAY [INVESTMENT FIRMS DEALING IN CRYPTO] OPERATE.”
The company has grown quickly from its startup this year with hundreds of millions of dollars’ worth of crypto transfers already successfully protected, with a network linked to 15 exchanges and 180 cryptocurrencies, including tokens and stablecoins.