Financial services firm Siam Commercial Bank’s corporate venturing unit, SCB 10X, co-led a $310m series D round yesterday for Fireblocks, the US-headquartered developer of an asset transfer network.
The round was co-led with DRW Venture Capital, the venture capital arm of principal trading firm DRW, as well as Sequoia Capital, Stripes, Spark Capital and Coatue Management. It valued the company at $2.2bn according to TechCrunch.
Fireblocks has built a cloud software platform which allows organisations to safely transfer digital assets and settle transactions, utilising chip isolation technology to secure the transfers.
The company said in a blog post: “As we help launch and support the next wave of digital asset businesses, our newest funding round will ensure that our service reliability keeps pace with our accelerated growth as a company.
“Part of the new funding will add more resources to customer success and, most importantly, research and development resources that extend the platform’s throughput, scalability and performance.
“We are working on a new and extensive programme to simplify the interaction with the Fireblocks platform and its reliability as critical infrastructure to our clients.”
Fireblocks launched in June 2019 with $16m in series A funding from telecommunications firm Swisscom’s investment arm, Swisscom Ventures, as well as investment and financial services group Fidelity’s Eight Roads Ventures unit, Cyberstarts Ventures, Tenaya Capital and MState.
The company added $30m five months later in a series B round led by Paradigm that also featured Cyberstarts, Tenaya Capital, Digital Currency Group, Galaxy Digital and Cedar Hill Capital.
Coatue, Ribbit Capital and Stripes co-led Fireblocks’ $133m series C round in March, investing with Swisscom Ventures, financial services firms BNY Mellon and SVB Financial Group, Paradigm, Galaxy Digital, Tenaya Capital and Cyberstarts.
