An Israeli cryptocurrency security company, Fireblocks that provides digital asset infrastructure has raised $550 million from institutional investors, seeking to make it one of the biggest funding rounds in the cryptocurrency sector. According to the latest investment, the business is worth $8 billion.
The funding was led by D1 Capital Partners and Spark Capital, with involvement from General Atlantic, Altimeter, Index Ventures, as well as CapitalG, Alphabet’s growth fund.
Fireblocks Chief Executive Officer Michael Shaulov, whose business provides a range of cryptocurrency-related services such as custody and tools for minting digital tokens, said it was CapitalG’s second crypto investment.
According to an email from Fireblocks, the funds would be utilized for acquisitions and to develop into new sectors like payments. It collaborates with several businesses and financial institutions to create digital assets by providing the necessary infrastructure to maintain digital assets.
Crypto Adoption Surging Gradually Along With Some Hindrances on its Path
Also, the latest report of Gartner, predicts that one-fifth of the major organizations will use digital currencies by 2024, inferring that crypto adoption by large corporations would then speed up by 2022 and beyond.
Also, even as an increasingly hawkish Federal Reserve prompted a meltdown in everything from digital tokens to high-priced technology stocks, crypto businesses continued to raise funding at fast-expanding values in January. Some venture capitalists are already warning that the business has gotten ahead of itself and that a reckoning is on the horizon.
As per Dan Sundheim, founding member of New York-based D1, one of the key investors in the latest funding session, Fireblock’s infrastructure clinches an approximate 15% of daily cryptocurrency transaction volume.
Well, we certainly are witnessing more and more companies thrive in the field of cryptocurrencies and blockchain technology. This leads us to an assurance that blockchain technology and cryptocurrencies are the future that awaits us.