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December 8, 2019
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Blockchain

Security Platform Is Up To $2.5B In Crypto Moved A Month 6 Months After Launch

Digital asset cybersecurity startup Fireblocks announced that it is currently moving more than $2.5 billion in cryptocurrencies each month.

In a Nov. 26 press release, Fireblocks revealed that the company has seen a 400% increase in customer growth, and that crypto transfer volumes are growing 150% month to month since the startup announced its launch out of stealth mode on June 11 after garnering $16 million in funding.

In the six months since, the New York-based startup can reportedly count crypto merchant bank Galaxy Digital, over-the-counter digital trading platform Genesis Global Trading, and Celcius among its customers. All use Fireblocks’ services to store and transfer digital assets. Fireblocks CEO and co-founder Michael Shaulov said:

“There are other good institutional wallet offerings on the market, but The Fireblocks’ Secure Transfer Environment is what makes us so unique […] The Fireblocks Secure Transfer Environment gives financial institutions an ultra-secure account that connects to a high-speed payment network – this enables the swift and secure movement of blockchain-based digital assets between exchanges, counterparties, custodians, and customers.”

Investing in crypto security

In June, Fireblocks’ Series A funding round saw investment from companies such as Cyberstarts, Tenaya Capital, EightRoads (Fidelity INTL), Swisscom Ventures and MState. 

Shaulov said at the time that his startup created a platform that secures the process and simplifies the movement of funds into one or two steps. Explaining why there was a need for Fireblocks, Shaulov added:

“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.”

Initially, the startup supported 15 digital asset exchanges. Today, Fireblocks is integrated with 23 digital asset exchanges and offers support for over 180 cryptocurrencies, tokens and stablecoins.



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