Fireblocks crypto startup raises $133M in funding round with BNY Mellon

According to a Wall Street Journal report from 18. In March, startup Fireblocks raised $133 million in a Series C funding round involving BNY Mellon, hedge fund firm Coatue Management, venture capital firm Ribbit Capital and Stripes.

BNY Mellon’s strategic investment in Fireblocks is said to be part of the bank’s plans to implement Fireblocks technology in its upcoming cryptocurrency storage platform. As previously reported, BNY Mellon has formally announced the creation of a dedicated digital assets division to create a multi-asset storage and management platform for both traditional and digital assets.

Fairblock was founded in 2018 by Israeli military intelligence veterans, including Michael Shaulov, who previously co-founded mobile security startup Lacoon Mobile Security. The company specializes in the storage of digital assets and also works to accelerate the speed of digital transactions. According to the WSJ, the latest funding round values Fireblocks at more than $900 million, while the company has raised a total of $179 million so far.

BNY Mellon and Fireblocks did not immediately respond to Cointelegraph’s request for comment.

BNY Mellon is not the only banking institution preparing to launch its own cryptographic storage solution. Deutsche Bank is also considering getting into the cryptocurrency business, with trading and token services.

Brian Rutledge, associate professor of finance at Carnegie Mellon University, argued that cryptographic storage is not much different from the traditional services traditional banks already offer. Having a public and private key pair is important, but it’s not that difficult, or shouldn’t be for most banks, he says.

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