Crypto firm Fireblocks raises $550 million, company valued at $8 billion

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NEW YORK : Fireblocks, a digital asset infrastructure provider, said on Thursday it raised $550 million from institutional investors, making it one of the largest financing rounds in the cryptocurrency sector in the last few years.The latest investment valued the company at $8 billion.The funding w

NEW YORK : Fireblocks, a digital asset infrastructure provider, said on Thursday it raised $550 million from institutional investors, making it one of the largest financing rounds in the cryptocurrency sector in the last few years.The funding was led by D1 Capital Partners and Spark Capital, with participation from investors such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet's growth fund, Fireblocks said in a statement.

Decentralized finance refers to that segment of the market which facilitates crypto-denominated financial transactions outside of traditional banks.Fireblocks works with companies and financial institution that want to build cryptocurrencies and digital assets, providing the infrastructure - including wallets - to make the digital assets safe and secure.U.S.

Shaulov said Fireblocks has a network which connects its members to the digital currency capital markets and enables instant settlements of payments and fund transfers. He said Fireblocks aims to facilitate fund transfers in"a secure way because a lot of the hacks are not happening when you're storing it, but when you're moving or selling it."

An estimated 15per cent of daily crypto transaction volume as been secured through Fireblock's infrastructure, according to Dan Sundheim, founder of New York-based D1, one of the lead investors in the latest funding round.

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