Digital asset cybersecurity startup Fireblocks announced its launch out of stealth mode with $16 million in funding, according to a press release shared with CryptoX on June 11.
Per the release, Fireblocks obtained the capital during its Series A funding round from Cyberstarts, Tenaya Capital, EightRoads (Fidelity INTL), Swisscom Ventures and MState. The startup reportedly counts crypto merchant bank Galaxy Digital, over-the-counter digital trading platform Genesis Global Trading and others among its customers, with the company declaring:
“Currently, Fireblocks is integrated with 15 digital asset exchanges and offers support for over 180 cryptocurrencies, tokens, and stablecoins.”
The author of the release claims that over $3 billion in digital assets have been stolen by hackers in the past 18 months and cites the 7,000 bitcoins (BTC) stolen from major crypto exchange Binance (worth $40,705,000 at the time). Michael Shaulov, CEO and co-founder of Fireblocks, is quoted in the announcement as saying:
“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.”
Lastly, Shaulov claims that his startup created a platform which “secures the process and simplifies the movement of funds into one or two steps.”