Crypto Firm Fireblocks Raises $550 Million From Investors

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The cryptocurrency firm Fireblocks has announced a new $500 million investment from institutional investors, bringing the company’s valuation to $8 billion.

According to Fireblocks, the financing was managed by D1 Capital Partners and Spark Capital. Other investors include General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund, Fireblocks said in a statement.

Fireblocks’ tasks include working with companies and financial institutions interested in building cryptocurrencies and digital assets and providing the infrastructure to keep digital assets safe.

Michael Shaulov, Fireblock’s chief executive officer, noted that the company’s goal is to turn every business into a crypto-enterprise.

Fireblocks has a network that connects its members to the digital currency capital markets. It also enables the immediate processing of payments and money transfers.

Fireblocks, therefore, tries 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,” Shaulov explained.

For more information, read the original story in Reuters.

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