Fireblocks raises $550 million, valuation jumps to $8 billion

Digital asset infrastructure provider Fireblocks, has raised $550 million from institutional investors.

The latest investment valued Fireblocks at $8 billion.

The funding was led by D1 Capital Partners and Spark Capital.

Investors like General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund also participated in the funding round.

Fireblocks will “use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music,” Fireblocks CEO Michael Shaulov said.

Decentralized finance refers to that segment of the market which facilitates crypto-denominated financial transactions outside of traditional banks.

Non-fungible tokens, on the other hand, are unique digital assets that cannot be replaced.

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.