Fireblocks
Basics
- Institutional-grade platform to securely transfer digital assets.
- Cryptocurrency security startup helps institutions safely transfer coins between different wallets and exchanges. Fireblocks implements a non-custodial hot wallet with a MPC-based distributed key scheme in isolated chip-sets across both Fireblocks’ cloud servers and users owned secure mobile enclaves.
- “It basically provides institutional investors a simple and secure way to transfer assets from their account to any account that they have on other exchanges,” Shaulov said. “You can think about it like we created the Swift for crypto. You can transfer from your Bank of America account to your Citibank account to your JPMorgan account, but no one can go to the ATM, withdraw your funds and run away with them.”
Audits & Exploits
- Bug bounty program can be found [insert here].
Bugs/Exploits
- Got in the news after StakeHound claimed FireBlocks lost $75M worth of their ETH (22-6-2021). Fireblocks has denied any wrongdoing.
Usage
"Fireblocks announced today that their services had been used to secure $30 billion in digital asset transfers, cumulatively since their June 2019 launch. Last November, Forbes reported the Start-up moving $2.5 Billion. The Company also said that they are expanding into the Asia-Pacific region with the opening of two new offices in Singapore and Hong Kong.
In the region, the Fireblocks platform has been adopted by the Amber Group, Blitz Group, and Singapore-based crypto hedge fund Three Arrows Capital."
Pros & Cons
Pros
Cons
Team, Funding, etc.
- Michael Shaulov; CEO
- Stephen Richardson; Vice President of Product Strategy
- Amy Zhang; Vice President of Sales Asia
- Has around 200 employees (18-3-2021).
- Added former SEC Chairman Jay Clayton to its advisory board (20-8-2021).
Funding
- "it has raised $16 million in Series A funding from firms including Fidelity-backed Eight Roads and MState. It has two high-profile customers: Genesis Global Trading, owned by Barry Silbert’s Digital Currency Group, and Michael Novogratz's Galaxy Digital. It has a team of about 16 employees, with its engineering based in Tel Aviv and sales and marketing based in New York. The company will invest much of the $16 million it raised in its initial round of venture capital funding into engineering more ambitious features."
- From Decrypt (18-3-2021):
"The growing company has raised $163 million in under six months. closed a $133 million Series C round led by investment firms Coatue, Ribbit, and Stripes. The round also came with strategic investments from major clients SVB Capital and BNY Mellon as well as financing from crypto investing mainstays such as Fred Ehrsam's Paradigm and Mike Novogratz's Galaxy Digital. The first order of business with the capital infusion, then, is to double the size of the company by hiring another 100 people, Shaulov said."
Partnerships
- Is mentioned as one of the partners to NEM and its new Symbol blockchain (12-3-2021).
- Just after FireBlocks got into the news for allegedly losing $75M worth of ETH, it announced a partnership with Wirex (23-6-2021).
- From Bitcoin.com (30-6-2021):
"Treasury, a new defi service designed for institutions. This new service seeks to offer institutions the chance to garner defi-based gains without having to go the extra mile to do so. Compound Labs has partnered with Circle and Fireblocks and allows institutions to register and open a treasury account, where these institutions can wire dollars. Circle offers the conversion services to transform these dollars to USDC while using Fireblocks to keep these assets safe from attacks. Treasury will offer a fixed interest rate of 4% per year on the funds deposited."
- Has partnered with Aave to create Permissioned DeFi (3-7-2021).
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