Fireblocks, a cryptocurrency custodian provider, has raised $550 million in a Series E funding round led by co-led by D1 Capital Partners and Spark Capital. The company wrote in a blog announcement other investors, including General Atlantic, Index Ventures, Mammoth, and Canapi Ventures also participated.
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The Israel-based company said the latest funding brought its total valuation at $8 billion. The company plans to use the proceeds to develop self-service functionality, and hire more staff internationally. Fireblocks hinted users will get a range of new features for integration this year, such as NFTs and digital securities.
Fireblocks CEO and Co-Founder, Michael Shaulov, says that everything that is happening at the cross-section of DeFi and NFTs entertainment "will be the biggest emerging use cases in the next year and a half."
"People need to think about infrastructure that’s future-proof to layer more providers into the stack," he added.
In June last year, Fireblocks faced a lawsuit from a cryptocurrency company Stakehound over losing ~$75 million worth of cryptocurrencies it was entrusted with. Stakehound entrusted the management of private keys of wallets with balance of 38 178 ETH to Fireblocks.
Fireblocks denied any wrongdoing, claiming that the private keys were generated "by the client and stored outside the Fireblocks platform." According to the lawsuit filed at the Tel Aviv District Court, Fireblocks lost the keys due to a "human error committed by an employee." Stakehound also added that the private keys were not simply lost as Fireblocks did not transfer the "relevant private keys" to Coincover as required and agreed upon.
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