Fireblocks Raises $16 Million from Tenaya Capital and Fidelity

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term startup Fireblocks on Tuesday announced that it has secured $16 million in Series A funding round.

According to a Coindesk report, the funding came from two tech venture capital heavyweights - Tenaya Capital and Eight Roads, the investment arm of Fidelity International.

Fireblocks is developing a platform to secure digital assets while they are in transit. It has already attracted the attention of firms like Galaxy Digital and Genesis Global Trading which are using its solution to secure digital currencies which are in transmission across exchanges, over the counter brokerages, hot wallets, and cold storage.

Over the years, the main focus of securing digital currencies was confined within the storage level, Though cold storages and custodian services made the wallet platforms secure, the assets are really vulnerable while in transit, and the developers at Fireblocks are trying to fill this gap.

“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,” Michael Shailov, founder of the company, told the publication.

Making transmission secure

After its launch in the last quarter, the platform has already handled hundreds of millions of digital asset transfers, according to the founder. Moreover, Fireblocks’ technology has been integrated by 15 digital asset exchanges, and it supports over 180 Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

The company is boasting the level of programmable control it gives to its clients. The platform has different levels of security for various types of traders, which allows financial institutions to provide access to users ranging from traders to operation managers according to their needs.

“New uses of blockchain cannot rely on gaps in service. [Investors] need assets to be available, intractable, and transferable,” Shailov added.

“There was a need to take assets, either native to the blockchain or tokenized assets or securities, and move, trade, sell them in a reasonably fast time frame. Keeping assets locked down in cold storage like a traditional custodian is antithetical in the way [investment firms dealing in crypto] operate.”