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A Fidelity-backed firm that’s been quietly moving crypto around for large trading firms has secured $16 million in Series A

by Celia Wan

June 11, 2019, 8:34AM EDT  ·  2 min read

Quick Take

  • Fireblocks is offering a secure way of moving cryptocurrencies between wallets
  • The company counts Galaxy Digital and Genesis Global Trading as clients, and it is backed by Tenaya Capital, Fidelity’s investment arm Eight Roads, and others
  • To securely transfer cryptocurrencies, Fireblocks implements secure multiparty computation, a cryptographical technique that was previously considered as unrealizable

by Celia Wan

June 11, 2019, 8:34AM EDT  ·  2 min read

While many cryptocurrency custodians and exchanges busy themselves with building secure wallets to store digital assets, fewer companies recognize the need for safe transitions of crypto assets between those wallets.

Fireblocks, which already counts over-the-counter trading firms Galaxy Digital and Genesis Global Trading as customers, aims to fill that gap. Previously operating under stealth mode, the firm announced today a $16 million Series A from Tenaya Capital, Fidelity-backed Eight Roads, Cyberstarts, and others.