America’s Oldest Bank, BNY Mellon, Investing Millions in Crypto Custody Startup
Bank of New York Mellon Corporation is investing in Fireblocks, a platform that allows banks, exchanges, fintech companies, and other financial institutions to store, move and issue crypto assets.
In a statement, Fireblock says it has secured $133 million in its series C funding and names America’s oldest bank as one of its strategic investors.
Investment firm Ribbit Capital, Hedge fund Coatue Management, growth equity firm Stripes, and SVB Financial Group’s venture capital arm SVB Capital also injected cash in the latest financing round.
With the additional investments, Fireblocks has raised a total of $179 million, making it the most well-funded crypto infrastructure provider in the industry.
BNY Mellon is investing in Fireblocks as the market value of Bitcoin (BTC) breaches $1 trillion, driving investors’ demand for access to cryptocurrencies.
Says BNY Mellon head of digital and CEO of asset servicing Roman Regelman,
“Developing products to bridge digital and traditional assets is foundational to the future of custody. Following significant due diligence and market research, we recognize Fireblocks as a market leader in providing secure technology to support digital asset services.”
The bank first jumped into crypto in February, announcing that it is working on building an infrastructure that will allow clients to transfer, hold and issue digital assets securely.
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Author: Daily Hodl Staff