BNY Mellon marches on with digital custody strategy and partners with Fireblocks
Latest news
BNY Mellon marches on with digital custody strategy and partners with Fireblocks 19 March 2021US Reporter: Maddie Saghir
Image: JHVEPhoto/adobe.stock.com
BNY Mellon has invested in Fireblocks, a platform delivering a secure infrastructure for moving, storing, and issuing digital assets, amid its development of enterprise solutions to service the rapidly evolving digital asset space.
In addition to BNY Mellon, Fireblocks also received investment from SVB. The Series C funding, led by Coatue, Ribbit, and Stripes, raised $133 million in total.
Fireblocks has a cumulative total of $179 million raised to date with previous investors including Paradigm, Galaxy Digital, Swisscom Ventures, Tenaya Capital and Cyberstarts Ventures.
With the new injection of funds from strategic investors, Fireblocks will continue to expand global resources to service the world's biggest banks and fintechs and connect them to the entire crypto capital markets.
Fireblocks will offer banks and traditional financial institutions the ability to plug into the broader decentralised finance ecosystem and all of its market participants.
Using Fireblocks' platform, banks and fintechs can deploy custody, tokenisation, asset management, trading, lending and payment solutions across public and private blockchain networks.
Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, comments: "Developing products to bridge digital and traditional assets is foundational to the future of custody. Following significant due diligence and market research, we recognise Fireblocks as a market leader in providing secure technology to support digital asset services."
"Fintechs and banks require not only a specialised custody and settlement infrastructure to ensure customers funds are safely managed, but a platform that enables new lines of digital offerings," explains Michael Shaulov, CEO of Fireblocks.
Shaulov says: "While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services.”
“We are humbled to have the top VCs in Fintech, and the most important strategic partners support our mission to re-platform the financial ecosystem into digital assets. Their financial backing guarantees the long term stability, technology superiority and service delivery to our exponentially growing customer base,” adds Shaulov.
Read more about the evolving landscape of digital assets here.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: JHVEPhoto/adobe.stock.com 