Fireblocks, a platform for securing digital assets in transit, has launched from stealth, marking it with the close of a $16m Series A.
Investors of the round include venture firms Cyberstarts, Tenaya Capital, Eight Roads, Swisscom Ventures and MState.
Fireblocks is an enterprise-grade platform helping financial institutions streamline digital trading operations without hindering security measures. Clients leverage Fireblocks to safeguard assets in its portfolio as they are moved across exchanges, OTCs, counterparties, hot wallets, and custodians.
The New York-based company also gives financial institutions the ability to store their assets on the Fireblocks Hot Vault where they can be safely and easily accessed.
Its technology is currently integrated with 15 digital asset exchanges and offers support to more than 180 cryptocurrencies, tokens and stablecoins.
Fireblocks CEO and co-founder Michael Shaulov said, “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 cyberattacks and human errors.
“We built a platform that secures the process and simplifies the movement of funds into one or two steps.”
Earlier in the year, Tenaya participated in the $85m Series C of fellow cybersecurity platform Armis. The company helps a business protect unprotected IoT devices by analysing datasets and interaction behaviour to identify risks or attacks.
Dominance by the North American market of RegTech has been slowly declining since 2014, data from RegTech Analyst shows. In 2014, 67.2 per cent of the 125 investment deals were companies based in North America and since then, its percentage has dropped down. Last year saw its lowest point, with only a 51.2 per cent share of the total 164 RegTech deals.
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