BNY Mellon invests in cryptocurrency storage firm Fireblocks

BNY Mellon invests in cryptocurrency storage firm Fireblocks

News: BNY Mellon invests in cryptocurrency storage firm Fireblocks.

(Reuters) – Bank of New York Mellon Corp has invested in Fireblocks, a platform that allows banks and other financial institutions to store, move, and issue cryptocurrencies as the world’s largest custodian deepens its focus on digital assets.

The investment by BNY Mellon was part of a $ 133 million financing round that also included hedge fund Coatue Management, investment firm Ribbit Capital, growth stock firm Stripes and SVB Capital, Fireblocks said Thursday.

The final round valued Fireblocks at nearly $ 1 billion, according to a person familiar with the matter. Existing investors such as Paradigm, Galaxy Digital and Swisscom Ventures also took part in the round.

BNY Mellon’s cash infusion came after the bank joined the onslaught of high-profile financial services providers to bet on digital currencies like Bitcoin last month. She said she had formed a new entity to help clients hold, transfer and spend digital assets.

Other financial services companies, including BlackRock Inc and Mastercard, have also recently supported certain digital currencies. Morgan Stanley became the first major US bank on Wednesday to offer its wealth management clients access to bitcoin funds.

Fireblocks is present in Europe, Asia and North America. Customers include banks, neobanks, stock exchanges, hedge funds and market makers.

The company has raised $ 179 million to date.

Fred Ehrsam, Co-Founder of Cryptocurrency Exchange Coinbase, is a board member of Fireblocks.

Reporting by Sohini Podder and Noor Zainab Hussain in Bengaluru; Adaptation by Vinay Dwivedi

Original Source © Reuters

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