Bank of New York Mellon Corp (NYSE:BK) Injects A Cash Investment In Fireblocks

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Bank of New York Mellon is one of the parties that injected their cash in Fireblocks, a platform entrusted by businesses for the storage, movement, and issuance of cryptocurrencies.

Major investors

The parties participating n the $133 million funding round included the investment firm Ribbit Capital,  SVB Capital, growth equity firm Stripes, and hedge fund Coatue Management. The company’s move comes when it has been talking a lot about deepening its business focus to digital assets.

Fireblocks has a long-standing reputation for helping banks and other financial institutes with everything surrounding cryptocurrencies. The bank pointed out Fireblocks’ outstanding reputation, outlining it as part of the reasons it had seen it fit to invest in the leading platform.

Reports show the latest round as having uplifted Fireblocks, boosting its valuation to stand at almost $1 billion. A person familiar with the matter discloses the existing investors, including Swisscom Ventures and Paradigm, Galaxy Digital. According to him, the mentioned parties also participated in the latest round.

Betting on cryptocurrencies

Over the previous month, reports came out outlining the bank’s rush to bet on digital currencies such as bitcoin. The others joining in the quest included several top-tier financial services firms focusing on digital assets rages. The bank takes great pride in its move to create a new unit to serve clients. It is a move that opens up new and greater possibilities. The target is to empower clients to hold, transfer and issue digital assets.

Major financial institutions such as Mastercard and BlackRock seem more receptive to embrace the latest changes. Reports show that the two institutions as backing up some particular digital currencies.

On Wednesday, Morgan Stanley made history by becoming the first major U.S. bank to focus its business on serving clients in need of accessing bitcoin funds. The bank outlined that it was focusing specifically on wealth management.

Fireblocks enjoys a significant presence in North America, Asia, and Europe. Some of its major customers include market makers, exchanges, hedge funds, banks, and neobanks. Sources indicate that the company has so far managed to raise about  $179 million in funds.

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