Providing Blockchain Security for Digital Assets
Founded in 2018 by Shaulov alongside entrepreneurs Idan Ofrat and Pavel Berengoltz, Fireblocks was created to provide enterprise-grade security infrastructure for digital cryptocurrency assets. According to the Fireblocks website, the founders of the startup crypto security company were a part of the task force formed to investigate the 2017 cyberbreach that resulted in the theft of $200 million in Bitcoin.
Today, the startup company provides a number of services for fintech businesses and financial institutions. Solutions range from multi-party computation (MCP) protocols that boost transaction speeds and security while transferring cryptocurrency funds to compliance software that automatically flags or freezes risky transactions for auditing. The cryptocurrency security company boasts that its platform is trusted by fintech businesses and financial companies to secure over $400 billion in digital assets.
“Our partnership with Fireblocks is consistent with our belief that a new financial ecosystem is emerging and that companies like Fireblocks are essential,” said Coatue Managing Partner Kris Fredrickson. “We have been thoroughly impressed with Fireblocks’ team, technology, and vision for the future. We believe that Fireblocks can help set a new industry standard for companies looking to participate in the digital assets industry.”
Securing a Growing Industry
Despite being extremely volatile, cryptocurrencies have experienced immense growth over the past few years. According to Coindesk, Bitcoin boasts a market cap of $1.08 trillion, hovering around $57,000 per coin. Ethereum currently has a market cap of $207.19 billion at about $1,800 per ether. As more and more businesses continue to accept cryptocurrency for payment, companies like Fireblocks will be needed to build a reliable and secure infrastructure for consumers and financial institutions alike.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.