According to March 18 message Wall Street Journal, the launch of the cryptocurrency Fireblocks raised $ 133 million in a round of Series C funding with BNY Mellon and hedge fund firm Coatue Management, venture capital firm Ribbit Capital and Stripes.
BNY Mellon’s strategic investment in Fireblocks is reportedly part of the bank’s plans to implement Fireblocks technology in its upcoming cryptocurrency platform. As previously reported, BNY Mellon officially announced creation of a specialized digital asset unit to create a platform for the management and administration of multiple assets for traditional and digital assets.
Fireblocks was founded in 2018 by veterans of Israeli military intelligence, including Michael Shaul, who previously co-founded the mobile security startup Lacoon Mobile Security. The company also specializes in the safekeeping of digital assets working to accelerate speed digital transactions. According to WSJ, the latest round of funding brings Fireblocks more than $ 900 million, with the company earning a total of $ 179 million.
BNY Mellon and Fireblocks did not respond immediately to Cointelegraph’s request for a comment.
BNY Mellon is not the only banking institution preparing to launch its own cryptocurrency solution. Deutsche Bank is also planning move into the cryptocurrency business along with trading and issuing tokens.
This was claimed by Bryan Routledge, associate professor of finance at Carnegie Mellon University Crypto storage is not that different from the traditional services already offered by the old banks. Storing a pair of public and private keys is important, “but it’s not that difficult,” or it shouldn’t be for most banks, he says.