Fireblocks: The $8B Digital Asset Infrastructure

Institutional digital-asset infrastructure · Founded 2018 by Michael Shaulov, Pavel Berengoltz, and Idan Ofrat · HQ New York, R&D Tel Aviv · $1.04B raised · $8B valuation (January 2022) · $124M revenue (2024) · 2,400+ institutional clients · $6T+ in transactions processed.

Fireblocks at a Glance

Company	Fireblocks Inc.
Founded	2018, Israel
Co-founders	Michael Shaulov (CEO) · Pavel Berengoltz (CTO) · Idan Ofrat (VP R&D)
Headquarters	New York, New York
R&D center	Tel Aviv, Israel
Product	MPC-based custody, transfers, tokenization, wallet-as-a-service, payments network — across 150+ blockchains
Total funding	$1.04B across 6 rounds
Valuation	$8B (Series E, January 2022)
Revenue	$124M (2024, unprofitable)
Clients	2,400+ institutions including BNY Mellon, Revolut, Galaxy, Worldpay
Wallets created	550M+
Forbes Fintech 50	Five consecutive years
Status	Private · IPO candidate

Shaulov, Berengoltz, and Ofrat: The Israeli Crypto-Infrastructure Cohort

The three co-founders came out of the Israeli cybersecurity ecosystem. Michael Shaulov, the CEO, is a serial Israeli entrepreneur with a background in mobile security and cyber — he previously co-founded Lacoon Mobile Security, which was acquired by Check Point Software in 2015. Pavel Berengoltz, the CTO, is a cryptography specialist with roots in Israeli defense and intelligence-sector engineering. Idan Ofrat, VP R&D, brought enterprise infrastructure depth. The founding thesis emerged from a specific problem: institutional investors and financial firms wanted to participate in digital-asset markets but lacked the security infrastructure to custody and transfer crypto assets at institutional grade.

The key technology innovation was the application of multi-party computation (MPC) cryptography to key management — distributing the private keys that control digital assets across multiple independent parties so that no single point of compromise can steal funds. This replaced the older model of hardware security modules (HSMs) and manual key ceremonies with a software-defined, API-driven architecture that could scale across institutions, blockchains, and use cases.

The Product: From Custody to Full-Stack Infrastructure

Fireblocks evolved through four product phases. Phase one (2018–2020) was institutional custody and transfer — the MPC wallet infrastructure that banks and exchanges needed to hold and move crypto securely. Phase two (2021–2023) added DeFi access, tokenization, and treasury management. Phase three (2024–2025) launched Wallets-as-a-Service (white-label MPC wallets for fintechs and Web3 applications), the Tokenization Engine 2.0 (integrating with LayerZero for cross-chain token issuance across 35+ blockchains), and the Global Stablecoin Payments Network (cross-border payouts and merchant settlement across 100+ countries and 60 currencies). Phase four, announced in 2026, added the Agentic Payments Suite for AI-agent-initiated transactions and a DORA compliance package for EU-regulated institutions.

The platform now supports more than 150 blockchains and has processed over $6 trillion in cumulative digital-asset transactions. Fireblocks has created more than 550 million wallets. The client base of 2,400+ institutions includes BNY Mellon (the world's largest custodian bank), Revolut, Galaxy Digital, Worldpay, and over 80 banks.

The Funding Trajectory

Fireblocks raised $1.04 billion across six rounds, with the trajectory mapping directly to the crypto market cycle. The company raised a $30 million Series B in March 2021, a $310 million Series C in July 2021, and a $550 million Series E in January 2022 at an $8 billion valuation — co-led by D1 Capital Partners and Spark Capital, with participation from General Atlantic, Index Ventures, CapitalG (Alphabet's growth fund), and Altimeter. The Series E made Fireblocks the highest-valued digital-asset infrastructure provider globally.

The 2022–2023 crypto winter tested the thesis. Competitors were acquired at compressed valuations: PayPal bought Curv (an Israeli MPC custody rival), Coinbase bought Unbound Security, and Gemini acquired Shard X. Fireblocks stayed independent and continued building — acquiring Tres Finance (January 2026) for treasury-management capabilities. The $8 billion valuation has not been refreshed publicly since early 2022; market observers note that the crypto infrastructure recovery of 2024–2025 and Fireblocks' expansion into stablecoins and real-world asset tokenization may support or exceed that figure.

The Israeli Crypto-Infrastructure Position

Fireblocks anchors a distinctive Israeli position in global crypto infrastructure. Israel is not a major crypto-exchange market — Binance, Coinbase, and Kraken are headquartered elsewhere. But Israel produces the security and infrastructure layer underneath those exchanges. Fireblocks (custody and transfer), Bancor (decentralized exchange protocol), StarkWare (zero-knowledge proof scaling), and the broader Israeli cryptography R&D base (rooted in the Technion, Hebrew University, and Weizmann Institute) constitute a structural Israeli position in the cryptographic plumbing of digital finance.

Shaulov's Lacoon-to-Check Point path mirrors the broader Israeli cybersecurity-to-fintech talent flow: operators trained in cyber-defense engineering applying that discipline to financial infrastructure. Fireblocks is, at its core, a cybersecurity company that happens to serve financial institutions holding digital assets.

The New York Trust Company

In 2025, Fireblocks launched a New York state regulated limited-purpose trust company — Fireblocks Trust Company — designed to offer bank-grade qualified custody to institutional clients under New York Department of Financial Services oversight. The trust-company license is a structural differentiator: it moves Fireblocks from a technology vendor selling software to banks to a regulated financial institution that can custody assets directly. The competitive implication is that Fireblocks can now compete with BitGo, Anchorage Digital (the only federally chartered crypto bank), and Coinbase Custody at the institutional-trust level.

Frequently Asked Questions

Who founded Fireblocks?
Michael Shaulov (CEO), Pavel Berengoltz (CTO), and Idan Ofrat (VP R&D), all Israeli, co-founded Fireblocks in 2018.

What does Fireblocks do?
Fireblocks provides institutional-grade digital-asset infrastructure — MPC-based custody, transfers, tokenization, wallet-as-a-service, and stablecoin payments — across 150+ blockchains for 2,400+ institutions.

How much has Fireblocks raised?
$1.04 billion across six rounds, reaching an $8 billion valuation in January 2022.

What is Fireblocks' revenue?
$124 million in 2024 (Forbes). The company was not yet profitable as of 2024.

Is Fireblocks an Israeli company?
Fireblocks was founded in Israel by three Israeli entrepreneurs. R&D is in Tel Aviv; headquarters are in New York.

Who are Fireblocks' competitors?
BitGo, Anchorage Digital, Copper, Coinbase Custody, and the internal custody solutions of major crypto exchanges.

Will Fireblocks go public?
Fireblocks is considered an IPO candidate, though no filing has been announced. The company may pursue a listing if the crypto-infrastructure market sustains its 2024–2026 recovery.

Primary Sources

Fireblocks company blog and press releases on funding rounds and product launches. Forbes Fintech 50 profile (five consecutive years). CoinLaw Fireblocks statistics (2026). Sacra valuation analysis. Built In NYC Series E coverage (January 2022). Stablecoin Insider platform review (2026). FinTech Futures reporting. Tracxn and PitchBook funding data.