NEW YORK (US) – As a part of deepening its focus on digital assets, world’s largest custodian bank, Bank of New York Mellon Corp has invested in Fireblocks, a platform that allows banks and other financial institutes to store, move and issue cryptocurrencies.
BNY Mellon’s investment was part of a $133 million funding round that also saw participation from hedge fund Coatue Management, investment firm Ribbit Capital, growth equity firm Stripes and SVB Capital, Fireblocks said.
According to sources the latest round values Fireblocks at close to $1 billion. Existing investors including Paradigm, Galaxy Digital and Swisscom Ventures also participated in the round.
The cash injection by BNY Mellon comes after the bank last month joined the rush by top-tier financial services firms to bet on digital currencies such as bitcoin, saying it had formed a new unit to help clients hold, transfer and issue digital assets.
Other financial services firms, including BlackRock Inc and Mastercard, have also recently backed certain digital currencies. Morgan Stanley on Wednesday became the first big US bank to offer its wealth management clients access to bitcoin funds.