Fireblocks, an institutional crypto custody provider, disclosed on Thursday that it has raised $550 million from institutional investors and is now valued at $8 billion.

This latest investment has made Fireblocks one of the largest financing rounds in the cryptocurrency sector in the last few years.

The crypto giant disclosed in a statement that the funding was co-led by D1 Capital Partners and Spark Capital, with participation from investors such as General Atlantic, Altimeter, Index Ventures, and CapitalG, Alphabet’s growth fund.

Fireblocks CEO, Michael Shaulov, while on a Phone interview with Reuters said the company will use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music.

Shaulov said his company’s goal is to make every business a crypto enterprise.

The US-based crypto provider cited a recent Gartner report which revealed that about one-fifth of major organizations will utilize digital currencies by 2024, suggesting that adoption of crypto by large corporations will accelerate in 2022 and beyond.

Shaulov stated that Fireblocks has a network that connects its users to the digital currency capital markets and enables instant settlements of payments and fund transfers.

He, however, revealed that a lot of the hacks are not happening when you’re storing it, but when you’re moving or selling it. Therefore, the company aims to facilitate fund transfers in a secure way, he added.

According to Dan Sundheim, founder of New York-based D1, an estimated 15% of daily crypto transaction volume has been secured through Fireblock’s infrastructure.

Fireblocks works with companies and financial institutions that want to build cryptocurrencies and digital assets, providing the infrastructure – including wallets – to make the digital assets safe and secure.

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