# Fireblocks

Updated: September 26, 2026

> Fireblocks is the largest independent provider of custody and wallet infrastructure for institutional clients: MPC key management, access policies, treasury, a tokenization engine and a settlement network. Founded in 2018 in Tel Aviv by Michael Shaulov, Pavel Berengoltz and Idan Ofrat and headquartered in New York, it has raised about $1 billion, most recently $550 million at an $8 billion valuation in January 2022. In the stablecoin segment the company has become the settlement layer between providers: the Network for Payments (September 2025) links 40+ providers in 100+ countries, the tokenization engine serves bank and consortium coins (Banking Circle's EURI, Qivalis, ZARsc), and the platform powers Western Union's USDPT and MoneyGram's treasury; about $6 trillion in stablecoins moved through Fireblocks in 2025. The regulated part is Fireblocks Trust Company with a NYDFS trust charter (August 2024); elsewhere the company operates as a technology provider.

- **Type per classification**: 6. Custody and wallet infrastructure; also 4. Clearing and settlement
- **Founded**: 2018, Tel Aviv; Michael Shaulov, Pavel Berengoltz, Idan Ofrat
- **Headquarters**: New York; R&D in Tel Aviv; Dubai entity (2024)
- **Ownership**: Independent; investors Sequoia, Paradigm, Coatue, Ribbit, D1 Capital, Spark, General Atlantic, BNY
- **Leadership**: Michael Shaulov, CEO
- **Legal entities**: Fireblocks Inc. (US); Fireblocks Ltd. (Israel); Fireblocks Trust Company LLC (New York)
- **Licences**: NYDFS limited purpose trust charter (August 2024); SOC 1 and SOC 2 Type 2, ISO/IEC 27001, 27017, 27018, CCSS certifications
- **Valuation**: $8B (Series E, January 2022); about $1B raised in total
- **Scale**: 2,500+ institutional clients, 100+ banks; over $14T in transactions to date; about $6T in stablecoins in 2025 (company data)
- **Regions**: Global: US, Europe, Middle East, Asia-Pacific, Africa, Latin America

## Structure and history

Fireblocks was founded in 2018 by Check Point alumni Michael Shaulov, Pavel Berengoltz and Idan Ofrat after investigating the Lazarus group's 2017 hacks of South Korean exchanges. The company came out of stealth in June 2019 with a $16 million Series A (Cyberstarts, Tenaya, Eight Roads); then a $30 million Series B (November 2020, Paradigm), a $133 million Series C (March 2021, Coatue, Ribbit, Stripes; BNY Mellon and SVB as strategic investors), a $310 million Series D at a $2 billion valuation (July 2021, Sequoia, Stripes, Spark) and a $550 million Series E at an $8 billion valuation on January 27, 2022 led by D1 Capital and Spark with General Atlantic, Index, CapitalG, Iconiq and Altimeter. Annual recurring revenue passed $100 million in the second quarter of 2022. No new rounds have been announced since 2022; in November 2025 Bloomberg reported talks to raise funds for a buyback of employee shares. In February 2023 and February 2024 the company cut 3–5% of a workforce of about 600–670.

Acquisitions: the Israeli stablecoin payments processor First Digital (February 2022, about $100 million per press reports), the tokenization platform BlockFold (September 2023, about $10 million), the embedded wallet provider Dynamic (October 2025, undisclosed) and the crypto accounting platform TRES Finance (January 2026, undisclosed).

## Products

The platform's core is multi-party computation (MPC-CMP) wallet and custody infrastructure with a policy engine, treasury operations and support for 150+ networks; on top sit the Fireblocks Network for settlement between participants, the Web3 Engine (2022), Off Exchange for trading without placing assets on an exchange (November 2023), the tokenization engine and, since February 2026, Canton Network support. In stablecoins the company occupies the settlement layer: the Network for Payments, launched September 4, 2025, brings together more than 40 providers — Bridge, Circle, Zerohash, Transak, dLocal, Conduit, OpenPayd, Reap, Yellow Card, Transfero, Zodia Markets and others — in 100+ countries and 60+ currencies; according to CoinDesk, participants process about $200 billion a month. On September 9, 2025 a strategic collaboration with Circle covered USDC, Circle Gateway, Circle Payments Network and Arc. In 2026 the company added Earn — stablecoin lending for institutional clients via Morpho, Aave and Sentora (April), an agentic payments suite and membership in the x402 Foundation (May), and Flow — stablecoin acceptance for payment providers with Flutterwave and Nuvion as first partners (June). Per company data, about $6 trillion in stablecoins moved through the platform in 2025 (+300% year on year), and stablecoins made up 69% of volume in the second quarter of 2026.

The tokenization engine serves the issuance of bank and consortium stablecoins: Banking Circle's EURI — the first bank-issued e-money token under MiCA (August 2024), the Qivalis consortium's euro stablecoin, for which Fireblocks manages issuance and distribution (April 2026), and Supercoin's rand-denominated ZARsc (September 2026). On May 4, 2026 Western Union selected Fireblocks as the core infrastructure for its USDPT stablecoin, with first launches in the Philippines and Bolivia; MoneyGram uses the platform for stablecoin payments and treasury (December 2025), and its MGUSD token is held in Fireblocks custody. Clients named by the company include Worldpay, BNY, Galaxy, Revolut, BNP Paribas, ANZ, Checkout.com and MoonPay; in the UAE it has more than 160 live accounts, including Emirates NBD and BitOasis. In September 2026 an MoU was signed with Kakao Pay and KakaoBank on a won stablecoin pilot.

## Licences and regulation

There is one regulated entity: Fireblocks Trust Company LLC filed with the NYDFS in May 2024 and in August 2024 received a limited purpose trust charter — a qualified custodian with cold storage for US institutional clients; since February 2026 it also custodies Canton Coin. Outside New York, Fireblocks operates as a technology provider and hands regulated custody to partners in its Global Custodian Partner Program (May 2024) in the US, UAE, UK, Singapore, Thailand and Australia; no MAS, FCA or MiCA CASP licences of its own were found in available sources. Certifications: SOC 1 and SOC 2 Type 2, ISO/IEC 27001, 27017 and 27018 (the first set obtained in June 2022), CCSS. In March 2026 the company joined the Mastercard Crypto Partner Program.

## Incidents and disputes

In June 2021 StakeHound sued Fireblocks in the Tel Aviv District Court over the loss of key shares controlling 38,178 ETH (about $72–76 million at the time); Fireblocks stated the keys were managed outside its platform; the outcome is unknown from available sources. On August 9, 2023 the company's researchers disclosed the BitForge vulnerabilities in implementations of the GG-18, GG-20 and Lindell17 MPC protocols, affecting Coinbase WaaS, Zengo and Binance, which were fixed after a 90-day disclosure period. No breach of the platform itself was found in available sources.

## What to watch

- A new round or employee share buyback and the current valuation after the $8 billion mark of 2022.
- The launch of the Qivalis euro stablecoin and Western Union's USDPT on Fireblocks infrastructure.
- Growth of the Network for Payments after BVNK's move to Mastercard, and integration with Circle Payments Network.
- Expansion of the regulated perimeter beyond the New York trust company.

## Sources

- [Fireblocks, about the company](https://www.fireblocks.com/about)
- [PR Newswire, on emerging from stealth and the Series A (June 2019)](https://www.prnewswire.com/news-releases/fireblocks-emerges-from-stealth-mode-with-16-million-in-funding-to-help-institutions-secure-digital-asset-movement-300865325.html)
- [PR Newswire, on the Series B (November 2020)](https://www.prnewswire.com/news-releases/fireblocks-raises-30-million-in-series-b-funding-led-by-paradigm-301176022.html)
- [PR Newswire, on the Series C (March 2021)](https://www.prnewswire.com/news-releases/fireblocks-raises-133-million-in-series-c-funding-to-bring-the-worlds-biggest-banks-and-fintechs-into-crypto-301249839.html)
- [Fireblocks, on the Series D (July 2021)](https://www.fireblocks.com/press/fireblocks-solidifies-unicorn-status-with-310-million-series-d-at-2-billion-valuation)
- [Fireblocks, on the Series E (January 2022)](https://www.fireblocks.com/press/fireblocks-raises-550-million-in-series-e-funding-to-become-the-highest-valued-digital-asset-infrastructure-provider)
- [PR Newswire, on surpassing $100M ARR (2022)](https://www.prnewswire.com/news-releases/fireblocks-surpasses-100-million-arr-milestone-cementing-its-status-as-saas-centaur-301621644.html)
- [Calcalist, on layoffs (February 2023)](https://www.calcalistech.com/ctechnews/article/rksbjrxro)
- [Calcalist, on layoffs (February 2024)](https://www.calcalistech.com/ctechnews/article/rjkvszzit)
- [The Block, on the First Digital acquisition (February 2022)](https://www.theblock.co/post/134423/fireblocks-acquires-first-dag-crypto-stablecoins-payments)
- [CoinDesk, on the BlockFold acquisition (September 2023)](https://www.coindesk.com/business/2023/09/29/fireblocks-acquires-tokenization-firm-blockfold-for-10m)
- [PR Newswire, on the Dynamic acquisition (October 2025)](https://www.prnewswire.com/news-releases/fireblocks-acquires-dynamic-to-accelerate-on-chain-adoption-for-fintechs-and-enterprises-302592788.html)
- [PR Newswire, on the TRES Finance acquisition (January 2026)](https://www.prnewswire.com/news-releases/fireblocks-acquires-tres-finance-to-deliver-the-first-unified-operating-system-for-digital-assets-302654983.html)
- [PR Newswire, on launching the Network for Payments (September 2025)](https://www.prnewswire.com/news-releases/fireblocks-launches-network-for-global-stablecoin-payments-302546374.html)
- [CoinDesk, on the Network for Payments and participant volumes (September 2025)](https://www.coindesk.com/business/2025/09/04/fireblocks-dives-further-into-stablecoins-with-intro-of-in-house-payments-network)
- [PR Newswire, on the collaboration with Circle (September 2025)](https://www.prnewswire.com/news-releases/fireblocks-and-circle-strategically-collaborate-to-accelerate-stablecoin-adoption-for-financial-institutions-302550848.html)
- [PR Newswire, on Canton Network support (February 2026)](https://www.prnewswire.com/news-releases/fireblocks-launches-canton-support-to-expand-its-regulated-tokenization-and-settlement-infrastructure-302677536.html)
- [PYMNTS, on the Earn launch and 2025 stablecoin volumes (April 2026)](https://www.pymnts.com/blockchain/2026/fireblocks-intros-stablecoin-lending-for-institutional-clients/)
- [PR Newswire, on the agentic payments suite and x402 Foundation (May 2026)](https://www.prnewswire.com/news-releases/fireblocks-joins-x402-foundation-launches-agentic-payments-suite-302777251.html)
- [PR Newswire, on the Flow launch (June 2026)](https://www.prnewswire.com/news-releases/fireblocks-launches-flow-stablecoin-acceptance-for-psps-and-fintechs-302788865.html)
- [Banking Circle, on launching EURI on the Fireblocks engine (August 2024)](https://www.bankingcircle.com/banking-circle-launches-the-first-bank-backed-mica-compliant-stablecoin-euri/)
- [CoinDesk, on Fireblocks' role in the Qivalis euro stablecoin (April 2026)](https://www.coindesk.com/business/2026/04/21/crypto-custody-firm-fireblocks-powers-bank-backed-euro-stablecoin)
- [PR Newswire, on Western Union selecting Fireblocks for USDPT (May 2026)](https://www.prnewswire.com/news-releases/western-union-selects-fireblocks-to-power-its-first-stablecoin-usdpt-302760774.html)
- [CoinDesk, on MoneyGram and Fireblocks (December 2025)](https://www.coindesk.com/business/2025/12/04/moneygram-taps-fireblocks-to-expand-stablecoin-use-in-global-payments-and-treasury-ops)
- [Fireblocks, Supercoin (ZARsc) case study](https://www.fireblocks.com/customers/supercoin)
- [Fireblocks, on its UAE activity (September 2025)](https://www.fireblocks.com/blog/uae-digital-assets)
- [Crypto.news, on the MoU with Kakao Pay and KakaoBank (September 2026)](https://crypto.news/kakao-pay-kakaobank-sign-fireblocks-stablecoin-mou/)
- [CoinDesk, on the trust company filing and custodian programme (May 2024)](https://www.coindesk.com/business/2024/05/10/crypto-custody-tech-firm-fireblocks-unveils-new-york-regulated-trust-company)
- [Cointelegraph, on the NYDFS trust charter (August 2024)](https://www.tradingview.com/news/cointelegraph:8b2b75ba0094b:0-exclusive-fireblocks-granted-new-york-charter-for-crypto-custody/)
- [Fireblocks, trust centre and certifications](https://trust.fireblocks.com/)
- [Mastercard, on the Crypto Partner Program (2026)](https://www.mastercard.com/global/en/news-and-trends/stories/2026/mastercard-crypto-partner-program.html)
- [The Block, on the StakeHound lawsuit (June 2021)](https://www.theblock.co/post/109277/staking-company-serves-fireblocks-with-a-lawsuit-over-private-keys-to-over-75-million-in-eth)
- [Fireblocks, on disclosing the BitForge vulnerabilities (August 2023)](https://www.fireblocks.com/press/fireblocks-researchers-uncover-vulnerabilities-impacting-dozens-of-major-wallet-providers)
- [Bloomberg, on talks to fund an employee share buyback (November 2025)](https://www.bloomberg.com/news/articles/2025-11-13/fireblocks-in-talks-to-raise-funds-for-buyback-of-staff-shares)

Canonical: https://stblcns.xyz/en/wiki/infrastructure/fireblocks