BNY Mellon invests in crypto storage firm Fireblocks

Bank of New York Mellon Corp is rolling the dice as it invested in Fireblocks, a cryptocurrency storage entity that enables financial institutes, including banks, to store, transfer, and use cryptocurrencies. The move sees the largest custodian bank in the world venturing deeper into the cryptocurrency world.

Along with BNY Mellon, other firms reported to have invested in Fireblocks include Coatue Management, Ribbit Capital, Stripes, and SVB Capital. These firms accounted for a hefty $133 million of total investments.

With the recently secured round, Fireblocks is now worth near $1 billion, said a person privy to the matter. Other participating firms were Paradigm, Swisscom Ventures, and Galaxy Digital.

In February, BNY Mellon joined top-tier financial services companies to invest in cryptocurrencies, including Bitcoin, noting the crypto’s aid in circulating digital assets.