Fireblocks announced on Tuesday that it has raised a total of $16 million from companies such as Fidelity and MState in a Series A funding. The crypto security startup helps institutional investors securely move coins between various wallets and trades and as of now has two prominent clients: Barry Silbert’s Digital Currency Group’s Genesis Global Trading, and Michael Novogratz’s Galaxy Digital.

Once Fireblocks CEO Michael Shaulov succeeds, he will help institutional financial specialists make crypto trades rapid and safe. Fireblocks is propelling as a source that serves advanced resources to specific firms, however, its innovation could give the base for secure and third-party free transactions.

“It basically provides institutional investors a simple and secure way to transfer assets from their account to any account that they have on other exchanges,” Shaulov said. “You can think about it like we created the Swift for crypto. You can transfer from your Bank of America account to your Citibank account to your JPMorgan account, but no one can go to the ATM, withdraw your funds and run away with them.”

Shaulov, who sold his first cybersecurity startup called Lagoon Mobile Security to Check Point Software Technologies in 2015, was motivated to begin the organization after he explored North Korean hacks that stole more than $500 million worth of cryptographic forms of money in 2017 and 2018 as a pioneer on Check Point’s cloud security group.

Shaulov has taken a multilayered approach towards securing cryptocurrency transactions, which keeps stored assets in the users’ wallets protected while also securing assets that are in transit by taking out the need for deposit addresses and lengthy login credentials. These accounts are often targeted by middlemen who replace an authentic address with an address that belongs to some hacker instead. It is hard to point out the difference between two random strings of letters and numbers which can lead users to copy and paste a compromised address while making transactions.

Do you think Fidelity’s positive move in the sector will help in further adoption? Let us know in the comments below.