BNY Mellon has participated in a Series C financing round for crypto startup Fireblocks, joining the queue of financial firms jostling for space in the crypto realm.

The development comes shortly after BNY Mellon launched a new enterprise Digital Assets unit to speed up the development of enterprise solutions to serve the digital asset space.

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BNY Mellon CEO of Asset Servicing and Head of Digital Roman Regelman said: “Developing products to bridge digital and traditional assets is foundational to the future of custody.  

“Following significant due diligence and market research, we recognise Fireblocks as a market leader in providing secure technology to support digital asset services.”

Fireblocks, an enterprise-grade platform which supports the movement, storage and issuance of cryptocurrencies, received $133m in the Series C round. The round was led by Coatue, Ribbit, and Stripes, who were joined by SVB in addition to BNY Mellon making strategic investments.

Previous backers including Paradigm, Galaxy Digital, and Swisscom Ventures also participated.

The completion of the round takes the total amount of capital raised by Fireblocks until now to $179m.  

The firm intends to use the fresh infusion to expand global resources to service banks and fintechs and connect them to crypto capital markets.

Fireblocks has banks, fintechs, exchanges, liquidity providers, OTCs and hedge funds as clients.

Currently, it serves more than 200 financial institutions and has secured over $400bn in digital assets.

Fireblocks CEO Michael Shaulov said: “Fintechs and banks require not only a specialised custody and settlement infrastructure to ensure customers funds are safely managed, but a platform that enables new lines of digital offerings.

“While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services.”

Recently, it was reported that Morgan Stanley is offering its wealth management clients in the US access to Bitcoin funds, in the first such move by a big US bank.

Last month, Swiss private bank Bordier & Cie too jumped into the crypto game through a partnership with Sygnum. Under the agreement, the bank fully integrated Sygnum’s B2B banking platform to help its customers buy, hold and trade crypto currencies.