BNY Mellon Investing in Crypto Startup!

Today Bank of New York Mellon announced they are investing in a crypto startup Fireblock. Fireblock focuses on security and and protection in transfer of bitcoin and other crypto. The company will likely help assist Bank of New York Mellon with the banks recent announcement last month on being a custodian of crypto.

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This is important news because in the past cryptos stored on exchanges and individually when lost are not insured. With a well established bank willing to take on this task it allows for better protection/insurance on the crypto that is being stored. This type of security will also benefit the crypto adoption as new investors are large institutions that need assurance on holding crypto can now rely on banks.

A little background on Fireblocks. The company advertises itself as the #1 Institutional Digital Asset Custodian. It recently raised $133 Million in investment that includes what BNY Mellon has invested which makes the company's total evaluation at $900 Million.

In 2017 a few cybersecurity experts came together to form Fireblock.
The company has offices through the globe and has experience in cybersecurity protection against crypto hackers.

In 2017, the infamous Lazarus Group hacked into four South Korean exchanges and stole $200M of Bitcoin. Working for the cybersecurity leader Check Point at the time, the would-be founders of Fireblocks were part of the task force that investigated the massive cyber breach.

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None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!

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