Tag: Fireblocks

Fireblocks Integrates Astar Network, Boosting Secure DeFi Access for Institutions

by Blockchain News

Digital asset management platform, Fireblocks, has now incorporated Astar Network, Japan’s leading blockchain, marking an expansion in the company’s secure services for institutional investors. With the new integration, over 650 banks and financial institutions can now tap into Astar’s thriving DeFi ecosystem, as well as trade, swap, and lend digital assets on Astar via Fireblocks.

Astar Network has rapidly become a preferred choice in Japan owing to its support for the popular Ethereum Virtual Machine (EVM) environment, as well as the addition of WebAssembly (WASM), transforming it into a multi-chain platform supporting interoperable applications.

Fireblocks, well-known for its commitment to security, has managed to have its digital asset infrastructure system certified by the Cryptocurrency Certification Consortium (C4), making it the first service provider to receive such recognition. Its multi-party computation (MPC) technology has won over traditional financial clients including BNY Mellon, ANZ Bank, and NAB, as well as Japanese trading platforms such as CoinTrade.

Stephen Richardson, Managing Director, Financial Markets and Head of APAC at Fireblocks, commented on the integration saying, “Fireblocks has always focused on facilitating institutional adoption in the digital assets industry. By leveraging our highly secure network and MPC-based wallet infrastructure, banks, exchanges, OTCs, and hedge funds can now seamlessly access Astar’s assets.”

The integration was celebrated at a special event during WebX in Tokyo, attended by more than 200 guests, including executives of global enterprises, web3 founders, and venture capitalists. The attendees gained valuable insights into the application of web3 technology in the corporate sphere, and the growing role enterprises play in web3, particularly in Japan, where the government is progressively exploring ways to utilize web3 technology.

Maarten Henskens, CEO of Astar Foundation, emphasized the impact of the integration stating, “We’re looking forward to leveraging this integration to enhance adoption while giving institutions looking to build on Astar a secure and robust way to safeguard their digital assets.”

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Fireblocks Strengthens Support for Banking & Financial Institutions

by Blockchain News

Fireblocks, a leading enterprise platform for managing digital asset operations and fostering blockchain-based innovations, has announced the expansion of its secure MPC-CMP wallet and key management technology. The expansion includes the integration of support for Hardware Security Modules (HSMs) as well as public and private cloud services from Thales, Securosys, AWS, GCP, and Alibaba Cloud. This development allows banks and financial institutions to leverage Fireblocks’ robust security measures and cutting-edge technology stack to expedite their digital asset initiatives while adhering to risk, compliance, and regulatory requirements.

Fireblocks has established itself as a trusted partner for globally recognized banks and financial institutions, including BNY Mellon, BNP Paribas, ANZ Bank, NAB, ABN AMRO, BTG Pactual, Tel Aviv Stock Exchange, and SIX Digital Exchange. These esteemed institutions have leveraged Fireblocks’ solutions to create new digital asset custody, trading, clearing, and settlement services. They have also utilized Fireblocks for tokenization of various financial products, such as tokenized fiat, central bank digital currencies (CBDC), and carbon credits.

Tel Aviv Stock Exchange’s EVP and Head of Clearing, Orly Grinfeld, expressed their satisfaction with Fireblocks, citing the successful deployment of their digital treasury bond initiative, Project Eden, in just five months. Grinfeld highlighted Fireblocks’ ability to meet their compliance and security requirements while efficiently streamlining the operations involving primary dealers, including renowned international banks such as Goldman Sachs, Deutsche Bank, and JP Morgan.

To ensure seamless integration into existing IT infrastructure and security policies of financial institutions, Fireblocks now offers expanded support, including:

  • HSM support with an open interface, enabling utilization of leading providers like Thales and Securosys, among others.

  • Enhanced support for cloud-based secure enclaves, including AWS Nitro, GCP, and Alibaba Cloud SGX, in addition to existing support for Azure SGX.

  • The capability to host all MPC key shares across multiple servers in on-premises data centers and cloud environments.

  • New cloud data centers in the European Union, Switzerland, and Hong Kong, complementing Fireblocks’ existing cloud data centers in the United States.

  • Dedicated single-tenant cloud environment for increased security.

Fireblocks’ collaboration with BNY Mellon also emphasizes their commitment to digital asset innovation. Sarthak Pattanaik, CIO of Digital Assets, Treasury Services, Clearance and Collateral Management at BNY Mellon, expressed their enthusiasm for leveraging Fireblocks’ services to address the needs of their institutional clients.

Michael Shaulov, Co-founder and CEO of Fireblocks, emphasized the business-centric approach taken by Fireblocks since its inception. Shaulov highlighted the company’s understanding of risk requirements at an architectural level, enabling them to expedite customers’ transition from proof-of-concept to production. Over the past three years, Fireblocks has successfully facilitated the entry of 50 banks into the digital asset space, showcasing their dedication to providing optimal infrastructure support for banks and financial institutions entering the market.

Fireblocks offers various components that contribute to the success of banks and financial institutions in launching digital asset products. The Fireblocks Network serves as a vital foundation, connecting a wide consortium of regulated financial institutions that have integrated digital assets on the blockchain. This connectivity grants immediate access to exchanges, market makers, and other distribution partners, such as private banks and fintech platforms. Fireblocks APIs facilitate seamless integration with leading core banking systems like Temenos, Avaloq, and FIS, expanding the ecosystem’s reach.

Additionally, Fireblocks’ tokenization capabilities enable end-to-end lifecycle management of tokenized assets, encompassing smart contract management, minting and burning, distribution, and custody across public, private, and permissioned blockchains. This grants banks full control over their digital assets during interactions with counterparties. The platform’s powerful Policy Engine further enhances security by allowing owners to govern workflows within the Fireblocks console, mitigating internal collusion, human error, and external attacks. Compliance partners can also be integrated directly into the Policy Engine, automating transaction screening workflows to meet evolving regulatory requirements and address industry threats.

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Fireblocks Debut Crypto Payments Engine After Successful Trial With Checkout.com

by Blockchain News

Multi-billion dollar crypto infrastructure services provider, Fireblocks is officially launching its crypto payments engine as it seeks to expand its broad influence in the space.

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The new payment engine is specifically designed for merchants, and the launch was fueled after the successful trial of the engine with Checkout.com.

The pilot test with Checkout.com has seen as much as $1 billion settled by the duo, giving the confidence that the service is mass tested for the broader payment industry. As confirmed by Ran Goldi, Fireblocks’ vice president of payments, the service is “Token Agnostic” which means merchants will be able to choose any type of digital currencies they wish to support.

Fireblocks’ is commencing the payment service with FIS’s WorldPay, one of the biggest payment processing companies in the world. As an infrastructure service provider that was built to support massive scaling, the Fireblocks payment solution is well-suited for the global payment ecosystem.

Fireblocks’ primary business offering did not initially include payments, but this notably became the new focus for the company when it completed the acquisition of First Digital, a stablecoin processing firm. As reported by Blockchain.News at the time, the acquisition was valued at $100 million.

According to Goldi, the new service will prioritize stablecoins for now except merchants choose their preferred digital currencies to support. The reason for this conservative embrace is because of the regulatory difference across jurisdictions.

Many merchants are beginning to warm up to the prospect of accepting digital currencies as payments. Infact, several surveys have confirmed that the majority of supermarkets, retailers, and payment processors have either laid out strategies to accept crypto as payments or are in the process of doing so.

With Fireblocks’ new venture into the space, the company will now be competing with existing payment processors in the space including but not limited to BitPay and CoinPayments.

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BNY Mellon Launches Crypto Custody Service – Report

by Blockchain News

Bank of New York (BNY) Mellon has announced that its digital assets custody service is now live as it seeks to deepen its foothold in the emerging cryptocurrency ecosystem. 

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Ranked amongst the oldest and most capitalized banks in the United States, BNY Mellon said the digital assets custody solution will aid its role as a major bridge between the emerging crypto world and the broader traditional financial ecosystem.  

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets,” said Robin Vince, Chief Executive Officer and President at BNY Mellon. “We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.”

The bank said it launched the crypto custody service by integrating the technologies of both Fireblocks and Chainalysis, noting that these firms will help it maintain the adequate security and compliance necessary to stay relevant in the highly competitive industry now and in the future. 

Arguably, BNY Mellon is positioning itself for a future that digital currencies may soon dominate. The banking giant said it commissioned a survey in which 91% of respondents who are institutional investors said they would be interested in injecting funds into tokenized products. As many as 41% of these respondents are currently holding crypto on their balance sheet, and 15% plan to acquire these assets in the near future.

With this realization, the bank said it is looking to float new products and solutions that can help it converge the needs of its traditional clients as well as those who consider crypto to be the future.

“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure Digital Asset Custody Platform for institutional clients,” said Caroline Butler, CEO of Custody Services at BNY Mellon. “We will continue to innovate, embrace new technology and work closely with clients to address their evolving needs.”

Besides BNY Mellon, Morgan Stanley, Goldman Sachs, and JPMorgan, amongst others, are also heavily invested in the space with their own tailored products and services hitting the market.

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Fireblocks Records $100M in Revenue amid Crypto Winter

by Blockchain News

Blockchain infrastructure service provider, Fireblocks has announced it has recorded $100 million in Annual Recurring Revenue (ARR). 

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“For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth,” said Fireblocks Co-founder and CEO Michael Shaulov. “We saw an unprecedented volume of new market entrants, including fintech, Web3 startups, banks, and PSPs. 

Shaulov also noted that its unique “MPC custody and treasury management technology, which has become one of the most fundamental pieces of infrastructure for the digital asset ecosystem, we have seen first-hand the innovation happening among fintechs, Web3 startups, banks, and PSPs who are diligently bringing new digital asset products to market. We will continue growing our secure and scalable product suites to meet this market demand and support every business joining the decentralized economy.”

This feat was achieved in just four years since the unicorn’s first product went live. It effectively positions it in the league of known tech startups like Twilio and Slack that have also recorded similar milestones within the same period.

Fireblocks is an important name in the cryptocurrency ecosystem nowadays as its systems allow businesses to integrate crypto services with minimal effort. Positioned as an institutional grade Software-as-a-Service (SaaS) provider, Fireblocks’ MPC-CMP technology is now used by top brands, including BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.

Investors, including Michelle Bailhe, Partner at Sequoia, have attested to the superiority in the technology that Fireblocks provides. According to her, this has contributed to the startup’s growth over the years.

Backed through a series of Venture Capital fundings, Fireblocks has gained popularity for introducing some of the most secured suites for institutions to integrate crypto-related services. As of this year, Fireblocks said it has about 1,500 institutions making use of its products, positioning it as one of the mainstream goto SaaS providers in the digital currency ecosystem.

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Crypto Custody Firm Fireblocks Integrates with the DigitalBits Blockchain

by Blockchain News

Crypto custody firm Fireblocks has launched a new integration with the DigitalBits blockchain, providing users with secure access to products and services built on the DigitalBits blockchain, such as branded cryptocurrencies, NFTs and other digital assets.

The DigitalBits blockchain is a first-layer protocol for NFTs to tokenize assets and support various brands created on their blockchains. With Beckham’s close relationship with the brand, the partnership will facilitate DigitalBits’ collaboration with global brands such as Adidas, Maserati, Tudor, Sands, Diageo and EA.

“This strategic integration by Fireblocks is a huge milestone within the DigitalBits ecosystem. This unlocks exciting growth opportunities by enabling the connection of the DigitalBits blockchain inclusive of a new category of tokens with global institutions that are embracing digital assets,” Daniele Mensi, Managing Director of the DigitalBits Foundation, said.

With this integration, more than 1,200 crypto and digital asset businesses existing on the Fireblocks network can now access the DigitalBits blockchain and can build fungible tokens and NFTs on the DigitalBits blockchain.

Fireblocks CEO Michael Shaulov said that: “Now, our customers can access the DigitalBits blockchain through the Fireblocks platform, and developers can leverage the Fireblocks suite to manage the entire lifecycle of minting, issuing, burning, and managing fungible tokens and NFTs powered by the DigitalBits blockchain. We look forward to building alongside these communities to deliver a better end-user experience for anything that touches digital assets and crypto.”

Fireblocks is a digital asset custody, transfer and settlement platform. Fireblocks is currently valued at $8 billion after raising $500 million in January.

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Fireblocks Acquires Stablecoin Payments Startup- First Digital

by Blockchain News

Fireblocks, a digital asset custody, transfer, and settlement platform, has announced its acquisition of First Digital, which is a stablecoin, and digital asset payments technology platform, in a deal whose financial detail was not revealed. 

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As the company unveiled, the acquisition will strengthen the Fireblocks’ payment offering by granting access to all of its Payment Service Providers (PSPs) in its network to accept and conduct their businesses through digital currencies. The acquisition will help all the PSPs within the Fireblock ecosystem in response to the surging demand amongst retail investors for crypto-related payments.

“We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments,” said Michael Shaulov, CEO and Co-Founder.

Fireblocks is currently valued at $8 billion following its $500 million funding round in January. Its deep liquidity arguably paved the way for this acquisition. The deep capital has also positioned the Fireblocks startup as the highest-valued digital asset infrastructure provider globally. This designation will bolster its plans to champion the emergence of a new digital payments enterprise.

Following the acquisition, the First Digital team will join the Fireblocks engineering team, adding their knowledge and expertise in the payments space to the latter firm’s growing tech stack. Ran Goldi, the Chief Executive Officer, will also assume a new role as the Vice President of Payments at Fireblocks.

Mergers and Acquisitions (M&A) are becoming a very prominent trend in the digital currency ecosystem today. To maintain a balanced stance in being prepared for the onboarding of the following 1 billion users that will enter the digital currency ecosystem, firms with adequate backing from Venture Capital (VC) firms like FTX Derivatives Exchange have been making several strategic acquisitions last year.

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Fireblocks Raises $500M, Taking Valuation to $8B

by Blockchain News

Digital asset infrastructure provider Fireblocks said that it has raised $500 million from investors, which lifted the company’s value at $8 billion.

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The investment it raised from institutional investors made it one of the largest financing rounds in the cryptocurrency sector in the last few years, according to Reuters.

The company also acknowledged that it is now the highest-valued digital asset infrastructure provider globally after receiving an $8 billion valuation, nearly four times higher than the sum it commanded during its Series D six months ago.

“We’re going to use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music,” Michael Shaulov, Fireblocks chief executive officer, told Reuters.

Fireblocks said that the funding was led by D1 Capital Partners and Spark Capital in participation with other investors such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund.

In decentralized finance, the market facilitates crypto-related transactions outside of customary banks.

Fireblocks provides the infrastructure to strengthen the security of digital assets for companies interested in building cryptocurrencies and digital assets. The company’s clients have increased from 150 to over 800 throughout 2021.

“It’s pretty aggressive growth, and we have a lot of clients from very different use cases and domains, from traditional financial institutions to leading hedge funds, exchanges, neo banks, gaming companies, payment providers and so on,” Shaulov said.

Shaulov also said that other than supporting a wide range of blockchains and tokens, Fireblocks differentiates itself by providing a network for its clients to interact by buying and selling transactions amongst each other. 

Among other services, Fireblocks also provides strategic consulting to help clients build digital asset capabilities that are already using its custody platform. 

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DeFi Protocol With Over $13,000,000,000 in Total Value Locked Launches Liquidity Pool for Financial Institutions

by Dailyhodl

A crypto protocol that helps investors earn interest is paving the way for mainstream institutions to enter the world of decentralized finance (DeFi).

In a joint announcement, Aave (AAVE) says it’s partnering with blockchain security outfit Fireblocks to launch the world’s first permissioned DeFi platform.

The new Aave Arc liquidity pool will utilize the firm’s whitelisting framework to comply with anti-money laundering (AML) regulations and screen applicants via Know Your Customer (KYC) verification.

The press release says that regulatory-compliant DeFi could bring trillions of dollars worth of traditional investment capital into the cryptocurrency space.

“While approximately $255.9 billion is currently locked in DeFi, the market has largely remained untapped by institutions due to a lack of support for enterprise-grade risk management and KYC/AML requirements.

Enabling institutional access to DeFi could unlock a trillion-dollar opportunity over the next half-decade.

Aave Arc looks to usher in this paradigm shift by unlocking secure and compliant DeFi access for financial institutions across the globe.”

Fireblocks says it has already approved over two dozen licensed financial institutions for Aave Arc including CoinShares, Anubi Capital and Celsius.

According to DeFi tracker DeFi Llama, Aave ranks fourth among all projects in terms of total value locked (TVL) at $13.52 billion.

The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Source: DeFi Llama

The price of Aave is down 6.50% to $218.06 at time of writing. The altcoin hit a monthly high of $294.74 back on December 28th after experiencing a major surge, shooting up 80.9% from $162.84 in less than two weeks.

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