Crypto security startup Fireblocks has announced the launch of an open and secure digital “Asset Transfer Network” for institutions.
Fireblocks is an enterprise-grade platform for financial institutions that need to streamline digital asset trading operations – without sacrificing security. The company claims that its platform can securely transfer assets across exchanges, wallets, custodians, and counterparties and keep them readily available using patent-pending chip isolation security and MPC technology. Currently, the Fireblocks platform transfers $8.5B digital assets per month, with $30B+ transferred to date.
In a press release, Fireblocks said that the company launched the Asset Transfer Network in order to solve one of the core impediments around the adoption of digital assets by financial institutions: the lack of security and speed of transfers. The platform introduces a secure, open, and on-chain network where financial institutions can securely find and connect with their peers while streamlining settlement and post-trade operations. By doing so, the Fireblocks Network increases both liquidity and operational efficiency, opening the door for traditional financial institutions to join the digital asset space.
“The launch of the Fireblocks Network makes it possible for users to store and transfer assets across the entire institutional ecosystem and removes the need for any middle-men,” said Michael Shaulov, CEO and Co-Founder of Fireblocks. “We’re redefining on-chain settlement processes by adding an unprecedented layer of security and efficiency, preserving the decentralized nature of blockchain and allowing it to operate at the institutional level.”
According to Fireblocks, the platform will enable institutions to eliminate inefficient and insecure elements from the settlement process, such as deposit addresses, test transfers, and whitelisting. Over 55 institutions and 26 exchanges are already active on the network, including liquidity providers, exchanges, lending desks, brokers, market makers, clearinghouses, and custodians.
“When we onboard new counterparties and go through KYC processes, we’re always excited if we see that they’re already on the Fireblocks Network,” said Todd Morakis, Co-Founder of JST Capital. “We know the security and speed are there when it comes to operations and transferring assets with that counterparty.”
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