Fireblocks Takes Aim at World’s Biggest Banks with Crypto.com Integration

Fireblocks, an institutional digital asset custody company, announced that it has integrated Crypto.com into the Fireblocks Network, the company said in a statement on June 17. 

The Fireblocks Network has the largest and most active digital asset transfer network for institutions and the integration will allow Crypto.com to expand its reach to over 400 institutional participants including global banks, liquidity providers, OTCs, hedge funds and asset managers through the network, it said. 

“We plan on doubling the size of the network by the end of this year,” Idan Ofrat, chief technology officer and co-founder of Fireblocks, said in an interview with Blockworks. “This will include the global capital markets ecosystem and traditional financial institutions that are expanding into digital asset businesses. In parallel, we are adding more capabilities that address operational, regulatory and counterparty risks for network participants.”

Currently exceeding over $700 billion in transfer volume, Fireblocks’ platform is designed to increase operational efficiency and heighten the growth of all partners, tokens, and exchanges on its platform. 

Since launching in June 2020, the Fireblocks Network has grown 627% on the year and amassed over 400 participants who actively move assets across 30 of the world’s largest digital asset exchanges, such as Binance, Bitfinex, Coinbase, FTX and more. 

In March, Fireblocks completed a Series C round of $133 million led by Coatue, Ribbit and Stripes with investment from BNY Mellon and SVB Capital. The company has raised a cumulative total of $179 million to date, it said. 

In regards to the crypto industry, there is a massive adoption and entrance of new players from a traditional side, the world’s biggest banks shifting their activity to run on blockchain, Ofrat said. 

“We see interesting new use cases such as currency and security tokenization taking off this year. It’s already a multi-trillion market and it will continue to grow,” he said.

The integration will allow for an increase in the company’s institutional trading volume and global presence and members of the Fireblocks Network can have instant settlements on Crypto.com from one platform, the company said. 

“Our customers are always looking for more options when it comes to accessing new protocols, networks, assets, trading venues and liquidity,” Ofrat said. “We see ourselves as the connectivity layer for these various stakeholders, so providing secure and instant access to every portal across the digital assets ecosystem is what motivated us to add Crypto.com to the network.”