Fireblocks’ non-custodial wallet service made for brands, startups

New offering is designed for fintechs and Web3 businesses with users looking for more control over assets after the collapse of FTX and others

article-image

rafapress/Shutterstock modified by Blockworks

share

Blockchain company Fireblocks has unveiled a non-custodial wallet service.

The white-label service allows businesses to build on top of the Fireblocks infrastructure to scale wallets to millions of users, the company said Monday.

The release comes as the customers of various fintechs and brands seek more control over assets following the crash of crypto exchange FTX — and other centralized players across the industry — over the past year,  Fireblocks CEO Michael Shaulov told Blockworks in an email. 

“They need to be able to eliminate counterparty risk for their customers,” he added. “They also want to be able to provide their users with access to DeFi and NFT apps but fear the number of major hacks that continue to happen every single week.”

Users of multi-party computation (MPC) wallet providers — such as Coinbase, Binance and ZenGo — were initially thought to be impacted by vulnerabilities identified by Fireblocks last month.

Called BitForge, the vulnerabilities “effectively downgrade the protection offered by the MPC system to that of a conventional single key system,” Fireblocks chief product officer Idan Ofrat told Blockworks at the time. 

The company’s non-custodial wallets utilize MPC-CMP, an MPC protocol introduced by Fireblocks in 2020. The MPC-CMP algorithm allows digital asset transactions to be signed up to 800% faster, and supports transaction signing from offline and cold wallets, according to a May 2020 blog post.  

The MPC-CMP technology “runs in a hardware-based trusted execution environment, rendering a true multi-layer security architecture,” according to a Monday Fireblocks news release.

“Its truly non-custodial model means that their users will never be exposed to Fireblocks’ or their own operational risks,” Shaulov said. “Should their users lose access to their devices, their assets are fully recoverable.”

India-based e-commerce company Flipkart was among those to partner with Fireblocks on a Web3-based brand engagement and loyalty program. Fireblocks has created roughly 2.4 million wallets for Flipkart users — nearly half of which came in the last month. 

“Flipkart has an ambitious goal of transforming and democratizing e-commerce in India, and Fireblocks continues to support our vision by simplifying Web3 onboarding for the masses, seamlessly embedding wallets in the background of the Flipkart mobile app,” Flipkart Labs head Ravi Krishnan said in a statement.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (6).png

Research

In recent months, a number of highly accretive developments were implemented across the protocol to improve fee capture, expand product functionality, and ultimately drive value accrual to the RUNE token, with more upgrades on the immediate horizon. These developments include hiking the minimum swap fee parameter to increase revenue, adding a Burn System Income Lever to reduce the RUNE supply, the addition of COSM-WASM smart contracting and IBC to enable an application layer, new chain integrations, and more.

article-image

A repayment plan has officially been approved, nearly two years after FTX went bust

article-image

Coinbase filed an interlocutory appeal in its case against the SEC earlier this year

article-image

FTX “never had the crypto” to make in-kind distributions, witness says at FTX’s confirmation hearing

article-image

Lucid Ventures co-founder Meta said they don’t think Solana is “abnormal” in the VC world, where it’s “standard” for many projects to fail

article-image

Plus, Polymarket hits all-time highs in daily trading volumes

article-image

Bitcoin is now in the second half of its bull market, if the previous ones are anything to go by