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

The integration will allow for an increase in the company’s institutional trading volume.

article-image

Fireblocks leadership team (from left): Pavel Berengoltz, Michael Shaulov and Idan Ofrat; source: Fireblocks

share

key takeaways

  • “We plan on doubling the size of the network by the end of this year,” said Fireblocks CTO and co-founder.
  • 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

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.” 

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Plus, a dive into crypto’s ever-expanding unicorn club

article-image

Also, tokenization continues to grab headlines and one bitcoin miner stock soars Tuesday after inking a big deal

article-image

Fifteen million daily failed transactions disappeared from Solana

article-image

FTX debtors will pay the IRS $200M, with an outstanding lower priority claim of $685M

article-image

I’ve come to the realization that more attention is needed to create and sculpt the digital spaces where we live

article-image

The NYSE went down yesterday after a glitch caused a string of erroneous trades. Does DeFi fix this?