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

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

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 graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit