Asset Transfer Network Launched by Fireblocks, Over 55 Institutions Sign Up

Fireblocks, an enterprise-grade digital asset platform, has announced the launch of the “Asset Transfer Network” for institutions. Fireblocks states that over 55 institutions and 26 digital asset exchanges are already active on the Network. Fireblocks, which supports 200+ tokens, enables the safe transfer of assets on-chain, working with some of the largest participants in the sector.

The Fireblocks Network is said to be designed to solve one of the core impediments to the adoption of digital assets by financial institutions: the lack of security and speed of transfers. By using Fireblocks, financial institutions may securely find and connect with their peers while streamlining settlement and post-trade operations. The Fireblocks Network increases both liquidity and operational efficiency, thus helping to encourage more traditional financial services firms into the digital asset sector.

Fireblocks claims that outside its Network, transfers can be spoofed, human error can cause problems and fraudsters can pilfer digital assets. The company states that existing methods such as test transfers and whitelisting have been ineffective and vulnerable to fraud. The Fireblocks Network is “significantly more efficient and secure, reducing a cumbersome, manual process that previously took hours or days for most institutions to one that takes just a few seconds.”

Michael Shaulov, CEO and co-founder of Fireblocks, says the launch of Fireblocks Network makes it possible for users to store and transfer across the institutional ecosystem minus any middle-men:

“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,” says Shaulov.

Todd Morakis, co-founder of JST Capital, says that new counterparties frequently ask if they are on the Fireblocks Network:

“We know the security and speed are there when it comes to operations and transferring assets with that counterparty.”

Fireblocks is continually expanding the Network’s connectivity by adding new partners, tokens, and exchanges, as well as developing options for participants to settle with non-members. The Fireblocks MPC-based Hot Vault is said to provide the security of cold storage with the convenience of a hot wallet.

Fireblocks reported in April that it has secured the transfer of over $30 billion in digital assets. The company incorporates an insurance policy that covers assets in storage & in transit.



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