Digital Assets Platform Fireblocks Joins Forces With Payments Platform First to Launch Institutional Diem Infrastructure for Virtual Asset Service Providers

Fireblocks, an enterprise-grade platform providing the infrastructure for moving, storing, and issuing digital assets, announced on Tuesday it has joined forces with payments platform First to create a secure wallet and infrastructure for financial institutions to connect to the Diem network to facilitate transactions, enabling clients to utilize Diem as a payment method within existing consumer experiences.

Fireblocks reported as the Diem Association prepares to go live, it is expected that many financial service providers such as banks, exchanges, PSPs, eWallets, and others, are planning to support Diem within their existing offering. Any institution or fintech looking to add Diem support would have to build the appropriate technology to accommodate the new payment system and be qualified as Virtual Asset Service Providers (VASPs).  Michael Shaulov, CEO of Fireblocks, further spoke about the collaboration by stating:

“Diem, through its digital currencies, is set to empower a wider adoption of cryptocurrency and will require the highest levels of security for real-time payments and ensure the safety of funds and financial data of its users. To accelerate the adoption of Diem payments, Fireblocks has partnered with First, to provide an easy to use platform for licensed providers to launch services supporting Diem.”

Ran Goldi, CEO of First, added:

“We believe in revolutionizing payments, and it starts with Diem. As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Diem network, we’re excited to be working with Fireblocks to deliver everything a VASP needs, from risk to on/off-chain communication, and liquidation.”

Founded in 2018, Fireblocks claims it streamlines operations by bringing all your exchanges, OTCs, counterparties, hot wallets, and custodians into one platform. Wallets, deposit addresses, and API credentials are secured using patent-pending chip isolation technology and the newest breakthrough in cryptography (MPC). Since launching in 2019, Fireblocks has reportedly facilitated the transfer of over $150 billion in digital assets for enterprise and institutional customers in AsiaEurope, and North America.

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