Digital Assets: CoinTrade Integrates with Fireblocks to Enhance Connectivity, Security

CoinTrade, an app-based trading platform, cryptocurrency exchange and staking services provider owned by Mercury Co., Ltd, has announced its integration with Fireblocks, a platform to create innovative products on the blockchain and manage day-to-day crypto operations.

Whilst the digital assets industry has evolved rapidly over the years, incidents of theft and fraud have also “increased exponentially, with $3.8 billion stolen from various services and protocols in 2022 alone.”

As the industry continues to grow and digital assets gain wider adoption, “there is increasing demand for solutions that meet evolving regulatory requirements around private key storage.”

The collaboration will see CoinTrade leveraging Fireblocks’ Cold Wallet solution, “which provides instant and 24/7 access to assets, distributed MPC-CMP key shares to prevent insider collusion, optical QR-based signing solution for the highest security cold storage, whilst allowing CoinTrade to seamlessly extend existing security and policy controls to cold storage.”

Stephen Richardson, Head of APAC and SVP of Financial Markets at Fireblocks, said:

“Japan has one of the most advanced and progressive regulatory environments for digital assets, spearheaded by Japan’s Financial Services Agency (FSA). However, in the wake of multiple major fallouts in the wider crypto industry, it is understandable that the FSA has reinforced major policy positions promoting financial stability and user protection. By leveraging Fireblocks’ battle-tested technology, cold storage and direct custody solutions, CoinTrade can retain tighter control over its risk and compliance operations, whilst providing users with a secure way to access digital assets.”

This integration will also see CoinTrade “connected to the Fireblocks Network, enhancing CoinTrade’s connectivity offering and providing institutional investors with direct access to the global crypto capital markets.”

CoinTrade’s institutional clients “may directly and securely connect with the Fireblocks Network of over 1,800 liquidity partners, trading venues, lending desks, and counterparties for instant transfers, rebalancing, and payments directly from their CoinTrade accounts. Additionally, connectivity to online storage will also be possible via the Fireblocks Network.”

CoinTrade continues “to strive to provide high quality services to its customers by providing new services in the digital assets space, including its staking service, CoinTradeStake, launched in July 2022 and powered by Fireblocks.”

CoinTradeStake allows registered users “to earn staking rewards on crypto-assets held in their accounts.”

Satoshi Takagi, President of Mercury Co., Ltd., commented:

“By collaborating with Fireblocks, CoinTrade will be able to further strengthen our AML/CFT compliance and effectively mitigate associated risks. Additionally, we plan to expand CoinTradeStake which we have been focused on since last year, with the goal of building and offering new services via the Fireblocks platform.”

Launched in 2021, CoinTrade is “a crypto-asset trading platform providing the world’s most secure and seamless trading experience, including a simple, intuitive interface for ease-of-use and greater accessibility.”

CoinTrade is “owned by Mercury Corporation, a consolidated subsidiary of CERES INC. which is listed on the TSE Prime Market.”

It reportedly “provides operations outsourcing, consulting, and technology solutions. On 28 July, 2022, CoinTrade launched the CoinTradeStake service, allowing users to apply for staking services via their CoinTrade account to earn rewards.”

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