Fireblocks, which claims to be among the “highest-valued” digital asset security infrastructure platforms, recently announced the launch of its Fireblocks Compliance Solutions Suite in order “to streamline and simplify how institutions meet digital asset regulatory requirements and stay ahead of industry threats.”
With the industry experiencing a rise in regulatory uncertainty and the continuous evolution of various regulations, there is an urgent need “for solutions that ensure institutions remain compliant.”
According to an update shared with CI, here’s why Fireblocks Compliance Solutions Suite is important:
The new suite “enables Fireblocks customers to easily integrate transaction monitoring, wallet screening, and Travel Rule compliance into their existing transaction and compliance workflows and approvals.”
Together with partners Chainalysis, Elliptic, and Notabene, Fireblocks’ Compliance Solutions Suite will significantly “impact the digital asset industry, simplifying compliance for institutions and promoting the growth of the digital asset ecosystem.”
Amidst regulatory turmoil, Fireblocks is “offering the most innovative and institutional-grade compliance solutions to all institutions in order to prioritize compliance and push digital asset regulation forward.”
As covered last month, 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.”
