Fireblocks, a platform with a specialization in crypto custody and settlement, has recently expanded its service offerings to include comprehensive support for the Tezos network. This new integration is designed to serve multiple user groups. Individual users of the Fireblocks Wallet now have the capability to securely store assets that are based on the Tezos blockchain. In addition to secure storage, these users can also interact with a broad range of decentralized applications that are part of the Tezos ecosystem.
For the developer community, the integration holds equal significance. Fireblocks has made its Web3 engine accessible for those who have an interest in building on the Tezos network. This engine provides a secure and efficient environment for the development of a variety of products and services, thereby contributing to the further enrichment of the Tezos ecosystem.
Adding to the credibility of Fireblocks is its past association with BNY Mellon, a significant player on Wall Street. Fireblocks’ technology was selected by BNY Mellon to offer Bitcoin and Ethereum custody solutions to its clients. This past collaboration serves as a testament to the capabilities and reliability of Fireblocks in the crypto custody sector.
Omer Amsel, who is responsible for Web3 products at Fireblocks, emphasized the importance of decentralized finance (DeFi) connectivity as a key component of their service offerings. He pointed out that the platform’s Transaction Authorization Policy allows businesses to establish specific parameters for controlling the flow of assets. This feature is designed to offer a balanced approach to asset management, ensuring security while not compromising on speed and efficiency.
Michael Mendes, the head of DeFi at TriliTech, a research and development firm focusing on Tezos, stated that Fireblocks’ support for Tezos could serve as a catalyst for more institutions to engage with the Tezos ecosystem. He highlighted Fireblocks’ “unrivaled expertise” in the areas of custody and infrastructure.
Tezos currently holds a ranking of 29th in terms of total value locked (TVL), according to data from DeFiLlama. The total value locked in Tezos is close to $49 million, and this figure has seen a growth of approximately $10 million over the past year.
Meanwhile, HSBC, one of the world’s largest banks, is reportedly working with Fireblocks on cryptocurrency custody technology. The collaboration leverages Fireblocks’ expertise in multi-party computation (MPC) for cryptocurrency safekeeping, further solidifying Fireblocks’ standing in the crypto custody landscape.
