Fireblocks exceeds $ 600 billion in transferred digital assets
Retail companies such as Revolut, BlockFi Trading and Celsius drive platform growth
NEW YORK, May 18, 2021 / PRNewswire / – Fireblocks (www.fireblocks.com) announced today that it has secured the storage and transfer of $ 637 billion in digital assets since its launch in 2019. The 2023% increase in transaction volume since last year is the result of increased demand in large consumer applications launching new services or migrating to infrastructure Fireblocks to dramatically reduce operational costs and inefficiencies.
With the creation of new Ethereum wallets increasing from 72.7 million to nearly 115.3 million May 2020 at May 2021, the cost of managing thousands of client portfolios and processing millions of transactions daily has skyrocketed. Using Fireblocks’ blockchain-independent MPC technology, these retail companies have been able to save up to 90% on ETH management fees. Similar to multi-sig wallets, a previous standard used by institutions to manage cryptocurrencies, MPC-based technologies may offer new advantages in security, scalability, and the ability to support more assets. of blockchain.
“Retail platforms have seen the greatest increase in operational costs associated with the exponential creation of new wallet addresses and transaction fees on the ETH network,” said Michael shaulov, CEO and co-founder of Fireblocks. “We expect our volume to double before the end of the year, as digital asset companies continue to move away from multi-sig wallet technology and begin to introduce more offerings for the growing digital asset market. crypto retail. “
Two months after integration with Fireblocks, Revolut reported 300,000 new cryptocurrency customers, adding 100,000 of them in the first six days of this year. Celsius Network, one of the first Fireblocks customers, ad in April, it propelled its growth to 500,000 new users with more than 10 billion dollars value of digital assets under management, signaling continued growth in consumer interest in the digital asset space.
“Thanks to Fireblocks, we have significantly reduced blockchain fees for Ether and ERC-20 token transfers. MPC technology eliminates the multi-sig smart contract that causes transactions to consume additional gas,” said Max Sapelov, Co-Founder and CTO, CoinLoan.
By providing institutions with an easy-to-use platform and a robust API, Fireblocks removes the complexity of working with digital assets while providing the largest liquidity providers, lending bureaus, OTCs and DeFi applications with assurance and high-end compliance. and security measures to seamlessly create and scale digital asset products.
Fireblocks is a leading enterprise platform providing a secure infrastructure for the movement, storage and issuance of digital assets. Fireblocks enables banks, fintechs, exchanges, liquidity providers, OTCs, and hedge funds to securely manage digital assets across a wide range of products and services. The technology consists of the Fireblocks network and the MPC-based portfolio infrastructure. Fireblocks serves over 250 financial institutions and has secured over $ 637 billion in digital assets. Fireblocks has a unique insurance policy that covers storage and transit assets and offers 24/7 global support. For more information, please visit www.fireblocks.com.