Fidelity-backed crypto security startup Fireblocks launches ‘Secure Asset Transfer Network’

The Block | Yogita Khatri | Jun 2, 2020

Fireblocks - Fidelity-backed crypto security startup Fireblocks launches 'Secure Asset Transfer Network'Quick Take

  • Fidelity-backed crypto security firm Fireblocks has rolled out its “Secure Asset Transfer Network”
  • The network allows Fireblocks’ clients to quickly find each other and connect to send assets on-chain safely
  • Fireblocks claims to have helped transfer over $30 billion worth of digital assets to date

Fidelity-backed crypto security firm Fireblocks has rolled out its Secure Asset Transfer Network, a kind of directory in which its customers can find each other and connect to send assets on-chain.

Until now, Fireblocks operated a "Secure Asset Transfer Environment" that allowed its customers to connect their wallets and exchanges. With the "Secure Asset Transfer Network," the process of transferring assets is faster and more efficient, Fireblocks told The Block.

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The firm explained that before creating this network, if two counterparties were both using Fireblocks, they would need to add Fireblocks wallets manually. Now, they can search for a counterparty on the network and send a connection request. This approach, in turn, helps to settle with a counterparty more efficiently and reduces manual processes from "hours or days" to "just a few seconds," the company argues.

"With more institutional players joining the digital assets ecosystem, the Fireblocks Network serves as an essential layer to streamline the operations and eliminate the biggest risk in moving and settling digital value, and created the most adopted rails for executing blockchain transactions in a way that even non-technical users can use quickly and securely," Michael Shaulov, CEO of Fireblocks, told The Block.

More than 55 institutions and crypto 26 exchanges are already active on the network, said Fireblocks. Members include Binance, Coinbase Pro, Gemini, Kraken, FTX, B2C2, Galaxy Digital and Genesis Trading.

Fireblocks claims to have assisted in transferring over $30 billion worth of digital assets to date via its platform. Last month, it touched an all-time-high, securing the transfers of $9.2 billion digital assets for the month.

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