The rebranded Libra network will leverage the partnership to come out with an initial product at the end of this quarter.
According to the company’s press release, Fireblocks and First Digital Assets will provide a secure wallet and infrastructure for financial institutions to connect to the Diem network. Without a turnkey solution that covers all integration aspects, any institution looking to add support for Diem would have to build the technology from scratch and qualify as a Virtual Asset Service Provider (VASP).
“As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Diem network, we’re excited to be working with Fireblocks to deliver everything a VASP needs, from risk to on/off-chain communication, and liquidation,” said Ran Goldi, the CEO of First.
Founded in 2017, First has launched the first global digital payment platform as a service, enabling large merchants, PSPs, and Acquirers to accept and process stablecoin payments. Fireblocks is an enterprise-grade platform providing solutions for moving, storing, and issuing digital assets.
The Diem stablecoin will be integrated with members of the Diem Association like Spotify, Uber, Shopify, Farfetch, and Lyft. Michael Shaulov, the CEO of Fireblocks, said the companies have provided merchants and payment service providers an integrated way to use the Diem stablecoin.