Cryptocurrency exchange Crypto.com has been integrated into Fireblocks’ digital asset transfer network, giving it access to a large number of institutional players, Crypto.com said in a blog post on 17 June.
According to the announcement, joining Fireblocks’ network will expand Crypto.com’s institutional reach, giving them access to more than 400 global banks, liquidity providers, OTCs, hedge funds, and asset managers. The exchange has already turned to Fireblocks for its internal treasury management system, and the integration was just the next step in increasing its trading volume and overall presence at a global level. The CEO of Fireblocks, Michael Shaulov, said in a statement:
“We are excited that exchanges like Crypto.com are seeing real value in our institutional network, and understand the pivotal role that it can play in strategic growth and expansion plans. The Fireblocks Network not only allows for a more secure and seamless way to transfer assets, but also serves as a discovery venue for the most active institutional participants in the digital asset space.”
Fireblocks has claimed that its network has already grown by more than 627% since launch, and that it has surpassed $700 billion in transferred volume. Thanks to the Crypto.com integration, members of the Fireblocks’ network will now have secure exchange connectivity and instant settlement from one central platform.
Back in March, Fireblocks raised $133 million in a Series C funding round led by VC firms Coatue, Ribbit, and Stripes, which brought Fireblock’s total funding to $179 million since its launch. The funds not only helped Fireblocks remain independent, but also expand its settlement infrastructure and onboard new clients.