Fireblocks Launches First Ever Institutional “Digital Asset Transfer Network”

Fireblocks, the platform which protects digital assets in transit, especially the transmission of customers’ digital assets between exchanges, announced the launch of its open and secure “Digital Asset Transfer Network” for institutions. The Fireblocks Network allows users to safely transfer digital assets on-chain while connecting with some of the largest financial institutions and exchanges.

Currently, the network can boast from more than 55 institutions and 26 exchanges, which are already active on the network. These include liquidity providers, brokers, lending desks, custodians, market makers, and clearing houses.

With more than 20 years of cybersecurity experience, Fireblocks delivers a secure infrastructure for storing, transferring, and issuing digital assets. The platform allows banks, exchanges, trading desks, and custodians to securely scale digital asset operations. The Fireblocks Network itself resolves one of the main barriers for institutions for adoption of digital assets, namely security and transfer speed.

The “Digital Asset Transfer Network” establishes a secure, on-chain way for financial institutions to securely find and connect with their associates while conducting settlement and post-trade operations. Thanks to the its new implementation, the network boosts its operational efficiency and liquidity, and opens the doors wide enough for all traditional financial institutions, which are tempted to join the digital asset world.

CEO and Co-Founder of Fireblocks, Michael Shaulov, commented on the launch:

“The launch of the Fireblocks Network makes it possible for users to store and transfer assets across the entire institutional ecosystem and removes the need for any middle-men. We’re redefining on-chain settlement processes by adding an unprecedented layer of security and efficiency, preserving the decentralized nature of blockchain and allowing it to operate at the institutional level.”

In general, digital assets are vulnerable to fraud, and the current prevention methods like whitelisting or test transfers have been rather ineffective and way too time-consuming. Settling with a counterparty through the Fireblocks Network is definitely a more secure and efficient way that also saves time. By using the network, institutions get rid of feeble and insecure elements from the settlement process e.g. test transfers, deposit addresses, and whitelisting.

Fireblocks have transferred more than $30 billion up to date, with $9.2 billion digital assets on a monthly basis. Users can transfer over 299 tokens in more than 25 exchanges and 55 counterparties.

Todd Morakis, Co-Founder of JST Capital, noted their network experience:

“When we onboard new counterparties and go through KYC processes, we’re always excited if we see that they’re already on the Fireblocks Network. We know the security and speed are there when it comes to operations and transferring assets with that counterparty.”

Fireblock is constantly broadening its network by including new tokens, partners, and exchanges, in addition to working on alternatives for participants to settle with non-members, which will be a huge breakthrough.