Illustration from Freepik

On October 27, in a press release shared with The Chain Bulletin, Fireblocks announced that it had surpassed the threshold of $150 billion in digital assets secured for its institutional customers on the platform. Moreover, the company will be expanding its European-based operations to France and The DACH Region by adding two new offices in Germany and France.

In the press release, Fireblocks revealed its plans to enter the European market alongside 20+ institutional customers, including fintech leaders Revolut, B2C2, and AMDAX. The company stated that with its innovative MPC-CMP-built wallet technology, it will provide the “secure rails and wallet infrastructure” to enable its customers to introduce creative products and services and find new revenue streams while introducing innovations to modernize global payment services.

“We checked a lot of custodian solutions on the market, and by far the best one for us was Fireblocks,” said Melvin Lazeron, Co-Founder & Director of AMDAX. “Their solution not only has cutting-edge tech with its MPC technology (enabling more client flexibility and control), but it also greatly decreases our administrational burden and vastly increases our settlement speed. On top of all of that, Fireblocks enables us to offer the most comprehensive digital asset insurance to our clients. This gives our clients a much better and safer experience and results in a more mature market.”

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According to the press release, with Fireblocks’ expansion in Europe, the company has appointed Jason P. Allegrante as its first Head Regulatory Counsel and Global Chief Compliance Officer. Mr. Allegrante is said to bring over a decade of experience of advising on global regulatory issues relevant to the organization’s field of operation, taking the responsibility of supporting Fireblocks’ team across compliance matters.

As the European Union has recently taken steps to accelerate local cryptocurrency adoption, new regulatory rules were proposed to provide legal guidance and clarity for corporations and institutional investors. According to Fireblocks, the surge in new consumer-facing crypto products, which was seen this year alone, points to growth in the market and allows for “new opportunities for entrants”.

“The EU region is seeing increased interest from institutions as new regulatory clarity provides a framework for how to compliantly operate in the digital asset space,” said Michael Shaulov, CEO of Fireblocks. “We are excited to expand our footprint in the region to help our customers launch product offerings for digital asset support and provide the tools that will steward this next phase of growth, innovation and adoption.”

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