Fireblocks Reaches $600 Billion in Digital Assets Transferred

Fireblocks saw its transaction volume increase by 2,023% since last year, according to a press release published on 18 May. The growth stems from a surge in demand across large, consumer-facing apps that have moved to Fireblocks infrastructure. 

The number of new Ethereum wallets increased from 72.7 million in May 2020 to 115.3 million in May 2021. Michael Shaulov, the CEO and co-founder of Fireblocks, said the retail-focused businesses were left to carry the rising costs of managing thousands of new wallets and process millions of new transactions. Utilizing Fireblocks’ blockchain agnostic MPC-based technology, these businesses have been able to realize up to 90% in cost savings on ETH management fees, he explained. 

“We expect our volume to double before the end of the year as digital asset businesses continue to migrate away from multi-sig wallet technology and begin introducing more offerings for the growing crypto retail market,” Shaulov said in the press release. 

Two months after integrating with Fireblocks, payments platform Revolut reported 300,000 new cryptocurrency customers. Around 100,000 onboarded in the first six days of the year. As one of Fireblocks’ earliest customers, Celsius Network added 500,000 new users and currently has over $10 million worth of digital assets under management.