Fireblocks Adds Full Support for Tezos Network
Fireblocks, a platform that caters to the needs of financial institutions in areas like crypto custody and settlement, has announced that it now offers full support for the Tezos network. This means that users of Fireblocks Wallet will be able to securely hold Tezos-based assets and access decentralized applications on the network. Additionally, developers can leverage Fireblock’s Web3 engine to build products and services on Tezos in a secure manner.
Potential Boost for Tezos DeFi Activity
The integration of Tezos into Fireblocks’ offering could potentially boost DeFi activity on the network. Currently, Tezos ranks 29th among all protocols in terms of total value locked (TVL), with close to $49 million locked in smart contracts. Over the past year, Tezos’ TVL has grown by approximately $10 million. By providing access to Tezos, Fireblocks opens the door for more institutions to participate in the ecosystem.
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Fireblocks’ Expertise and Connectivity
Michael Mendes, head of DeFi at TriliTech, praised Fireblocks’ expertise in custody and infrastructure. The platform’s technology was previously utilized by BNY Mellon when it offered custody services for Bitcoin and Ethereum. While known for its institutional-grade custody solutions, Fireblocks also prioritizes DeFi connectivity as part of its offering.
Tezos’ Recent Advancements and Price Performance
In 2022, Tezos launched its “Mumbai” upgrade, which marked its 13th upgrade since development began in 2014. This upgrade introduced Smart Contract Optimistic Rollups, enhancing throughput and scalability on the network. However, like many altcoins during the recent market downturn, Tezos’ price has declined. As of now, Tezos’ token (XTZ) has fallen by approximately 55% from $1.45 to $0.65.
Hot Take: Fireblocks’ Support for Tezos Enhances DeFi Potential
Fireblocks’ decision to offer full support for the Tezos network opens up new opportunities for financial institutions and developers. With Fireblocks Wallet enabling secure custody of Tezos-based assets and access to decentralized applications, more institutions can participate in the Tezos ecosystem. This move could potentially boost DeFi activity on the network, as Tezos’ TVL continues to grow. Furthermore, Fireblocks’ expertise in custody and infrastructure provides added confidence for businesses entering the Tezos space. Overall, this integration showcases the increasing importance of connectivity between traditional finance and decentralized finance.
