Fireblocks Launches Non-Custodial Wallet-as-a-Service for Businesses
Fireblocks has unveiled a non-custodial wallet-as-a-service (WaaS) designed to cater to businesses across various sectors. This move reflects the growing trend in the industry towards user-controlled digital assets, especially in light of the challenges faced by centralized platforms like FTX.
The non-custodial wallet is compatible with iOS, Android, and web browsers, thanks to a software development kit. This flexibility allows it to be used on multiple platforms.
While there is increasing interest in defi, NFTs, and native web3 functionalities among fintechs and brands, these innovations present their own security and compliance challenges. Fireblocks’ non-custodial WaaS addresses these challenges using MPC-CMP technology within a trusted execution environment, adding multiple layers of security to protect private keys.
Customizable and Real-World Application
Fireblocks’ non-custodial WaaS offers a modular and white-label solution, allowing businesses to customize the user interface and features according to their specific needs while mitigating operational risks. Flipkart, an Indian e-commerce giant, has already integrated Fireblocks’ WaaS infrastructure for its web3-based brand engagement and loyalty program.
For web3 developers, the wallet service provides various features like Web3 Wallet Link and a Policy Engine to control and safeguard user interactions with decentralized applications.
Part of a Broader Suite of Services
Fireblocks’ non-custodial WaaS is part of a comprehensive suite of services that includes treasury management for digital assets. The platform has secured more than 130 million wallets for a diverse range of clients, from financial institutions to fintech startups.
Hot Take: The Rise of User-Controlled Digital Assets
Fireblocks’ launch of a non-custodial wallet-as-a-service is a reflection of the growing demand for user-controlled digital assets in the crypto industry. As centralized platforms face challenges in terms of security and compliance, more businesses are turning towards solutions that empower users to have control over their assets. Fireblocks’ non-custodial WaaS offers advanced security measures and flexibility across multiple platforms, making it an attractive option for brands, corporates, and fintechs. With its modular and white-label features, businesses can customize the wallet service according to their specific needs, while developers can leverage its functionality to enhance user interactions with decentralized applications. Overall, Fireblocks is contributing to the broader evolution of the crypto ecosystem towards decentralized and user-centric solutions.
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