Fireblocks Enables Fintechs to Transition to Non-Custodial Wallets
Fireblocks, a digital asset custody firm, has launched a new feature that allows fintech companies to transition to non-custodial wallets. This move is aimed at freeing up big fintechs from acting as custodians and making it easier for their end users to access decentralized finance (DeFi) and other Web3 applications.
With non-custodial wallets, one of the key shares is held by the user, either in their web browser or mobile app, while the other key share is held by Fireblocks or the service provider. This setup ensures security and the ability to recover the wallet if the user loses their phone.
The transition to non-custodial wallets also opens up more opportunities for fintechs to offer DeFi, Web3, and NFT-related services. These offerings are currently outside the regulatory scope of licensed institutions and big corporates.
Enhancing Access to DeFi and Web3 Services
Fireblocks currently secures more than 130 million wallets for major companies such as BNY Mellon, BNP Paribas, Flipkart, eToro, Revolut, NuBank, and Wisdom Tree.
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