Fireblocks Adds Support for Tezos Network
Fireblocks, a platform that specializes in crypto custody and settlement services for financial institutions, has announced full support for the Tezos (XTZ) network. This integration allows users of the Fireblocks Wallet to securely store Tezos-based assets and utilize the platform’s decentralized applications. Developers also have the opportunity to build products and services on Tezos using Fireblocks’ Web3 engine, which offers a high level of security.
The addition of Tezos to Fireblocks’ offering is expected to boost decentralized finance (DeFi) activity on the network. Currently ranked 29th among all protocols by total value locked (TVL), Tezos has around $49 million locked in smart contracts. In the past year, its TVL has grown by approximately $10 million.
“Fireblocks brings unparalleled expertise in enterprise-grade non-custodial and infrastructure solutions. The integration enables institutional players to access Tezos dApps and tokens and simplifies projects utilizing the Fireblocks stack to deploy on Tezos,” said Michael Mendes, head of DeFi at TriliTech.
Fireblocks Gains Recognition with BNY Mellon Partnership
Fireblocks gained recognition when it provided its technology to BNY Mellon for the custody of Bitcoin and Ethereum on behalf of the bank’s customers. While known for its institutional-grade custody solutions, Fireblocks also emphasizes DeFi connectivity as a crucial aspect of their offering. Their Transaction Authorization Policy ensures asset security while maintaining speed and efficiency by allowing customers to set specific parameters for fund flow control.
Last month, Fireblocks identified vulnerabilities called “BitForge” that pose a threat to popular crypto wallets using multi-party computation (MPC) technology. They worked with major brands like Coinbase, ZenGo, and Binance to address these vulnerabilities and prevent potential exploits.
Meanwhile, Tezos recently launched its 13th upgrade called “Mumbai,” which has significantly enhanced throughput and scalability with the introduction of Smart Contract Optimistic Rollups, according to Messari. Although Tezos has experienced a decline in price like many altcoins, falling approximately 55% from $1.45 to $0.65 over the past year, it remains an active network.
Hot Take: Fireblocks Expands Support for Tezos Network
Fireblocks’ full support for the Tezos network brings new opportunities for secure storage and decentralized application usage. With their expertise in non-custodial solutions, Fireblocks enables institutional players to access Tezos dApps and tokens effortlessly. The integration is expected to inject fresh energy into Tezos’ DeFi activity, as the network continues to grow in total value locked. Furthermore, Fireblocks’ partnership with BNY Mellon for custody services and their focus on DeFi connectivity solidifies their position in the crypto market. As both Fireblocks and Tezos continue to innovate and improve their offerings, the future looks promising for crypto users seeking secure and efficient solutions.
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