Fireblocks is an enterprise-level solution offering a safe framework for transferring, retaining, and distributing digital assets. Fireblocks facilitates cryptocurrency exchanges, lending firms, custodial service providers, trading firms, banks, and even hedge funds to safely widen their cryptocurrency operations via the MPC-powered Wallet Infrastructure and Fireblocks Network. Fireblocks claims to have over 1,200 financial firms as its clients. The firm has successfully completed the transfer of more than $2.50 trillion worth digital assets. Notably, the firm offers a distinct insurance coverage for digital assets that are being transferred and stored.
Kevin Day, CTO of OFB, said “A higher degree of protection for our activities will be provided by fireblocks, which will permit for the secure transmission and retaining of crypto assets. We will indeed be able to strengthen the safety of our wallets and the custodial expertise by incorporating their MPC-CMP technology. Beyond providing what we think to be the greatest cryptocurrency-technology available to create our custodial system, Fireblocks’ simple-to-use crypto solution makes deployment fast and simple, sparing us both time and expense.”
The Fireblocks Network protects crypto asset management and also transfers, enabling funds and other entities to self-custody their digital holdings via a mix of Multi-Party Computation and Software Guard Extensions technologies for transaction entries and private key administration. Using the Fireblocks Network, institutions can access cryptocurrency markets worldwide and transmit and receive cryptos on a real-time basis.
The basic technology used by wallet providers and custodial to safeguard crypto assets is MPC-CMP, which facilitates multiple users, each retaining their private info, to validate a computation without disclosing even a portion of the private info.
Privacy and preciseness are two fundamental characteristics, which an MPC-CMP covenant should ensure. The use of an MPC-based wallet guarantees that the private data retained by the parties cannot be figured from the execution of the covenant. Furthermore, from the perspective of clarity, if a chunk of parties within the group chooses to mete out data or stray from the directives during the covenant execution, the MPC will not permit them to compel legitimate parties to send out a faulty outcome or trickle any private data of a genuine party.
Fireblocks CEO, Michael Shaulov said “Multi-sig systems should be regarded as legacy solutions. It cannot fulfill the requirements of the present-day business which involves interaction with cryptos on blockchains, in addition to Bitcoin.”
Shaulov further opined that firms such as Ocean Falls, which manages a diverse portfolio of assets, necessitate a multi-layer security system that is also protocol neutral. Through the deployment of the Fireblocks solution, Ocean Falls receives the flexibility along with the advantage of accessing worldwide crypto markets straightaway.