The Fidelity-backed crypto-security firm Fireblocks has integrated with Bitstamp exchange to allow its institutional clients to perform their transactions with just one confirmation. This service, however, is only available to select customers, as both firms are working on adding more clearing and settlement capabilities to those running big bucks.
This collaboration also enables Bitstamp users to connect their accounts with other platforms, whilst helping Fireblocks “optimize the efficiency of cryptocurrency transactions on their platform,” the exchange said in a statement.
Fireblocks’ technology, dubbed ‘Secure Transfer Environment,’ allows for trading digital assets between exchanges, wallets, custodians, and counterparties while meeting all enterprise security requirements. It offers safe transitions of crypto assets between those providers and claims to eliminate the theft of private keys or compromise of API keys and deposit addresses using the chip isolation technology (SGX).
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The company is backed by Tenaya Capital, Fidelity’s investment arm Eight Roads, and counts Galaxy Digital, Celsius, Genesis, and other large institutional players as clients. Fireblocks supports over 180 tokens and has obtained access to more than 20 major exchanges that are reportedly moving nearly $2.5 billion in digital assets each month.
Fireblocks offers access to lending platforms
Fireblocks also tried to present several different use cases for its users, like earning passive income or safeguarding assets. Most recently, it partnered with the DeFi platform to offer OTCs, exchanges, and funds to deploy assets onto Compound and earn 3% to 7% interest.
The deal with Fireblocks also gives a further boon to Bitstamp’s operations in the US after the company has recently secured BitLicense from the New York Department of Financial Services (NYDFS), which allows the exchange to offer trading on crypto pairs to the state’s residents.
Bitstamp also added blockchain security firm BitGo as a custody provider to help securely store their digital assets. In working with BitGo, Bitstamp customers have access to a qualified custodianship that carries $100 million in insurance. It also announced its plans of supporting a new set of digital assets, which includes Circle’s stablecoin and six others.