Fireblocks, a security solution for crypto transactions, on Thursday announced that its solution has been integrated by five new crypto-exchanges - OKCoin, OKEx, Korbit, Bithub, and HitBTC.

The announcement also revealed that two of its previous clients - Huobi Global and Deribit - have expanded their integration of Fireblock’s security solution.

With this new addition, the total number of crypto exchanges using Fireblock’s secure technology has gone up to 20.

The New York-headquartered company eliminates the risk of deposit address spoofing and credential theft for deposit, withdrawal, and rebalance of assets between exchanges. Its solution also provides  Market Makers  Market Makers Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry. Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a very high risk and chooses to route the flow to another liquidity provider.Such brokers are typically providing very quick execution, however an inherent conflict of interest is possible due to the fact that the brokers is making the bulk of its profits from client losses.Role of Market Makers in FX IndustryIn the FX space, a market maker quotes two-way prices for tradable currency pairs. In doing so these market makers quite literally make the market. In particular, a forex market maker performs three specific tasks.This includes setting bid and offer prices within a given currency pair, committing to accepting deals at these prices within certain constraints, and taking the resulting exposure on to their own book.In terms of accounting for this exposure onto their book, market makers can opt to hedge the exposure with another bank, pending favorable rates. How quickly or slowly, or how much risk they lay off will be at their own discretion.Market makers can make profit through several techniques. If these entities identify enough flow at both sides of their quote, they can simply collect the bid offer spread.Consequently, market makers can net off their exposure. Presently, large banks see huge flows of foreign currency transactions from their operations around the world in a multi trillion-dollar-a-day industry. Read this Term, prop traders, and over-the-counter (OTCs) platforms to have a simple and secure unified workflow for securing assets in motion between different exchanges.

“The current state of the market expects a stronger, more secure foundation with the entry of institutional players that are required to hold accountability over its clients' funds. We are continuously pushing the envelope to securely connect the institutional ecosystem, linking more and more venues, endpoints and market participants,” Idan Ofrat, co-founder and chief technology officer of Fireblocks, said.

A promising solution to secure crypto

With a presence in both New York and Tel Aviv, the year-old crypto company also attracted the attention of investors with its unique security solutions. Last June, it closed its Series A  Funding Round  Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business in question. Common factors that analysts use for valuations include market size, risk, management, and historical transparency. Types of Funding RoundsThe seed funding round officially kicks off a startup’s equity fundraising process. Used by startups to finance the beginning stages of its business, some proceeds of seed funding may go towards product development and market research.Common investors include angel investors, friends, family, and venture capital firms.Companies that emerge out of the seed funding round that has gone on to prove its ability to build a consumer base while generating a regularly occurring revenue can participate in Series A Fundraising.Businesses that wish to opt-in to a Series A funding round must also possess a strong business strategy to illustrate how it will continue to manifest into a successful business. Series B Fundraising are available for companies that are seeking to depart the development stage that has valuations between $30 million to $60 million.Companies that go on to make it to Series C funding rounds are considerably successful where the aim is to scale a company as efficiently and quickly as possible. Typical investors include investment banks, private equity firms, and hedge funds. For many investors, monitoring how a startup goes through funding rounds is a tactical strategy for securing high-probability investments. Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business in question. Common factors that analysts use for valuations include market size, risk, management, and historical transparency. Types of Funding RoundsThe seed funding round officially kicks off a startup’s equity fundraising process. Used by startups to finance the beginning stages of its business, some proceeds of seed funding may go towards product development and market research.Common investors include angel investors, friends, family, and venture capital firms.Companies that emerge out of the seed funding round that has gone on to prove its ability to build a consumer base while generating a regularly occurring revenue can participate in Series A Fundraising.Businesses that wish to opt-in to a Series A funding round must also possess a strong business strategy to illustrate how it will continue to manifest into a successful business. Series B Fundraising are available for companies that are seeking to depart the development stage that has valuations between $30 million to $60 million.Companies that go on to make it to Series C funding rounds are considerably successful where the aim is to scale a company as efficiently and quickly as possible. Typical investors include investment banks, private equity firms, and hedge funds. For many investors, monitoring how a startup goes through funding rounds is a tactical strategy for securing high-probability investments. Read this Term after securing $16 million.

Crimes involving digital currencies increased drastically in recent years. Cybersecurity firm CipherTrace earlier reported that crypto crimes rose to $4.3 billion this year, compared to $1.7 billion in 2018.

Though exchanges are a hotbed to such attacks, Fireblocks is focusing on preventing consumer-focused attacks like credential thefts.

“We're confident that as we grow our connectivity layer across each touchpoint, the industry as a whole will become more secure,” Ofrat added.