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, prop traders, and over-the-counter (OTCs) platforms to have a simple and secure unified workflow for securing assets in motion between different exchanges.
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“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 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.