Fireblocks Launches Institutional Asset Transfer Network
Fireblocks Launches Institutional Asset Transfer Network
June 2, 2020
Fireblocks Launches Institutional Asset Transfer Network
Fireblocks Launches Institutional Asset Transfer Network
June 2, 2020

Fireblocks launched its Asset Transfer Network for institutions on June 2.

The open network will enable institutions to securely find and connect with their peers, to transfer assets on-chain while streamlining settlement and post-trade operations.

The launch included over 55 institutions and 26 exchanges active on the network, including liquidity providers, exchanges, brokers, market makers, and custodians.

The Institutional digital asset security specialist has been employing multi-party computation or MPC technology in its Secure Asset Transfer Environment providing institutional clients with the tools to move digital assets between exchanges, wallets, and counterparties.

More of the institutions starting coming on board to take advantage of the secure platform featuring an insurance policy covering assets both while in storage and in transit.

ALSO READ :  C Labs Hires Former US Government Official Jai Ramaswamy To Oversee Compliance Strategy

The company also developed a new MPC algorithm, claiming to be 800% faster than the industry standard, making it free to use for assets custodians and vendors.

The newly launched Secure Asset Transfer Network is built on this environment, further streamlining the process of finding and connecting with counterparties.

Previously, two counterparties both using Fireblocks had to find and add each other’s wallet addresses manually to connect.

However the new network is more like a directory, enabling institutions to search each other out on the network, and send a connection request at the click of a button.

Moreover, settlement with counterparties is expedited on the platform, so that a process which could take hours or even days is purportedly performed in seconds.

Fireblocks CEO Michael Shaulov explained:

“The launch of the Fireblocks Network makes it possible for users to store and transfer assets across the entire institutional ecosystem and removes the need for any middle-men. We’re redefining on-chain settlement processes by adding an unprecedented layer of security and efficiency, preserving the decentralized nature of blockchain and allowing it to operate at the institutional level.”

Fireblocks recently announced that the platform had hit $9.2 billion in transferred assets per month.

ALSO READ :  Sophia The Robot Answers On Blockchain, Bitcoin, Cryptos

Planned future developments includes addition of new partners, tokens and exchanges, along with a mechanism for participants to settle with non-members.


Source: Cointelegraph | Image: Unsplash

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.