Fireblocks Secures $30 Billion Of Digital Assets And Expands In The Asia Pacific Region
Fireblocks Secures $30 Billion Of Digital Assets And Expands In The Asia Pacific Region
May 1, 2020
Fireblocks Secures $30 Billion Of Digital Assets And Expands In The Asia Pacific Region
Fireblocks Secures $30 Billion Of Digital Assets And Expands In The Asia Pacific Region
May 1, 2020

Fireblocks, the digital asset security specialist, has secured $30 billion of digital assets to date and is expanding in the Asia Pacific region, as monthly volumes rise to over $7 billion.

On April 30, it has been reported that it is expanding in the Asia Pacific region with the opening of new offices in Singapore and Hong Kong, providing support to local customers and encouraging new institutions onto its Secure Transfer Environment.

However, the company has seen a rise in demand for its services in Asia, with Amber Group, Blitz Group, and Three Arrows Capital being amongst those in the region to already execute its Multi-Party Computation-based technology.

Stephen Richardson, the Vice President of product strategy at Fireblocks, stated:

“Given the engagement of regulators here in Asia around blockchain-related technologies and financial institutions, it will be critical for institutions and exchanges to operate with the highest level of speed, security, and compliance.”

Also, Fireblocks provides a digital asset security platform utilizing proprietary software and hardware technologies to protect private keys, API credentials, and deposit addresses for institutional customers.

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It has been analyzed that the platform allows the secure transfer of funds between exchanges, wallets, and counterparties.

After an extensive evaluation of the company’s technology and protocols, it was able to secure a unique insurance policy by covering assets both in storage and in transit.

Likewise, Fireblocks explained that the policy fully protects against the loss of digital assets resulting from a cyber breach, extortion, and failure of technology products or third party providers.

As per the report, in November 2019, in its first six months since launching from stealth mode, Fireblocks was helping to secure funds totaling $2.5 billion per month.

Thus, less than six months later, it has tripled this figure to more than $7 billion by having secured the transfer of over $30 billion in digital assets in total.

Source: Cointelegraph | Image: Trade99 News


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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