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.
Company announcement: Fireblocks launches ‘Asset Transfer Network’ for inst… https://t.co/qQBKhYllGZ #fintech — Finextra (@Finextra) June 2, 2020
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.
Introducing MPC-CMP, a new, open, and free-to-use MPC protocol that pushes transaction signing speeds up to 800% & supports offline/cold storage. This protocol is free to use for all organizations and MPC vendors.https://t.co/4pelJ2Truk — Fireblocks (@FireblocksHQ) May 14, 2020
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.
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.
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