Fireblocks, the digital assets custody platform, has launched its new Web3 Engine to help foster the development of the Web3 ecosystem.
It has been reported that the company announced on Tuesday that the dedicated Web3 engine includes a set of tools for developers to create products and services in decentralized finance (DeFi), GameFi, and nonfungible tokens (NFTs). Fireblocks has also opened up a world of decentralized apps (DApps), exchanges, NFT marketplaces, and more for alternative asset managers and capital market participants.
Michael Shaulov, the CEO of Fireblocks, said:
"Web3 is the future. We’ve already entered a new era of the Internet."
Shaulov said that for the Web3 ecosystem to continue to develop, the community must address a significant issue: security.
However, according to the announcement, Fireblocks' new Web3 Engine makes it simple for developers to construct DApps on top of Fireblocks' tech stack or securely access the full breadth of existing Web3 applications. Fireblocks enables Web3 firms like Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopian Labs to protect against human error and hackers.
The report said that Web3 has infused a lot of enthusiasm in the industry, as shown by Web3 tokens' growth in market capitalization in recent years. It is an ecosystem open to everyone from anywhere and anytime, free of restrictions or intermediaries. Many big companies have made significant efforts to capitalize on Web3's potential.
Thus, Google cloud recently established an internal team dedicated to creating services for blockchain developers and those operating Web3-based applications. Industry leaders such as Meta and Amazon have also entered the market with Metaverse involvement and NFT enthusiasm. Gaming giant Square Enix recently revealed that it would significantly invest in Web3 gaming.