Fireblocks, the most trusted institutional digital asset management platform, has announced that LGO, the leading European Bitcoin trading platform, will use Fireblocks’ Vault, Secure Transfer Environment and API infrastructure to power its exchange operations efficiently.
It has been reported that the integration will allow LGO to increase the speed at which customers can access and withdraw funds by tapping the liquidity of the Fireblocks institutional ecosystem.
However, LGO announced that the measure also aims to help to deliver maximum security and better execution for the institutional investors.
Michael Shaulov, the CEO and Co-founder of Fireblocks, said that the increasing need for secure solutions that provide efficient access to users’ funds, such as Fireblocks’ Secure Transfer Environment.
Also, Shaulov said that the solution takes a defense-in-depth approach to secure users’ private keys and deposit addresses by combining MPC (Multi-Party Computing) with hardware isolation.
“This is what provides LGO with the infrastructure they need to protect user funds from cyberattacks and insider threats. This provides an added layer of security that doesn’t force institutions to choose between speed or security. Comparatively, most competitors use user-mode MPC, that is not protected by a hardware barrier.”
Likewise, by leveraging Fireblocks’ infrastructure, Shaulov said that institutions will have an alternative way to store and transfer assets that do not require them to choose between speed and security.
“Many of our customers were requesting a Fireblocks integration and We’ve spent a good amount of time auditing the Fireblocks technology and were impressed with the quality of the product and its security. Using Fireblocks has significantly improved our operational efficiency while maintaining the highest level of security on our customers’ funds. This has translated into a better service for our institutional customers, which is ultimately what we’re always striving for.” – Hugo Renaudin, CEO & Co-Founder of LGO.
Exchanges like LGO are beginning to adopt next-generation wallet technologies based on MPC, which Fireblocks takes one step further with Intel SGX (chip-level hardware isolation) as an added layer of security that takes a defense-in-depth approach to further protect user funds from cyberattacks and insider threats.
Shaulov also said that the solution offered similar advantages in terms of the Bitcoin spot market.
“In today’s Bitcoin spot market traders need to pre-fund their Bitcoin on the exchanges in order to trade. Having extremely secure storage with very fast SLA puts LGO in a preferred position to both assure the cybersecurity around the pre-funded collateral and to allow very fast deposits and withdrawals of the funds, which increases the liquidity and reduces the cost of capital for its customers.”
Thus, Fireblocks said that new developments in 2020 will focus on eliminating counterparty, compliance and security risks to streamline the settlement process for all market participants. Fireblocks, LGO, and many industry players like Woorton aim to contribute to the growth of the EU financial markets by further advancing investor protection, platform innovation, and collaboration.
LGO is the leading Bitcoin spot exchange for institutions. Live since April 2019, they are trusted by over 50 institutional counterparties across 15 countries. With a boutique approach, they provide a suite of fully customizable services, best in class technology, and deep liquidity. For more information please visit: https://lgo.group.
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets. The platform enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through patent-pending SGX & MPC technology. Fireblocks has secured the transfer of over $9 billion in digital assets, and offers a unique insurance policy that covers assets in storage & in transit. For more information, please visit www.fireblocks.com.