Fireblocks, a platform renowned for its crypto custody and settlement services catering to financial institutions, has recently incorporated full support for the Tezos (XTZ) network.
This integration enables users of the Fireblocks Wallet to securely store assets based on Tezos and make use of the platform’s decentralized applications. Furthermore, developers are granted the opportunity to create products and services on Tezos through Fireblocks’ Web3 engine, ensuring a high level of security.
The addition of Tezos to Fireblocks’ suite of services is anticipated to bring a fresh surge of activity to the network’s decentralized finance (DeFi) ecosystem. This move aligns with the broader trend of expanding support for various blockchain networks within the crypto infrastructure.
Currently positioned as the 29th protocol by total value locked (TVL), Tezos boasts approximately $49 million locked in its smart contracts. Over the past year, Tezos’ TVL has seen a growth of around $10 million, reaching its peak at $217 million in 2021.
The integration of Tezos into Fireblocks’ services is seen as a significant development, particularly in the context of institutional participation. Fireblocks is recognized for its expertise in providing enterprise-grade non-custodial and infrastructure solutions. The collaboration facilitates institutional players in accessing Tezos decentralized applications (dApps) and tokens, presenting opportunities for projects utilizing the Fireblocks stack to deploy on Tezos with minimal effort, as noted by Michael Mendes, the Head of DeFi at TriliTech, a research and development firm focused on Tezos.
Fireblocks Gains Recognition with BNY Mellon Partnership
Fireblocks gained prominence when it provided its technology to BNY Mellon, enabling the custody of Bitcoin and Ethereum on behalf of the bank’s customers. Although renowned for its institutional-grade custody solutions, Omer Amsel, the Head of Web3 Products at Fireblocks, emphasized the critical role of DeFi connectivity in their offerings.
One notable feature of the Fireblocks platform is its Transaction Authorization Policy, which ensures asset security while maintaining speed and efficiency. This is achieved by allowing customers to establish specific parameters for fund flow control.
In the recent past, Fireblocks also identified a set of vulnerabilities termed “BitForge.” These vulnerabilities pose a potential threat to popular crypto wallets utilizing multi-party computation (MPC) technology. The company’s focus on security underscores its commitment to addressing and mitigating potential risks in the crypto space.
The vulnerabilities identified by Fireblocks were classified as “zero-day,” indicating that they were unknown to the developers of the affected software until Fireblocks brought them to their attention. Fireblocks collaborated with major industry players, including Coinbase, ZenGo, and Binance, to address and rectify these vulnerabilities, preventing potential exploits.
In a separate development, Tezos marked its 13th upgrade since its inception in 2014 with the launch of the “Mumbai” upgrade. This upgrade introduced Smart Contract Optimistic Rollups, which has notably improved throughput and scalability on the Tezos network, as reported by crypto market intelligence firm Messari. This enhancement aligns with the ongoing efforts of blockchain networks to optimize their performance and functionality.
Tezos, similar to many other altcoins, has witnessed a decline in its price over the past year, reflecting broader market conditions. According to CoinGecko data, Tezos’ token (XTZ) has experienced a decrease of approximately 55%, dropping from $1.45 to $0.65 during this period.
As of the latest available information, the token is currently trading at $0.654285, indicating a 1.1% decrease over the past day. Cryptocurrency prices are subject to market fluctuations, and various factors can influence their values. Investors and enthusiasts often monitor such price movements to gain insights into the market trends and make informed decisions.
