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Fireblocks Platform Now Offers Institutions Access to Tezos

Fireblocks, known for its expertise in providing cryptocurrency custody and settlement solutions for financial entities, has integrated comprehensive support for the Tezos (XTZ) network.

With this advancement, Fireblocks Wallet users can now confidently store assets that are anchored to Tezos and tap into the network’s array of decentralized applications.

Furthermore, this move unlocks the potential for developers to craft new tools and services on the Tezos platform, backed by the robust security features of Fireblocks’ Web3 engine.

This inclusion of Tezos within Fireblocks’ suite of services is anticipated to invigorate the DeFi activities associated with the Tezos network.

Tezos, currently sitting at the 29th position among all protocols based on the total value locked (TVL), boasts about $49 million secured in its smart contracts.

Throughout the previous year, there has been an increment of approximately $10 million in Tezos’ TVL. Notably, it saw its zenith in 2021 with a substantial TVL of $217 million.

Michael Mendes, the DeFi lead at TriliTech — a firm that centers its R&D on Tezos — voiced his take on the collaboration, stating, “Fireblocks brings to the table unmatched proficiency in providing enterprise-level solutions without the need for custody and infrastructure. With this integration, the door is now open for institutional entities to delve into Tezos’ dApps and tokens. Moreover, it provides a streamlined pathway for projects already harnessing the Fireblocks framework to venture into the Tezos domain with ease.”

Fireblocks Gains Recognition with BNY Mellon Partnership

Fireblocks earned its prominence after offering its technology to BNY Mellon, enabling the custody of Bitcoin and Ethereum for the bank’s clientele.

Though the platform is predominantly renowned for its top-tier institutional custody solutions, Omer Amsel, the head of Web3 products at Fireblocks, emphasized the significance of DeFi connectivity in their suite of services.

To ensure utmost security without compromising on agility and efficiency, Fireblocks’ Transaction Authorization Policy is in place. This allows clients to define specific criteria governing the movement of funds, ensuring tailored control over asset transactions.

In a noteworthy development last month, Fireblocks detected a series of vulnerabilities dubbed “BitForge.” These vulnerabilities were a potential risk to many renowned cryptocurrency wallets utilizing multi-party computation (MPC) technology. These flaws were tagged as “zero-day” vulnerabilities, indicating that they were unidentified by the developers of the impacted software until Fireblocks brought them to light.

Fireblocks took proactive measures by collaborating with industry giants such as Coinbase, ZenGo, and Binance to rectify the detected vulnerabilities, ensuring the security of these platforms against potential breaches.

On another front, Tezos recently rolled out its “Mumbai” update, which stands as its 13th major upgrade since the network was founded in 2014. This latest update, featuring the implementation of Smart Contract Optimistic Rollups, has reportedly brought considerable improvements in terms of transaction throughput and scalability, as highlighted by the crypto analytics agency, Messari.

Tezos, in line with numerous other altcoins, has faced price depreciation over the past year, influenced by the overarching market dynamics.

Statistics from CoinGecko show a notable drop in the value of Tezos’ token (XTZ), which has plunged from $1.45 to a mere $0.65, marking a significant 55% decline. As of this moment, the XTZ token stands at $0.654285, witnessing a slight 1.1% dip in the last 24 hours.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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