New York, NY, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Fireblocks’ innovative MPC-based wallet infrastructure and settlement network allow institutions holding FTM to store and securely transfer their tokens without relying on hardware wallets or potentially risky sub-custody services. Via the range of capabilities Fireblocks enables, institutions can also stake FTM and pursue opportunities in Fantom’s thriving DeFi ecosystem.
Beyond integrating FTM into its digital asset offerings, Fireblocks also now provides treasury management services to the Fantom Foundation to expand access to crypto capital markets, automate transaction approvals and governance, and enable instant settlement to maximize portfolio returns.
Major Fantom investors have lauded the support that Fireblocks has extended to Fantom: “Fireblocks’ Fantom mainnet integration will enable Protocol Ventures to confidently interact with Fantom’s mainnet as we increasingly participate in the budding Fantom DeFi ecosystem and deliver compelling risk adjusted returns to our investors,” said Nabeel Qadri, Managing Partner of Protocol Ventures.
Harry Yeh, Managing Director of the Quantum Fintech group, was similarly enthusiastic: “By segmenting part of our Fantom portfolio using Fireblocks, we greatly reduce the security and custody risk to ourselves, and can rely on a trusted, expert custody solution. This allows us to focus on what we do best, which is generating Alpha and making monster returns for our investors vs. having to worry about custody and security.”
The Fireblocks announcement arrives in a period of extended, dramatic growth across the Fantom network. Since May 1, 2021, the number of unique wallet addresses on the Fantom network has grown over 620% to 484,682 (Sep 5, 2021). Equally impressive, the TVL (Total Value Locked) on Fantom DeFi protocols has soared 4000% to reach $1.23B in the same period.
As Fantom CEO Michael Kong suggested, “The integration of Fantom into Fireblocks validates our rapidly growing presence across the crypto-industry, and we look forward to on-boarding financial institutions on our network.”
Fireblocks is a leading enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables banks, fintechs, exchanges, liquidity providers, OTCs, and hedge funds to securely manage digital assets across a wide range of products and services. The technology consists of the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 200 financial institutions and has secured over $400 billion in digital assets. Fireblocks has a unique insurance policy that covers assets in storage & transit and offers 24/7 global support.
Fantom is a fast, scalable, and secure layer-1 EVM-compatible platform built on a permissionless aBFT consensus protocol. On Fantom, transactions are confirmed in 1 second and cost a fraction of a cent. Speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use-cases.