Bitstamp Integrates Fireblocks to Scale and Secure Institutional Grade Transactions
Bitstamp has joined the likes of Galaxy Digital, Celsius Network, and Genesis by integrating the services of crypto security firm Fireblocks to offer better security and faster transactions to its institutional clients.
Fireblocks which is a Fidelity backed security firm has been known to cater its services to large institutional clients. The recent integration on Bitstamp would allow the institutional customers to clear their transactions with a single confirmation.
The one-confirmation transaction would be initially rolled out for selected clients and in the time being Bitstamp is also working to scale the services to cater to more clients by enhancing their settlements capabilities.
How Do Fireblocks' Services Ease Institutional Clients Work?
The integration of Fireblocks' ‘Secure Transfer Environment’ allows institutional clients of one platform to connect their account on another platform which enables Fireblocks to enhance the transaction capabilities on the native platform.
The security service provider’s technology act as a bridge between exchange platforms, custodians, wallets and even counterparties. The security platform also ensures that all enterprise-grade security measures are met before initiating any kind of transaction.
The Institutional Client security provider makes use of chip isolation technology (SGX) which facilitates the secure transaction between two platforms while ensuring the security of Private keys as well as API keys.
Fireblocks has become a favorite of institutional service providers as it supports 180 crypto tokens and its security features have been integrated into more than 20 exchanges. These exchanges are moving over $2.5 billion worth of crypto tokens every month.
While large institutional service providers are the primary partners of the firm, the security service provider is also expanding its partnership spectrum by offering its services to lending platforms, like Compound to allow customers to earn passive income with interest rates between 3%-7%.