- Institutional-focused digital asset security firm, Fireblocks, announces an online directory for its clients to enhance the transfer of digital assets across accounts.
- The official launch of the “Secure Asset Transfer Network” will set up an efficient and quick way for users to find and connect with their peers and transfer digital assets.
The digital asset transfer industry has faced a couple of challenges especially for institutional investors including lack of security of assets and speed of transfers. Fireblock’s ‘Secure Asset Transfer Network’ aims at improving its secure asset transfer environment making the process of transferring assets across wallets and exchanges more efficient and faster.
The first institutional Digital Asset Transfer Network is officially live today! No more deposit addresses, test transfers, or whitelisting needed to send assets. We have 55+ members, 25+ exchanges, and 200+ tokens on the network. https://t.co/coFVRyqwX3 pic.twitter.com/FFzjrs9z8l
— Fireblocks (@FireblocksHQ) June 2, 2020
On the asset transfer environment (previous iteration), Fireblock’s counterparty clients were only able to send transactions after manually connecting their wallets or accounts. In contrast, the new asset transfer network allows users to directly search for the counterparty account which reduces the transaction time to just a “few seconds”.
According to the statement, the Secure Asset Transfer Network also increases the liquidity and operational efficiency opening the door for institutional investors to join the digital asset space. So far, Fireblocks has integrated over 55 institutions and 26 crypto exchanges including Binance, OKEx, Bithumb and HitBTC.
The Fidelity Investments-backed, Fireblocks, offers its institutional clients a secure platform with multiparty computation (MPC) and insurance of assets, both in storage and when in transit. The CEO of Fireblocks, said,
“With more institutional players joining the digital assets ecosystem, the Fireblocks Network serves as an essential layer to streamline the operations and eliminate the biggest risk in moving and settling digital value, and created the most adopted rails for executing blockchain transactions in a way that even non-technical users can use quickly and securely.”
The company received Ernst & Young's (EY) accreditation by passing a SOC 2 Type II Certification audit that showed it follows the highest data security standards. Fireblock boasted at the end of last year that it was completing $2.5 billion in crypto transactions monthly reaching a total high of $30 billion in digital asset transfers in April.