Prime Trust To Upgrade Its Crypto Custodian Protection By Using Fidelity-Backed Fireblocks

A prominent cryptocurrency custodian called Prime Trust is set to use the technology of Fireblocks in order to upgrade the protection of the digital assets it keeps.

Fireblocks is a company backed by the giant Fidelity Investments and it is focused on creating security solutions that can be used to protect token holders and exchanges from hackers.

According to reports, the company uses a multiparty computation technology and chip isolation in order to create barriers that cannot be overcome by criminals.

Prime Trust has affirmed that Fireblocks will provide a highly secure technology and that it will eliminate all risk related to the theft of private keys. This protection will be especially important for Prime Trust as the company has several clients that are brokers or exchanges, including some major ones such as Galaxy Digital.

Financial institutions demand highly effective protections, so companies might be in trouble if they fail to provide them. As more important players enter the market, new solutions have to be created to provide them with security. This creates trust, which brings more legitimacy to these companies.

Fireblocks was able to raise over $16 million USD during its series A round this year and it had several high-profile companies as investors. Fidelity, Tenaya Capital, Cyberstarts, Eight Roads and several others.

The CEO of the cybersecurity company, Michael Shaulov, affirmed that most solutions in the market today are highly irrelevant when it comes to protecting the assets of clients. They have very flawed security protocols and will not really stop hackers. It is in order to solve the demand for real security that the company was created.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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