Fireblocks Platform Now Offers Institutions Access to Tezos
Fireblocks, a platform specializing in crypto custody and settlement services for financial institutions, has added full support for the Tezos (XTZ) network.
The move allows users of the Fireblocks Wallet to securely store Tezos-based assets and leverage the platform's decentralized applications.
Additionally, developers now have the opportunity to build products and services on Tezos using Fireblocks' Web3 engine, which offers a high level of security.
The integration of Tezos into Fireblocks' offering is expected to inject new energy into the network's decentralized finance (DeFi) activity.
Currently ranked 29th among all protocols by total value locked (TVL), Tezos has approximately $49 million locked in smart contracts.
Over the past year, Tezos' TVL has grown by around $10 million, with its peak reaching $217 million in 2021.
“Fireblocks brings an unrivalled expertise in enterprise-grade non-custodial and infrastructure solutions. The integration paves the way for institutional players to access Tezos dApps and tokens and opens projects that are utilising the Fireblocks stack to deploy on Tezos with minimal effort," Michael Mendes, head of DeFi at TriliTech, a research and development firm focusing on Tezos, said.
Fireblocks gained recognition when it provided its technology to BNY Mellon for the custody of Bitcoin and Ethereum on behalf of the bank's customers.
While Fireblocks is widely known for its institutional-grade custody solutions, Omer Amsel, head of Web3 products at Fireblocks, said that DeFi connectivity is a crucial aspect of their offering.
The platform's Transaction Authorization Policy ensures asset security while maintaining speed and efficiency by allowing customers to set specific parameters for fund
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