Fireblocks Platform Expands, Granting Institutional Access to Tezos
Fireblocks, a platform specializing in crypto custody and settlement services for financial institutions, has recently announced that it has integrated Tezos (XTZ) into its platform. This integration allows users of the Fireblocks Wallet to securely store Tezos-based assets and leverage the platform’s decentralized applications. It also provides developers with 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 bring new energy to 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 unrivaled 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 utilizing the Fireblocks stack to deploy on Tezos with minimal effort,” said Michael Mendes, head of DeFi at TriliTech, a research and development firm focusing on Tezos.
Tezos Expected to Benefit from the Integration
The integration of Tezos into the Fireblocks platform is expected to have a positive impact on the Tezos network and its ecosystem. By providing institutions with access to Tezos, the platform will likely attract more users and increase the usage of Tezos-based applications and services. This increased activity and usage can potentially drive the growth of the Tezos network and further solidify its position in the market.
Furthermore, the integration of Tezos into the Fireblocks platform also opens up opportunities for developers to build on Tezos with ease and security. By leveraging Fireblocks’ Web3 engine, developers can create innovative products and services on Tezos, enhancing the overall functionality and utility of the network.
Overall, the integration of Tezos into the Fireblocks platform is expected to bring added value to both Tezos users and the Tezos ecosystem as a whole.
Tezos Ranks 29th in Total Value Locked among Protocols
As mentioned earlier, Tezos currently ranks 29th among all protocols by total value locked (TVL). This ranking signifies the amount of value locked in smart contracts on the Tezos network. With approximately $49 million locked in smart contracts, Tezos has already established itself as a prominent player in the DeFi space.
The integration of Tezos into the Fireblocks platform has the potential to increase the TVL on the Tezos network. As more institutions gain access to Tezos and utilize its decentralized applications, the amount of value locked in smart contracts is likely to rise. This increased TVL not only demonstrates the growing adoption and utilization of Tezos but also highlights its potential for further growth and development in the DeFi sector.
Fireblocks’ Expertise in Enterprise-Grade Non-Custodial Solutions
Fireblocks is widely recognized for its expertise in providing enterprise-grade non-custodial solutions. The platform offers secure custody and settlement services for financial institutions, allowing them to store and manage their digital assets efficiently. With its robust security measures and infrastructure, Fireblocks ensures the safety and integrity of the assets entrusted to its custody.
The integration of Tezos into the Fireblocks platform further enhances its offering of non-custodial solutions. Institutions can now securely store and manage their Tezos-based assets, leveraging Fireblocks’ expertise and infrastructure. This integration reinforces Fireblocks’ position as a leading provider of non-custodial solutions for the institutional market and showcases its commitment to supporting a wide range of digital assets.
Transaction Authorization Policy Ensures Asset Security and Efficiency
One of the key features of the Fireblocks platform is its Transaction Authorization Policy. This policy allows customers to set specific parameters for fund flow control, ensuring the security and integrity of their assets. By defining these parameters, institutions can maintain control over their assets while also streamlining the transaction process.
The Transaction Authorization Policy offered by Fireblocks enables institutions to establish clear guidelines for asset transfers, mitigating the risks associated with unauthorized or fraudulent transactions. This policy enhances asset security and reduces the likelihood of any potential breaches or compromises.
Additionally, the Transaction Authorization Policy also ensures the efficiency of asset transfers. By setting specific parameters and rules for fund flow control, institutions can prevent unnecessary delays and minimize transactional complexities. This streamlining of the transaction process promotes faster and more efficient asset transfers, benefiting both institutions and the Tezos network.
Fireblocks Discovers Vulnerabilities in Multi-Party Computation Technology
Fireblocks, in its pursuit of providing secure and reliable solutions, recently uncovered a set of vulnerabilities known as “BitForge” in multi-party computation (MPC) technology. These vulnerabilities posed a potential threat to popular crypto wallets that utilize MPC technology.
As a responsible player in the crypto industry, Fireblocks worked closely with major brands such as Coinbase, ZenGo, and Binance to address these vulnerabilities and prevent potential exploits. By identifying and disclosing these vulnerabilities, Fireblocks demonstrated its commitment to maintaining a secure environment for its users and the broader crypto community.
The discovery of these vulnerabilities further highlights Fireblocks’ expertise and dedication to cybersecurity. By actively identifying and mitigating potential risks, Fireblocks ensures the safety and integrity of the assets entrusted to its custody.
Tezos Launches Mumbai Upgrade for Enhanced Throughput and Scalability
Tezos recently launched its “Mumbai” upgrade, marking its 13th upgrade since the network’s inception in 2014. This upgrade introduces Smart Contract Optimistic Rollups, which significantly enhance throughput and scalability on the Tezos network.
The Mumbai upgrade is a significant milestone for Tezos, as it addresses the need for improved scalability and efficiency in the network. By implementing Smart Contract Optimistic Rollups, Tezos can handle a higher volume of transactions and process them more quickly, enhancing the overall user experience and expanding the network’s capabilities.
The Mumbai upgrade demonstrates Tezos’ commitment to continuous development and improvement. By integrating this upgrade into the Fireblocks platform, institutions gain access to a more efficient and scalable Tezos network, further enhancing the value proposition of Tezos for institutional users.
Tezos Token (XTZ) Price Decline in the Past Year
Like many altcoins, Tezos has experienced a decline in price over the past year due to the broader market conditions. CoinGecko data reveals that the price of Tezos’ token (XTZ) has fallen by approximately 55% from $1.45 to $0.65 during this period. However, it’s important to note that the cryptocurrency market is highly volatile, and price fluctuations are common.
Despite the price decline, the integration of Tezos into the Fireblocks platform can potentially bring renewed interest and activity to the Tezos ecosystem. The increased usage and adoption of Tezos by institutional players through the Fireblocks platform may contribute to the recovery and growth of Tezos’ token price over time.
Fireblocks Gained Recognition with BNY Mellon Partnership
Fireblocks gained recognition in the crypto industry when it provided its technology to BNY Mellon for the custody of Bitcoin and Ethereum on behalf of the bank’s customers. This partnership showcased Fireblocks’ institutional-grade custody solutions and its ability to meet the stringent security requirements of a well-established financial institution.
While Fireblocks is widely known for its institutional-grade custody solutions, it also recognizes the importance of DeFi connectivity. By integrating Tezos into its platform, Fireblocks demonstrates its commitment to expanding DeFi connectivity and supporting the growth of the decentralized finance ecosystem.
Fireblocks’ partnership with BNY Mellon and its integration of Tezos further solidify its position as a trusted and reputable provider of secure custody solutions for institutions. With its expertise and infrastructure, Fireblocks continues to strengthen the bridge between traditional finance and the crypto industry.
Fireblocks Expands DeFi Connectivity with Tezos Integration
The integration of Tezos into the Fireblocks platform represents another milestone in Fireblocks’ efforts to expand DeFi connectivity. By integrating Tezos, Fireblocks opens up a new gateway for institutional players to access Tezos-based decentralized applications and tokens.
The integration of Tezos with Fireblocks’ infrastructure enhances the overall DeFi ecosystem by attracting more users and institutions to the Tezos network. This increased adoption and utilization of Tezos can contribute to the growth and development of the network and further establish its position in the DeFi landscape.
In summary, the integration of Tezos into the Fireblocks platform offers institutions a secure and efficient way to access Tezos and leverage its decentralized applications. This integration not only benefits the institutional users but also contributes to the growth and development of Tezos and the broader DeFi ecosystem. With its expertise in enterprise-grade non-custodial solutions, Fireblocks is well-positioned to facilitate the adoption and utilization of Tezos by institutions, further expanding DeFi connectivity.
