News
Fireblocks Launches ‘Asset Transfer Network’ with 55+ Institutional Members
June 2020 by Marc Jacob
Fireblocks has announced the launch of an open and secure digital ‘Asset Transfer Network’ for institutions. With the Fireblocks Network, users are able to find and connect with some of the largest financial institutions and exchanges in order to safely and securely transfer assets on-chain and without taking counterparty risk to Fireblocks. Over 55 institutions and 26 exchanges are already active on the Network, including liquidity providers, exchanges, lending desks, brokers, market makers, clearinghouses, and custodians.
The Fireblocks Network is designed to solve one of the core impediments to the adoption of digital assets by financial institutions: the lack of security and speed of transfers. This new platform introduces a secure, open, and on-chain network where financial institutions can securely find and connect with their peers while streamlining settlement and post-trade operations. By doing so, the Fireblocks Network increases both liquidity and operational efficiency, opening the door for traditional financial institutions to join the digital asset space.
Outside of the Fireblocks Network, transfers can be spoofed or impacted by human error and social engineering, resulting in the theft of individual and institutional digital assets. Existing methods such as test transfers and whitelisting have been ineffective and time-consuming while remaining vulnerable to fraud. But with the Fireblocks Network, settling with a counterparty is significantly more efficient and secure, reducing a cumbersome, manual process that previously took hours or days for most institutions to one that takes just a few seconds. For institutions, utilizing the Fireblocks Network eliminates inefficient and insecure elements from the settlement process, such as deposit addresses, test transfers, and whitelisting.
Currently, the Fireblocks platform transfers $8.5B digital assets per month, with $30B+ transferred to date. At launch, users of the Fireblocks Network are able to transfer assets across 55+ counterparties at 26+ exchanges, with support for more than 200 tokens.
The Fireblocks team is continually expanding the Network’s connectivity by adding new partners, tokens, and exchanges, as well as developing options for participants to settle with non-members.
