Fireblocks Platform Adds Tezos Access for Institutions

Fireblocks Platform Adds Tezos Access for Institutions

The Rise of Tezos and its Integration with Fireblocks: A Boost for the Blockchain Industry

Source: Geralt x Sam Cooling

The blockchain industry is witnessing a significant milestone as Fireblocks, a platform specializing in crypto custody and settlement services for financial institutions, announces full support for the Tezos (XTZ) network¹. This integration signifies a major development in the blockchain industry and offers new possibilities for users and developers alike.

Tezos and Fireblocks Join Forces

With the integration of Tezos into Fireblocks’ offering, users of the Fireblocks Wallet can now securely store Tezos-based assets and access the platform’s decentralized applications (dApps)². This not only enhances the convenience and security of transactions but also expands the potential use cases for Tezos within the existing financial ecosystem.

The partnership between Tezos and Fireblocks also enables developers to build products and services on the Tezos network using Fireblocks’ Web3 engine, which offers a high level of security³. This opens up exciting opportunities for innovation and further adoption of blockchain technology within the financial sector.

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Injecting Energy into Tezos’ DeFi Activity

Tezos’ integration with Fireblocks is expected to inject new energy into the network’s decentralized finance (DeFi) activity⁴. With a current ranking of 29th among all protocols by total value locked (TVL), Tezos has shown promise in the DeFi space, with approximately $49 million locked in smart contracts⁵.

Over the past year, Tezos’ TVL has grown by around $10 million, reaching its peak of $217 million in 2021⁶. This steady growth demonstrates the increasing interest and trust in Tezos’ blockchain capabilities and its potential within the DeFi landscape.

Fireblocks: A Trusted Partner in the Blockchain Industry

Fireblocks gained significant recognition when it provided its technology to BNY Mellon for the custody of Bitcoin and Ethereum on behalf of the bank’s customers⁷. As a trusted platform for institutional-grade custody solutions, Fireblocks prioritizes security and efficiency in its offerings.

However, Fireblocks understands that DeFi connectivity is a crucial aspect of their services⁸. The platform’s Transaction Authorization Policy ensures asset security while maintaining speed and efficiency by allowing customers to set specific parameters for fund flow control⁹. This unique approach solidifies Fireblocks’ position as a key player in the blockchain industry.

Furthermore, Fireblocks has demonstrated its commitment to industry-wide security by identifying vulnerabilities known as “BitForge” in popular crypto wallets that use multi-party computation (MPC) technology¹⁰. Working with major industry brands such as Coinbase, ZenGo, and Binance, Fireblocks addressed these vulnerabilities, ensuring the safety of users’ assets and preventing potential exploits¹¹.

Tezos’ Recent Upgrade and Market Conditions

In tandem with its integration with Fireblocks, Tezos recently launched its 13th upgrade since its inception in 2014¹². The “Mumbai” upgrade introduces Smart Contract Optimistic Rollups, significantly enhancing throughput and scalability, according to crypto market intelligence firm Messari¹³. This upgrade positions Tezos as a scalable and efficient blockchain network, further cementing its relevance within the industry.

Like many altcoins, Tezos has experienced a decline in price over the past year with the impact of broader market conditions¹⁴. CoinGecko data reveals that Tezos’ token (XTZ) has fallen by approximately 55%, from $1.45 to $0.65, during this period¹⁵. However, the current trading price of $0.654285 still showcases the resilience and potential of Tezos in the market¹⁶.

Embracing the Future of Blockchain with Tezos and Fireblocks

The integration of Tezos into Fireblocks’ offering not only bolsters the capabilities of both parties but also highlights the ongoing growth and evolution of the blockchain industry¹⁷. This partnership opens new doors for financial institutions, developers, and users to leverage the advantages of Tezos’ blockchain network and Fireblocks’ secure infrastructure.

With its emphasis on security, efficiency, and industry collaboration, Fireblocks has positioned itself as a trusted partner for institutional-grade custody solutions in the blockchain industry¹⁸. Tezos’ integration adds a new layer of utility and potential, propelling the network’s DeFi activity and showcasing the resilient nature of blockchain technology.

As the blockchain industry continues to advance, partnerships and integrations such as this propel the industry forward, fostering innovation and driving mainstream adoption. The collaboration between Tezos and Fireblocks sets the stage for future developments and reinforces the bright future ahead for blockchain technology.

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1. Source: Geralt x Sam Cooling [//end]: # “References”↩︎

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