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Via CoinTelegraph: “Fireblocks Launches Network for Institutions to Transfer Assets”

By Brian in Chicago on June 4, 2020 • ( 0 )

More implementation news. =)

Enjoy and be well, Everyone.

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Fireblocks Launches Network for Institutions to Transfer Assets

Fireblocks builds on its multiparty computational technology to create a Secure Asset Transfer Network, allowing institutions to quickly and securely find, connect and transact.

Institutional-digital-asset security specialist Fireblocks launched its Asset Transfer Network on Tuesday.

The open network enables institutions to securely find and connect with their peers and to transfer assets on-chain while streamlining settlement and post-trade operations.

Over 55 institutions and 26 exchanges were active on the network at launch, including liquidity providers, exchanges, brokers, market makers and custodians.

More of the same, but better

For over a year now, Fireblocks has been employing multiparty computation, or MPC, technology in its Secure Asset Transfer Environment, providing institutional clients with the tools to move digital assets between exchanges, wallets and counterparties.

Volumes rapidly grew as more institutions came on board to take advantage of the secure platform, which features an insurance policy covering assets both while in storage and in transit.

The company also developed a new MPC algorithm, claimed to be 800% faster than the industry standard, and made it free to use for asset custodians and vendors.

The newly launched Secure Asset Transfer Network builds on this environment, further streamlining the process of finding and connecting with counterparties.

New search functionalities

Previously, two counterparties both using Fireblocks had to find and add each other’s wallet addresses manually to connect. However, the new network is more like a directory, enabling institutions to search each other out on the network and send a connection request at the click of a button.

Furthermore, settlement with counterparties is expedited on the platform so that a process that could take hours or even days is purportedly performed in seconds. Fireblocks’s CEO, Michael Shaulov, explained:

“The launch of the Fireblocks Network makes it possible for users to store and transfer assets across the entire institutional ecosystem and removes the need for any middle-men. We’re redefining on-chain settlement processes by adding an unprecedented layer of security and efficiency, preserving the decentralized nature of blockchain and allowing it to operate at the institutional level.”

The network has been rolled out gradually since the start of the year, and at its launch included 55 counterparties and 26 exchanges and supported over 200 tokens. Fireblocks also recently announced that the platform had hit $9.2 billion in transferred assets per month.

Planned future developments include the addition of new partners, tokens and exchanges, along with a mechanism for participants to settle with nonmembers.