Digital asset service provider Fireblocks has announced that its institutional customers, which includes exchanges, lending desks, banks, OTC desks, liquidity providers and hedge funds, have now transferred more than $150 billion in digital assets using its platform.
As a result of increased institutional interest and adoption of digital assets, Fireblocks is expanding its European operations outside of London by adding new offices in France and Germany.
In September, the EU’s executive branch introduced proposed rules to provide legal guidance and clarity for corporates and investors to adopt cryptocurrencies.
“The EU region is seeing increased interest from institutions as new regulatory clarity provides a framework for how to compliantly operate in the digital asset space,” said Michael Shaulov, CEO of Fireblocks. “We are excited to expand our footprint in the region to help our customers launch product offerings for digital asset support and provide the tools that will steward this next phase of growth, innovation and adoption.”
The first institutional Digital Asset Transfer Network is officially live today! No more deposit addresses, test transfers, or whitelisting needed to send assets. We have 55+ members, 25+ exchanges, and 200+ tokens on the network. https://t.co/coFVRyqwX3 pic.twitter.com/FFzjrs9z8l
— Fireblocks (@FireblocksHQ) June 2, 2020
Fireblocks is now used by fintech firms such as Revolut, B2C2 and AMDAX, the first cryptocurrency exchange registered with the central bank of the Netherlands.
Fireblocks provides wallet infrastructure to enable these firms to offer cryptocurrency services, which in turn generates revenue streams and modernised payments services.
“We checked a lot of custodian solutions on the market, and by far the best one for us was Fireblocks,” said Melvin Lazeron, Co-Founder & Director of AMDAX. “Their solution not only has cutting-edge tech with its MPC technology (enabling more client flexibility and control), but it also greatly decreases our administrational burden and vastly increases our settlement speed.”
In connection with this expansion, Fireblocks has appointed Jason P. Allegrante as its first Head Regulatory Counsel and Global Chief Compliance Officer. Mr. Allegrante brings over a decade of experience advising on global regulatory issues having held senior in-house legal positions at fintech startups after serving in the Financial Institution Supervision Group of the Federal Reserve Bank of New York.
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