Key Points:
- Fireblocks’ Integration: Fireblocks, a leading platform for financial institutions, extends comprehensive support to Tezos, allowing users to securely store Tezos-based assets and engage with decentralized applications.
- DeFi Potential: This integration has the potential to stimulate Tezos’ DeFi ecosystem, providing more opportunities for financial institutions to participate in the network’s decentralized finance activities.
- Institutional-Grade Custody: Fireblocks, known for its institutional-grade custody solutions, combines its expertise with Tezos, offering a robust and secure environment for institutional involvement.
Fireblocks, a platform specializing in meeting the requirements of financial institutions within the realms of cryptocurrency custody and settlement, announced on Thursday that it has extended comprehensive support to the Tezos network.
Users of Fireblocks Wallet will now have the capability to securely store Tezos-based assets and access a range of decentralized applications. Additionally, developers will be able to harness Fireblocks’ Web3 engine to construct products and services on the Tezos network with heightened security measures, as stated by the company.
This integration of Tezos into Fireblocks’ offerings holds the potential to invigorate the network’s DeFi (Decentralized Finance) activity. According to DeFiLlama, a data aggregator, Tezos currently ranks 29th among all protocols in terms of Total Value Locked (TVL), with nearly $49 million locked within its smart contracts. Over the past year, Tezos’ TVL has increased by approximately $10 million, although it reached its peak at $217 million in 2021.
Michael Mendes, Head of DeFi at TriliTech, a research and development firm specializing in Tezos, sees Fireblocks’ introduction as a means to encourage more institutions to participate in the Tezos ecosystem. He highlighted Fireblocks’ unparalleled expertise in custody and infrastructure.
Fireblocks’ technology was previously utilized by BNY Mellon when the Wall Street giant began offering custodial services for Bitcoin and Ethereum to its customers last year. While Fireblocks is primarily recognized for its institutional-grade custody solutions, Omer Amsel, Head of Web3 Products at Fireblocks, emphasized the importance of DeFi connectivity within their offerings.
He stated, “Businesses have peace of mind knowing that they can prevent the loss of assets without sacrificing speed and efficiency,” referencing the firm’s Transaction Authorization Policy, which empowers customers to establish specific parameters for controlling the flow of funds.
Earlier this year, Tezos initiated its “Mumbai” upgrade, marking its 13th upgrade since the network’s inception in 2014. The introduction of Smart Contract Optimistic Rollups was a notable advancement in terms of enhancing throughput and scalability, according to crypto market intelligence firm Messari.
Like many altcoins amidst the challenges of the crypto market, Tezos’ price has experienced a decline over the past year. According to CoinGecko, Tezos’ native token (XTZ) has dropped by approximately 55%, from $1.45 to $0.65, at the time of writing.
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