Fireblocks security firm moves $2.5bn in crypto per month

Blockchain security firm Fireblocks launched its product less than six months ago, yet is already facilitating the movement of $2.5 billion worth of crypto per month

Blockchain security firm Fireblocks, which only launched its product less than six months ago, has claimed it is already facilitating the movement of $2.5 billion worth of crypto per month.

Fireblocks is an enterprise-grade platform for financial institutions designed to streamline cryptocurrency trading operations.

The firm opened its doors back in June and is already serving big-name players such as Celsius, Amber AI, Genesis Global Trading, and Galaxy Digital.

Companies such as these traditionally focus on protecting keys using cold storage or hardware wallets, which can typically be slow.

Fireblocks claims that it can move customers’ funds up to 1,000 times per day all at the click of a button, without “fear of losing it to a hacker, rogue employee, or human error”.

Despite being operational for less than six months, the firm claims it is already moving $2.5 billion in cryptocurrency each month.

Moving digital assets can often be a risky process. In particular, Fireblocks addresses the security concern of deposit addresses which can be spoofed or hacked.

Its answer is the “Fireblocks Secure Transfer Environment”, which provides financial institutions with an “ultra-secure” account that connects to a “high-speed payment network” linked to the firm’s own MPC-based wallet system.

This, according to CEO and co-founder Michael Shaulov, is what makes Fireblocks so “unique”.

Fireblocks has seen a 400% increase in customers over the last few months, with digital asset transfer volumes growing by 150% month on month through its user interface and API.

The security firm currently supports more than 180 tokens and its customers have access to 23 exchanges.

Interested in reading more about large cryptocurrency transfers? Discover more about a crypto whale who moved 44,000 Bitcoin for just a $0.32 fee.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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