The unicorn Fireblocks has launched Off Exchangea solution that enables institutional to negotiate crypto on de large centralized exchanges from a MPC wallet. Objective: eliminate the risk from counterpart.
The American Fireblocks is the latest industry giant to launch a crypto-trading solution aimed at reassuring institutional investors.
Called Off Exchange, the solution for trading companies and asset managers enables trading on centralized exchanges such as Deribit, HTX, ByBit, OKX, Gate.io or Bitget, from an MPC wallet, thus eliminating counterparty risks.
Depending on the ad, counterparty risks take various forms and include hacks, bankruptcies or even misappropriation of customer funds.
For Fireblocks, these risks inherent to crypto limit the capital that trading companies deploy on exchanges and prevent TradFi players from actually entering the market.
In 2023, other major crypto service providers brought similar solutions to market. Binance launched Mirror earlier this year, while France’s Ledger unveiled TradeLink this summer. The surprise bankruptcy of FTX in autumn 2022 severely eroded traders’ confidence in centralized exchanges.
Valued at $8 billion at the time of its latest fundraising round, unicorn FireBlocks has also recently launched a non-depository wallet-as-a-service (WaaS) solution enabling companies to offer their customers total control over their private keys.
In September, the crypto security expert acquired tokenization consultancy BlockFold.
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