Timechain, a regulated financial app and DEX aggregator, has inked a new partnership with digital asset custody platform Fireblocks to increase its institutional-grade exposure.
By leveraging Fireblocks’ secure network, the Canadian firm can safely transfer digital assets between exchanges, custodians, counterparties and other portfolios, while expanding its reach to hundreds of institutional participants. With the Fireblocks network, users are able to find and connect with some of the largest crypto and financial institutions without taking counterparty risk.
Additionally, joining the Fireblocks network will allow Timechain to make instant settlements with their counterparties. Over 400 participants are already active on the network, including banks, OTCs, asset managers, liquidity providers, exchanges, lending desks, brokers, market makers, clearinghouses, and custodians.
Launched in 2020, Fireblocks solves one of the core impediments to the adoption of digital assets by financial institutions: the lack of security and speed of transfers. This platform introduces an open network where financial institutions can find and connect with their peers while streamlining settlement and post-trade operations. By doing so, the Israeli-based startup increases both liquidity and operational efficiency, opening the door for traditional financial institutions to join the digital asset space.
Fireblocks is valued at $8 billion
“This partnership allows us to offer our customers an ultra-secure product, and will give us the opportunity to scale up our business in the future. This is an important step in the growth of our company. We will also be able to continue our efforts to educate the general public about the world of cryptocurrency,” said Louis Cléroux, CEO of Timechain.
Michael Shaulov, CEO and co-founder of Fireblocks, also touched on the development, saying: “We are excited to continue expanding our footprint in Canada, and this integration with Timechain will enable Fireblocks to help secure the assets of Timechain’s customers in the region. By allowing customers the ability to leverage the security of the Fireblocks infrastructure, Timechain will be able to expedite the introduction of new tools while growing the roster of digital assets it can support. ”
The Israeli crypto unicorn also offers several different cases for its users, like earning passive income or safeguarding assets.
Fireblocks is backed by Tenaya Capital, Fidelity’s investment arm Eight Roads, and counts Revolut, Galaxy Digital, Celsius, Genesis, crypto.com and eToro among other large institutional players as clients.
In February, Fireblocks has made its first ever acquisition with the buyout of crypto payments technology provider First Digital. The news comes hot on the heels of Fireblocks raising $550 million in a Series E funding round at an $8 billion valuation. The fresh capital injection makes Fireblocks the highest-valued digital asset infrastructure provider in the world.