FV Bank, a licensed digital bank and digital asset custodian has announced today it has inked a deal with Fireblocks, an award winning platform for securing digital assets.
FV Bank has partnered with Fireblocks for its MPC-based wallet and network infrastructure, which will support the introduction of the bank’s digital asset custody service.
MPC is a cryptographic technology, where private keys are never constructed in full, removing a single point of failure. MPC breaks up private keys into shards or parts and distributes them between various parties to execute a transaction.
The bank will streamline liquidity settlements using its own proprietary FVNet in combination with the Fireblocks Network to ensure the best possible experience for account holders. Fireblocks allows the bank to scale and quickly enhance and add new products to its service offering.
Miles Paschini, CEO at FV Bank, said: “It is very important that our offerings take advantage of the industry’s leading digital asset management infrastructure solution as we move to prove banks can compete and lead in the convergence of digital assets management and fiat based accounts.
“Selecting Fireblocks’ wallet infrastructure gives us a competitive edge as it will enable us to securely and rapidly deploy a groundbreaking offering from a regulated international bank. We also are committed to provide insurance over our clients assets under management, Fireblocks secure infrastructure has gained the confidence of insurers allowing us to offer a bank grade solution to the marketplace.”
“FV Bank’s integration of the Fireblocks platform brings us a step closer in our effort to enable secure digital asset adoption among traditional financial institutions,” said Michael Shaulov, CEO of Fireblocks. “FV Bank’s institutional customers can now securely interact with digital assets at an enterprise level and experience the full benefits of crypto finance with industry leading transaction speeds and the highest levels of operational security.”
Earlier this month, Gemini acquired Shard X, a developer of secure multi-party computation (MPC) cryptographic technology to increase the speed with which Gemini can transfer customer assets and provide support for new asset listings and usage on its platform.