DigitalBits Blockchain Now Live on Fireblocks
Fireblocks, a leading custody platform with over 1,200 crypto and digital asset business customers including exchanges, market-makers, hedge funds, and financial institutions, has completed the integration of the DigitalBits blockchain on the Fireblocks Network. Its enterprise users can now access DigitalBits blockchain network to custody and transfer the DigitalBits XDB native token, as well as any other fungible tokens and NFTs, created on DigitalBits without jeopardizing efficiency or security.
Launched in 2019, Fireblocks has become the single largest liquidity network for crypto capital market participants. Fireblocks’ infrastructure has also enabled trillions of dollars of new value to flow into the decentralized finance and Web3 markets. Fireblocks has established a tremendous track record with its platform used by various companies including Crypto.com, Coinbase, Binance, FTX, Gemini, Genesis, BlockFi, and Galaxy Digital.
By using the Fireblocks platform, institutions and firms gain these advantages and features:
- Secured private keys (using next-generation MPC and hardware isolation)
- Automation for algorithmic trading (DeFi API)
- Robust internal policies and workflows
- Governance policies to prevent hacking
- Audibility for compliance (centralized transaction logs)
“We are excited to launch this new integration of the DigitalBits blockchain on Fireblocks,” said Michael Shaulov, CEO of Fireblocks. “Now, our customers can access the DigitalBits blockchain through the Fireblocks platform, and developers can leverage the Fireblocks suite to manage the entire lifecycle of minting, issuing, burning, and managing fungible tokens and NFTs powered by the DigitalBits blockchain. We look forward to building alongside these communities to deliver a better end-user experience for anything that touches digital assets and crypto.”
So what does all this mean for DigitalBits users?
Fireblocks’ custody platform improves security for digital asset storage by ensuring private keys are never stored in one piece on a single server.
Fireblocks’ MPC-based technology creates a secure transfer environment and facilitates faster and higher transaction output. Users are able to transfer their digital assets through the Fireblocks network to a counterparty at improved transfer speeds and without needing to whitelist wallets.
This integration by a market leader such as Fireblocks further demonstrates that there is a growing demand for DigitalBits.“This strategic integration by Fireblocks is a huge milestone within the DigitalBits ecosystem,” stated Daniele Mensi, DigitalBits Foundation Managing Director. “This unlocks exciting growth opportunities by enabling the connection of the DigitalBits blockchain inclusive of a new category of tokens with global institutions that are embracing digital assets.”
Enterprise users who have integrated the Fireblocks custody platform now have immediate access to add a blockchain wallet on DigitalBits with just a few clicks. Crypto exchanges that also use Fireblocks within their custody infrastructure can now easily add the XDB native token and be able to participate in the upcoming token swap.
To learn more about this announcement by Fireblocks, click here for the full press release.
In 2020, the DigitalBits ERC20 Token was added to the Fireblocks platform. This new milestone of integrating mainnet blockchain represents a major development in the growth of the DigitalBits ecosystem.
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