We’re excited to announce that Fireblocks is partnering with First Digital Asset Group to accelerate the adoption of Diem payments. Together, we will provide an easy-to-use platform for licensed providers to launch services supporting Diem.
Alongside First, we’ve developed a Diem infrastructure for FIs to facilitate Diem transactions – enabling Diem as a payment method within existing consumer experiences.
How financial institutions can prepare for the launch of Diem
On Dec. 1, 2020 the Libra Association was officially renamed the Diem Association; along with this rebrand, they set early 2021 as their release date goal for the project.
As Diem prepares to go live, many financial service providers such as banks, exchanges, PSPs, and eWallets are looking to support Diem within their existing offering. To add Diem support, any institution or fintech must:
- Be qualified as a Virtual Asset Service Provider (VASP).
- Build the appropriate technology to accommodate the new payment system.
Institutional Diem infrastructure for VASPs
Fireblocks is the only institutional platform that secures digital assets in storage and transfer using multi-layer security technology – combining both MPC and hardware isolation.
Building on our MPC-based wallet technology and digital asset settlement network – as well as First’s deep expertise in payments, liquidity, and blockchain – we’re introducing a turn-key solution for qualified VASPs.
Our solution eliminates the complexity of connecting to and building for the Diem blockchain, so that businesses can start working with Diem coin currencies and be ready on day one of the launch.
Founded in 2017, First offers a powerful, global Digital Payment Platform as a Service. First enables merchants, PSPs and acquirers to accept and process Diem and other stablecoin payments. They offer a solution that covers all payment aspects, including transaction and treasury management and compliance.
As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Diem network, we’re excited to be working with Fireblocks to deliver everything a VASP needs, from risk to on/off-chain communication, and liquidation.
Together, Fireblocks and First are making it possible for any institution to participate in the launch of Diem with ease and security.
Reach out to the Fireblocks team to learn more about Diem payments and how your organization can prepare for the Diem launch.
