Fireblocks is excited to announce the expansion of our suite for decentralized finance (DeFi) and security capabilities at our annual user conference, SPARK. After seeing DeFi activity on our platform surge to $60 billion in total transactions this year, Fireblocks Chief Product Officer & Co-Founder, Idan Ofrat, introduced new DeFi capabilities designed to provide a more resilient framework for customers.
The upgraded DeFi suite supports Token Swaps and Allowance Manager, which adds the necessary guard rails for customer teams to interact safely with leading decentralized finance applications such as Aave and Uniswap.
The continued rapid growth in digital asset operations emphasizes the importance of secure, scalable solutions that empower institutions to confidently navigate this space. These advancements address the industry’s critical challenges while continuing to set the standard for institutional-grade digital asset practices.
In 2020, Fireblocks introduced our DeFi suite to institutions looking to utilize DeFi capabilities, like decentralized exchange trading, decentralized lending/borrowing, staking, and yield farming while complying with security, operational, and regulatory requirements. Today, we are announcing two new capabilities to reduce the complexity and risk for all DeFi operators and lower the barrier for new entrants: Fireblocks Swaps and Fireblocks Token Allowance Manager.
The suite will include Fireblocks Swaps and Fireblocks Token Allowance Manager:
- Fireblocks Swaps allows users to exchange tokens directly within the Fireblocks Console using offchain and onchain liquidity through the Uniswap API, eliminating the need for external exchange accounts, thereby reducing security risks by eliminating the need for external exchanges.
- Fireblocks Token Allowance Manager provides visibility into token allowances across wallets, enabling users to easily revoke or adjust access to mitigate risks from compromised smart contracts. The feature will initially support Ethereum and is available via the Fireblocks Console and API.
“With Fireblocks Swaps, our operations team can now execute token swaps in minutes, right from the platform we trust.” said Joaquîn Herrera, COO and Founder of Takenos. “By eliminating the need to transfer funds or manage exchange accounts, Fireblocks streamlines our workflow and keeps our focus where it matters—growing our business.”
Ofrat’s keynote at SPARK also unveiled new security innovations including:
- Key Link, now available, enables institutions to integrate key management solutions with Fireblocks’ advanced wallet and compliance tools to meet internal company and regulatory compliance requirements.
- MPC-BAM, a next-generation MPC protocol that will boost signing speed and wallet creation by 100x compared to previous setups, benefitting high-performance applications including payments, gaming, and social networks, and dramatically enhancing scalability.
As a regulated digital asset platform, security is our highest priority, both for OSL and our customers. In addition to our groundbreaking US$1 billion insurance coverage for digital asset custody, the integration of Fireblocks’ Key Link enables us to seamlessly incorporate advanced capabilities from the Fireblocks platform into our existing custody solution while ensuring safety and compliance. This empowers us to scale quickly and respond to market demands with new features as they emerge.
“Across digital asset management use cases including trading, payments, or embedded wallets, we’re delivering the infrastructure our clients need to meet the demands of today’s market and tomorrow’s opportunities.” said Arik Galansky, VP Technology at Fireblocks.
To learn more about Fireblocks’ new DeFi capabilities, including Fireblocks Swaps and Fireblocks Token Allowance Manager, visit the Fireblocks DeFi announcement blog here. To learn more about Fireblocks Key Link, visit the Fireblocks Key Link blog here.
To learn more about Fireblocks new MPC-BAM protocol, visit the Fireblocks blog here.
