Client Challenges
In-house custody limits the range of tokens and transaction volumes
Bit2Me’s retail crypto exchange business was growing, but its growth was limited by its in-house custody solution, which wasn’t designed to support a wide range of token types or process large volumes of daily transactions. Bit2Me’s retail customers wanted support for a wider range of crypto tokens for trading, but Bit2Me’s hardware provider would only commit to supporting a limited number of new tokens per year—and refused to commit to a timely implementation.
As Operations Manager of Bit2Me, Claudiu Iova was concerned about the limited token offering and the slow transaction processing speed and high human error rates caused by the in-house hardware’s lack of multi approver policy automation. Simple mistakes, like typos or misplaced commas, had major repercussions, and these mistakes would only grow as transaction volumes and the number of tokens supported increased.
In February, we supported five coins and wanted to expand to over 250 by September. But this wasn’t possible with our internal engineering resources or existing hardware provider’s roadmap and support.
Fireblocks Solution
Fireblocks’ secure custody and asset transfer platform
After Fireblocks was recommended by other exchanges, Claudiu’s team was immediately impressed by how easy it was to implement for testing. Bit2Me completed the integration in just five days.
Fireblocks’ token support was robust, supporting 750-plus tokens as of summer 2021. In addition, Fireblocks’ could execute on new token requests within hours, thanks to its high customer service standards and automation. As a result, Bit2Me could plug into over 750 existing tokens in mere minutes and add unsupported tokens in just hours.
With the use of Fireblocks’ APIs and flexible policy engine, Bit2Me could process large volumes of daily transactions. Claudiu and his team also set up custom policy rules for users, using automated workflows to ensure that multiple users review every transaction to reduce human errors.
This functionality, combined with quick customer service turnaround times, made Fireblocks the perfect tool to address Bit2Me’s scalability needs and reduce human error concerns.
Consequently, Claudiu was confident that Bit2Me funds were secure and errors were avoided.
When we wanted to add an ERC20 coin, we asked Fireblocks for it. It was made available to us in a matter of minutes.
Results
Scaling to 250+ tokens and processing hundreds of transactions in seconds
With Fireblocks, Bit2Me has the infrastructure it needs to grow without limits. Bit2Me has already expanded its retail offering from 21 coins to more than 65 and plans to add 200 more by the end of 2021.
By the fall of 2021, Bit2Me will also issue five billion tokens of a new Bit2Me coin using Fireblocks’ tokenization engine.
Fireblocks’ API also allowed Bit2Me to shorten its processing time from five minutes (for a single manual transaction) to processing hundreds of transactions in seconds.
Today, Bit2Me processes 90% of its outgoing transactions through Fireblocks while increasing transaction security with Fireblocks’ policy engine.
Fireblocks is meeting all our needs during a time that’s crucial to our growth. It’s the perfect tool. We now support around 65 coins, can add 200 more coins by the end of September, and are processing thousands of operations daily, which we couldn’t do before.
