We think that active trading companies, are spending too much time and taking too much risk in the post trade activities.
This is Frank Mikulitz, Managing Director of FXCH. We are a cryptocurrency clearing house. We started our business in mid-2018 after more than ten years of FX prime brokerage and clearing FX.
The biggest challenge I had with previous systems was that the cost of security was way too high. So, in terms of achieving the highest level of security, I had to involve the wallet firm, the wallet company, change or open the policies, make a change within a very tight window, and then have the change approved by a certain number of participants.
If my participants were not actually available during this tight window that I was opening, then that's it. I had to do it again. So it ended up costing me sometimes two or three days for making a small modification, like even adding one asset.
And I think that, although security is paramount and it's the number one priority, the cost of this security was too high. With most institutional wallets, the connection between the owner of an address and that address, you create.
Therefore, there is space for mistake.
With Fireblocks, the institution that joins the network can very carefully set all its addresses on each of its assets and only then gets identified as a firm. I can make no mistake. I don't have to insert anything. It's correct.
When we meet someone who has a Fireblocks wallet and is on the network, we don't even think about it, it takes minutes. We just focus on the legal side, and we can start working.
We are in financial business, and we have counterparties.
Fireblocks allows you to deal and target counterparties instead of targeting specific addresses that doesn't mean anything to us. This is a business that needs speed and focus on the counterparties. Fireblocks allows us to do that.
