Yolo Group: revolutionizing treasury operations with Fireblocks
In the fast-paced world of digital assets and online gaming, managing treasury operations efficiently and securely is paramount. For Yolo Group, a company at the forefront of entertainment, gambling, and fintech innovation, finding the right solution to handle their complex financial ecosystem was crucial. Enter Fireblocks, the digital asset infrastructure platform that has transformed Yolo Group's treasury management.
The Yolo Group Journey
Founded in 2017 as CoinGaming, Yolo Group has rapidly evolved into a multifaceted organization with a presence across Europe, the Middle East, and Africa. With its headquarters in Estonia and offices spanning Poland, Spain, and Argentina, Yolo Group has established itself as a leader in the online gaming and entertainment industry.
The company's Head of Treasury, Magnus Nugis, shared insights into their journey: "We started out as CoinGaming with the main business driver being an online crypto casino site. Our aim from a fund movement perspective was to provide our entire user base with pay-ins and pay-outs in under a minute."
As Yolo Group expanded its offerings to include B2B services, investments, and fintech products, the complexity and volume of their financial operations grew exponentially. The company needed a robust solution to manage their diverse portfolio while maintaining the highest standards of security and compliance and ensuring operational excellence.
The challenge of scaling securely
With rapid growth came new challenges. "Utilizing personal wallets became vulnerable and not scalable as the group grew exponentially," Yolo Group explained. The company was handling hundreds, if not thousands, of tasks every month across dozens of payment and treasury flows. These operations required 24/7 management, putting strain on their two-person treasury team and hierarchy of approvers.
The search for a digital asset infrastructure platform was driven by the need for enhanced security and ease of use. Yolo Group required a solution that could provide:
- Robust security measures
- Scalability to match their growth
- Efficient management of multiple users and access levels
- Comprehensive visibility over transaction history
- Automation capabilities for routine operations
After evaluating various options in the market, Yolo Group chose Fireblocks for its sophisticated features and exceptional client engagement. "The level of sophistication and client engagement on offer made Fireblocks stand out," Magnus remarked.
Fireblocks' solution addressed Yolo Group's pain points with several key features:
- Advanced access management: The ability to manage users and user access on the platform at a moment's notice provided the flexibility and control Yolo Group needed.
- Vault system: Excess funds now flow into Fireblocks wallets, offering improved visibility over transaction history and efficient sweeping functionality.
- Finance workspace: This feature streamlined operational tasks such as paying invoices and handling international payments.
- Automation: This game-changing feature allowed Yolo Group to automate routine treasury operations, significantly reducing manual workload.
Transforming operations with automation
The implementation of Fireblocks Automation has revolutionized Yolo Group's day-to-day operations.
Taking out the manual monitoring and transaction initiation that has been the flow of the funds since the very beginning has been transformative.
The impact of automation has been substantial:
- Approximately 50% of previously manual flows now have automations attached to them.
- Human error has been virtually eliminated for set flows triggered before human interaction is required.
- The company estimates that Automation, along with the planned implementation of the API co-signer, will save 50-100 hours monthly across their Finance and Management teams.
Looking to the future
With Fireblocks as a cornerstone of their financial infrastructure, Yolo Group is poised for further expansion. "We are going to be utilizing Fireblocks as one of our constituent platforms to build out our fintech capacity," Yolo Group revealed. "The idea is to utilize this capacity further and expand our fintech offerings into licensed storage, exchange, and crypto processing for outside entities."
Fireblocks' robust compliance tools and trusted security measures will play a crucial role in Yolo Group's future licensed regime, offering partners and customers alike the assurance they need in the evolving digital asset landscape.
As Yolo Group continues to push the boundaries of innovation in gaming, entertainment, and fintech, their partnership with Fireblocks ensures they have the secure, scalable, and efficient treasury management system needed to support their ambitious goals.
