cryptojournalist
New Tools for Simplified DeFi Access
Fireblocks, a digital asset platform for institutions, has unveiled two features: Fireblocks Swaps and Fireblocks Token Allowance Manager. These updates aim to simplify the way institutional clients interact with decentralized finance (DeFi) platforms like Uniswap and Aave.
Fireblocks Swaps allows users to tap into Uniswap’s liquidity directly within the Fireblocks console, streamlining the trading experience. Meanwhile, the Token Allowance Manager helps users manage wallet balances and revoke risky Ethereum smart contracts, enhancing security and usability. Both tools eliminate the need for external accounts, reducing complexity for institutional users entering DeFi.
Ongoing Efforts to Onboard Institutions to Web3
Throughout 2024, Fireblocks has introduced features to make Web3 more accessible for businesses, banks, and startups.
Web3 Toolkit for Startups: In July, Fireblocks launched a toolkit offering treasury, self-custody, and private key management options to help startups easily build Web3 projects.
U.S. Custodial Services: In August, Fireblocks received a New York state charter, allowing it to offer custodial services to American clients.
Gaming Integration: That same month, Immutable, a gaming blockchain on Ethereum, integrated Fireblocks to manage in-game digital assets like NFTs.
Shift in NFT Strategy
Fireblocks also pivoted its NFT efforts, shutting down its standalone marketplace to focus on partnerships. This shift aligns with the company’s strategy to strengthen its presence in the NFT ecosystem through collaborations.
Exploring VAT Tokenization
In November, Fireblocks partnered with South Korea’s NongHyup Bank to explore VAT tokenization. Using the Fireblocks Tokenization Engine, the bank aims to streamline VAT refunds for retail purchases. This system would cut costs and improve efficiency by using a transparent and error-free ledger.
