Cryptocurrency custody technology provider Fireblocks has expanded its horizons by offering support for cloud service providers, such as Amazon Web Services (AWS), Google Cloud Platform, Alibaba Cloud, Thales, and Securosus. This move is part of Fireblocks’ strategy to make its services accessible to a broader range of businesses, aiming to cater to the banks that rely on IT infrastructures deployed both on-premise and through cloud-based solutions.
With these new additions, the enterprise platform now covers a larger share of the thriving cloud industry. Fireblocks has successfully brought over 50 major financial institutions into the digital asset space by providing much-needed infrastructure support. Some noteworthy clients include BNY Mellon, BNP Paribas, and the Australian ANZ Bank. The company has also extended its services to popular platforms such as Robinhood and fintech firm, Revolut.
Achieving this level of integration comes with its share of challenges, as cybersecurity concerns continue to surge. Despite the potential benefits this technology offers to financial institutions, apprehensions about safety and confidentiality remain crucial issues. It is essential to ensure that customer data and funds are well protected from potential threats, custody technology providers must stay vigilant and employ robust security measures.
Addressing these concerns, Fireblocks received the Cryptocurrency Security Standard (CCSS) certification in December, a first-of-its-kind recognition designed specifically for crypto wallets and custody. This accolade undoubtedly places Fireblocks in a strong position to offer critical infrastructure for these banks while assuring its clients that their assets are safeguarded.
However, some observers have expressed skepticism regarding the extent to which custody technologies can contribute towards the expansion of cryptocurrency adoption. While the integration with major cloud service providers might give Fireblocks’ clients access to cutting-edge services, the long-term prospects of instigating broader institutional engagement remain unclear. Moreover, the reliance on cloud services raises additional concerns about potential vulnerabilities and downtime risks during crucial moments in the market.
Even so, Fireblocks’ efforts to broaden its services and form strategic partnerships with cloud service providers signify the company’s commitment to extending its reach, offering wider accessibility, and promoting the adoption of cryptocurrencies. As this technology continues to disrupt traditional finance, market participants must weigh the potential benefits against the lingering concerns surrounding security. Undoubtedly, this delicate balance will continue to define the path ahead for cryptocurrency custody technology providers like Fireblocks.
Source: Coindesk
