Taking strides to bolster its robust service offerings, Fireblocks, known for cryptographic custody and settlement solutions, has integrated full support for the Tezos (XTZ) network. This shift opens a new world of security for Tezos-based asset storage by users via the Fireblocks Wallet, while also streamlining access to the platform’s decentralized applications (dApps).
With Fireblocks’ Web3 engine, developers are poised to build secure services and products on Tezos. An injection of vivacity into the protocol’s Decentralized Finance (DeFi) activities is expected, aligning with its 29th position among all protocols by total value locked (TVL) which stands at approximately $49 million. Over the last year, Tezos’s TVL has seen an increase of around $10 million, peaking at an impressive sum of $217 million in 2021.
The integration of Tezos and Fireblocks has been lauded by Michael Mendes, head of DeFi at TriliTech, for paving the way for institutional players to access Tezos dApps and tokens with minimal effort.
Fireblocks has previously caught headlines for its collaboration with BNY Mellon, providing the financial giant with the technology for the custody of Bitcoin and Ethereum, on behalf of the bank’s customers. Notably, Omer Amsel, head of Web3 products at Fireblocks, emphasized DeFi connectivity’s importance as a critical aspect of their solutions, with the platform’s Transaction Authorization Policy ensuring asset security and speed while accommodating precise parameters for fund flow control.
On another note, Fireblocks recently casted light on vulnerabilities, christened “BitForge”, threatening top crypto wallets utilizing multi-party computation technology. With ample teamwork, Fireblocks managed to arrest the vulnerabilities in collaboration with heavyweights including Coinbase, ZenGo, and Binance.
Interestingly, Tezos recently rolling out its “Mumbai” upgrade, its 13th since its inception in 2014, incorporating Smart Contract Optimistic Rollups, enhancing throughput and scalability. Tezos, akin to various altcoins, has experienced a price decline of roughly 55% over the past year, sliding down from $1.45 to $0.65. Currently, the token stands at $0.654285, reflecting a 1.1% dip in the past day.
As we navigate the ever-evolving crypto landscape, the key factors of security, scalability, and institutional involvement continue to shape its trajectory and potential, as displayed in the Fireblocks-Tezos integration. Further monitoring and examination of such developments gain importance in the dynamic, complex world of blockchain technology both for the seasoned crypto enthusiast and the eager novice.
Source: Cryptonews
