Fireblocks has integrated Polygon to bring its diverse crypto products to all Polygon users.
Institutions building on Polygon will now begin to enjoy full access to Fireblocks tools.
Digital assets firm Fireblocks has partnered with Ethereum-scaling protocol Polygon to allow Polygon users to have exclusive access to its unique tools and crypto infrastructure. The announcement on Fireblocks integrating Polygon in institutional-grade products and security was made on the 15th of July. Now, institutions and projects, including all users leveraging Polygon, will have thorough access to the various Fireblocks tools which focus on facilitating crypto adoption.
Polygon and Fireblocks join forces
According to the announcement, one of the tools clients building on Polygon will have access to is the Fireblocks Asset Transfer Network. This network enables secured institution-to-institution crypto transfer. Another juicy product that Polygon users will enjoy with the integration is The Multi-Party Computation (MPC) Wallet-as-a-Service. The service aids effective transactions with multi-owner crypto wallets. In addition, Fireblocks’ Security platform will be available for Polygon clients. The platform efficiently secures extremely valuable wallets like centralized exchanges.
Furthermore, the announcement revealed institutions would have full access to Polygon for fast and cheap on-chain transactions with the previously seen security features of the Fireblocks stack.
The CEO and co-founder of Polygon, Jainti Kanani, commented on the collaboration. Kanani said:
I’m very excited to be working with Fireblocks to provide an institution-friendly way of accessing the Polygon Commit Chain. The Fireblocks toolsuite offers everything that major funds and institutions need to interface with blockchains, including security and regulatory compliance. Now, accessing Polygon for institutions is as easy as any other major blockchain.
Polygon is known for its user-friendly platform used for Ethereum scaling and infrastructure development. The platform has expanded over time and now hosts more than 450 DApps. With more than 13.5 million distinct users, over 350 million transactions have been completed on the platform.
Fireblocks’ CEO expresses excitement over integration
Speaking on the latest development, FireBlocks CEO and co-founder Michael Shaulov said in a statement:
The Polygon Network has quickly become the leading scalability solution for Ethereum, both via its currency Commit Chain and the innovation Polygon SDK. We are excited to be supporting the growing network to offer the best-in-class tools for security, ease of use and compliance for institutional customers.
Fireblocks is a giant in storing, moving, and issuing digital assets. Notably, several banks, fintech, exchanges, liquidity providers, OTCs, and hedge funds leverage the first secured platform and its management feature. Fireblocks offers its wide range of products and services to more than 200 financial institutions.
Last month, one of FireBlocks clients, liquid staking provider StakeHound filed a lawsuit against the digital asset firm. StakeHound complained about the loss of $75 million worth of ETH. According to StakeHound, Fireblocks locked it out of its wallet, which contained 38,178 ETH coins. StakeHound blamed a Fireblock employee, saying that the worker did not protect nor back up its private keys.
However, Fireblocks denied the allegation. Fireblocks noted that StakeHounds refused to follow the guidelines in backing up the keys.