Fireblocks Hits $7B Monthly Volume and Expands Into Asia Pacific

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Digital asset security specialist Fireblocks announced April 30 that its platform has been used to secure $30 billion of digital assets to date, with current monthly volumes in excess of $7 billion.

It is also expanding to meet increased demand in the Asia-Pacific region, with the opening of new offices in Singapore and Hong Kong, providing support to local customers and encouraging new institutions onto its Secure Transfer Environment.

APAC customers require speed, security and compliance

The company has seen a surge in demand for its services in Asia, with Amber Group, Blitz Group and Three Arrows Capital being amongst those in the region to already implement its Multi-Party Computation-based technology.

Stephen Richardson, vice president of product strategy at Fireblocks and head of one of the new APAC regional offices, explained the interest:

“Given the engagement of regulators here in Asia around blockchain-related technologies and financial institutions, it will be critical for institutions and exchanges to operate with the highest level of speed, security, and compliance.”

Assets are secured and insured in storage and transit

Fireblocks provides a digital asset security platform utilizing proprietary software and hardware technologies to protect private keys, API credentials and deposit addresses for institutional customers.

The platform allows the secure transfer of funds between exchanges, wallets and counterparties.

Following an extensive evaluation of the company’s technology and protocols, it was able to secure a unique insurance policy, covering assets both in storage and in transit.

Fireblocks explained to Cointelegraph that the policy fully protects against the loss of digital assets resulting from a cyber breach, extortion, failure of technology products or third party providers.

It has been in place since October, and there have been no claims against it to date.

Monthly volumes have seen steady growth

As Cointelegraph reported last November, in its first six months since launching from stealth mode, Fireblocks was helping to secure funds totaling $2.5 billion per month.

Less than six months later it has almost tripled this figure to more than $7 billion, having secured the transfer of over $30 billion in digital assets in total.