By
Steve Muchoki
April 26th, 2024
Fireblocks’ cloud support comes at a time when more and more institutional investors and corporations are joining the crypto space.
Blockchain security service provider, Fireblocks, has expanded its cloud service for crypto custody and settlement. According to the announcement, the service will now include Amazon Web Services (AWS), Google Cloud Platform, Alibaba Cloud, Thales, and Securosys.
Cloud Computing Meets Crypto Security
Fireblocks’ platform uses a combination of security technologies to protect private keys and transactions from cyberattacks, internal fraud and human error. Last year, the company became the first to receive the Cryptocurrency Security Standard (CCSS) certification since its inception in 2014. The certificate provided objective proof of the company’s adherence to the highest security standards in the crypto industry.
By expanding its cloud support, Fireblocks’ customers can now enjoy the advantages of cloud computing, such as scalability, flexibility, and saving costs. They can do this without compromising on security and compliance for their digital assets.
According to Fireblocks’ CEO and co-founder Michael Shaulov, cloud support will allow Fireblocks to serve a wider range of customers from different sectors. “By expanding our cloud support, we are enabling our customers to choose the best option for their business needs, whether it’s SaaS, private cloud or on-premises,” Shaulov said.
“We are also opening up new opportunities for innovation and collaboration in the crypto ecosystem,” he concluded.
Crypto Custody and Settlement Market Heats Up
Meanwhile, Fireblocks’ cloud support comes at a time when more and more institutional investors and corporations are joining the crypto space. This creates a huge demand for crypto custody and settlement solutions that are secure and scalable. A Chainalysis report shows that institutional transactions made up 61% of the crypto market in the first half of 2023, up from 39% in 2020
With more institutional investors and corporations entering the crypto space, there has been a rise in demand for enterprise-grade solutions that can handle large volumes.
Fireblocks already serves some of the biggest names in the crypto and financial industries, such as Binance, Coinbase, FTX, Galaxy Digital, Gemini, Kraken, Revolut, ANZ Bank, BNY Mellon, BNP Paribas, and Robinhood. Its platform supports a wide range of tokens, protocols, and exchanges – about 500, 50, and 300 respectively. With its expanded cloud support, Fireblocks aims to do even more for the crypto community.