The Polygon network supports faster and cheaper transactions. By integrating with this, institutions will have access not just to faster and cheaper means of transactions, but to a secure system only comparable to that of major chains.
Polygon (previously known as Matic) is collaborating with Fireblocks to bring more security to projects, individuals and institutional users on its platform. Fireblocks is known for delivering a secure interface through which digital assets can be issued, stored, or moved. In partnering with the Ethereum-based network, its extensive retinue of security infrastructure and tools will become available to users on the network.
There are a variety of such tools available on Fireblocks. All of them are built to facilitate mainstream cryptocurrency adoption. Some of those that will become available to Polygon users are Fireblocks Asset Transfer Network, MPC Wallet-as-a-Service, and Fireblocks’s Security platform.
The Asset Transfer Network is a secure gateway for buying and selling vast sums of cryptocurrencies between institutions. For the MPC Wallet-as-a-Service, it ensures a safe and efficient means of conducting transactions with multi-owner digital wallets. The Security platform provides secure hardware devices to safeguard highly valued wallets e.g. those used by centralized exchanges, etc.
Implications of the Polygon and Fireblocks Collaboration
The Polygon network supports faster and cheaper transactions. By integrating with this, institutions will have access not just to faster and cheaper means of transactions, but to a secure system only comparable to that of major chains.
Another implication of the integration will be that institutions will be able to access all secondary deployment of protocols, and native DeFi platforms on the Polygon network; there are quite a lot of them because of the high scalability of the Ethereum network.
Chief Executive Officer, and co-Founder of Polygon, Jaimti Kanani said, “I’m very excited to be working with Fireblocks to provide an institution-friendly way of accessing the Polygon Commit Chain.” He noted that Fireblocks’ extensive tools suite boasts capabilities comparable to that of major funds and institutions that interface with the blockchain. Particularly, he pointed out security and regulatory compliance that will be made possible because of Fireblocks.
“Now, accessing Polygon for institutions is as easy as any other major blockchain,” he concluded.
Fireblocks is an enterprise-grade multi-layer security platform that helps customers and investors secure their funds by providing a safe infrastructure that allows moving, storing, and issuing digital assets without cyber attacks, internal collusion, and human error. The franchise enables banks, Fintechs, exchanges, liquidity providers, OTCs and hedge funds to securely manage digital assets across a wide range of products and services.
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