FDT onboards Fireblocks to improve crypto-asset security for Asian market

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FDT onboards Fireblocks to improve crypto-asset security for Asian market

CryptoNinjas » FDT onboards Fireblocks to improve crypto-asset security for Asian market

First Digital Trust (FDT), an Asia-based multi-asset custodian to the world’s largest investment community, BnkToTheFuture, will integrate Fireblocks’ MPC-based digital asset infrastructure to meet the increasing demand from fintech companies seeking custodial solutions in Asia.

As the first custodian in Asia to leverage Fireblocks’ next-generation multi-party computational (MPC) custody technology, FDT will further enhance its position as the region’s most trusted custodian, enabling fintechs and new investors to enter and participate in the nascent space.

Fireblocks’ technology will allow FDT to provide more interoperable custody solutions by enabling fintech clients to instantly send money to various digital asset providers without needing to see a wallet address thanks to Fireblocks’ MPC technology that eliminates the single point of failure for private keys. This will make the depositing of assets into FDT’s custodial structure automated.

“We’ve been striving to build the most robust and secure infrastructure for assets for over 30 years. As institutional investors seek the high-yield and anti-inflationary power of digital assets, we believe the protection of these assets should remain as strong as legacy custody protocols. Working with Fireblocks to automate our services while further protecting the vaults that shield these assets allows us to do this.”
– Gunnar Jaerv, COO of First Digital Trust

The region’s increasing interest in digital assets comes with the need for secure and scalable solutions. In the past, FDT manually handled operational tasks like wallet creation – an extremely time-consuming and unscalable process resulting in the firm’s inability to take on ambitious projects to support their growth. Fireblocks have enabled FDT to generate a new wallet in a matter of seconds, removing a time-consuming manual activity and allowing FDT to focus on important revenue-generating tasks to grow the business.

Another key issue of concern is the vulnerability of hot and warm wallets. Fireblocks will enable FDT to provide exchanges with secure wallets that are not vulnerable to attacks. By combining MPC-based infrastructure with SGX chip isolation technology, Fireblocks effectively secures digital assets from potential hacks, internal collusion, and human error.

“As early adopters of MPC-based technology in Asia, FDT is setting a new standard for digital asset security, compliance, and operational excellence. As a pioneer of digital asset custody in Asia, we’re thrilled to have FDT on the Fireblocks Network, which directly connects the largest institutional players in Europe and the Americas to one of the largest online investment communities in Asia.”
– Michael Shaulov, CEO of Fireblocks

Fireblocks’ platform allows financial institutions to securely execute their trading strategies and operate 24/7, all from one platform. By joining the Fireblocks Network, FDT will also be able to provide access to defi, lending, and staking, as well as 200+ trading venues and 300+ tokens, enabling them to expand their revenue streams from day one.

First Digital Trust is the pioneer of digital asset custody in Asia, launching Asia’s first instant settlement network in 2020 for institutional investors to trade assets seamlessly across the region. The team provides trust and custody solutions for exchanges, OTC desks, investment firms, hedge funds, and other professional industry participants. FDT is the digital spinoff of Legacy Trust, Asia’s leading license and Public Registered Trust Company.

CryptoNinjas » FDT onboards Fireblocks to improve crypto-asset security for Asian market