Fireblocks is hoping to help institutions engage with DeFi on Avalanche without jeopardizing efficiency or security.
Fireblocks Brings Institutions to Avalanche
Avalanche just moved a step closer to attracting institutional adoption.
Fireblocks, a leading crypto custody and settlement solutions provider, has launched support for the Layer 1 blockchain in a bid to help institutional users access DeFi.
Institutions can now use Avalanche’s C-Chain through Fireblocks’ DeFi API or WalletConnect. This means users will be able to custody and transfer AVAX native tokens while benefiting from the platform’s enhanced security procedures.
Fireblocks will support several of the most active DeFi protocols on Avalanche today, including Trader Joe, BENQI, Yield Yak, Pangolin, and Wonderland.
John Nahas, Vice President of Business Development at Ava Labs, said of the Fireblocks integration:
“Avalanche is pioneering the future of a financial system where users can access open protocols and compliant products alike. Firms like Fireblocks provide the assurance of secure access to this world of DeFi and digital assets that institutions and sophisticated traders demand.”
Over the past year, Fireblocks has quickly become one of the leading companies bridging the gap between traditional finance and crypto. In March, the firm completed a funding round led by BNY Mellon, landing a valuation of over $900 million.
Since then, Fireblocks has had several significant updates, including partnering with the digital payment platform Wirex to launch high-interest crypto savings accounts that utilize yield farming strategies on Ethereum. The company has also integrated the Ethereum sidechain Polygon, allowing its institutional users access to the network’s thriving DeFi ecosystem.