1. PixelPlaygroundHome
  2. Web3 News

Fireblocks Launches ‘Off-Site’ Hybrid Custody Solution for Cryptocurrency Trading

• Web3 News • 115 views

It is reported that Fireblocks is trying out a hybrid custody solution, which can be used by its customers to protect their cryptocurrency even when trading on…

Fireblocks Launches Off-Site Hybrid Custody Solution for Cryptocurrency Trading

It is reported that Fireblocks is trying out a hybrid custody solution, which can be used by its customers to protect their cryptocurrency even when trading on the exchange. The proposed platform is envisaged as an “off-site” service. The platform will enable customers to keep their encrypted assets when trading on the exchange. Only when the transaction needs to be settled, the funds will be removed from the custody platform. Huobi and Deribit have been added as partners of the project.

Fireblocks test the off-site cryptocurrency custody solution

Interpretation of the news:


Fireblocks, a digital asset transfer and custodian platform, is reportedly working on a hybrid custody solution that seeks to revolutionize the way customers store their cryptocurrencies when trading on an exchange. The solution will act as an “off-site” service that enables customers to keep their encrypted assets safe while trading. Only when the transaction needs to be settled, the funds will be removed from the custody platform, enhancing security and preventing hacking incidents.

The hybrid custody solution is set to address the significant challenge of enabling digital asset traders to enjoy both flexibility and security using the same platform. With the advent of more convenient trading tools that offer borrowers the ability to generate higher returns on their assets, there has been an upsurge in digital asset trading levels. However, traders face the challenge of keeping their assets safe while engaging in trading activities. Fireblocks is stepping forward to fix this issue through the creation of a platform that offers both security and convenience.

The proposed hybrid solution reinforces Fireblocks commitment to securing digital assets through its secure multi-party computation (MPC) technology. The MPC technology, which has been put in place by Fireblocks, is designed to ensure that keys and assets are stored in a distributed and decentralized manner, minimizing the risk of loss through a single point of failure. This technology has been tested, and it is already in use by a variety of customers including digital asset exchanges, hedge funds, and others.

Deribit and Huobi, two of the largest cryptocurrency exchanges in the industry, have been added as partners of the project. Their entry into the project streamlines the adoption of the hybrid custody solution in the industry, firmly establishing it as the ideal choice for traders who prioritize both convenience and security in their trading activities.

In conclusion, the Fireblocks hybrid custody solution seeks to offer digital asset traders a secure, convenient, and reliable platform that safeguards their assets during trading activities. With the inclusion of the Deribit and Huobi exchanges as project partners, the implementation and adoption of the hybrid custody solution will undoubtedly be a game-changer in the digital asset trading industry.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1831/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/20/2023 13:00
Next 02/20/2023 13:08

Recommended articles