Home Technology Enterprise Crypto Custody Company Fireblocks Integrates Tokeny for Token Minting

Enterprise Crypto Custody Company Fireblocks Integrates Tokeny for Token Minting

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Enterprise cryptocurrency custody company Fireblocks is set to offer token minting services through a new integration with Tokeny, the platform compatible with Ethereum and Polygon.

The new functionality allows businesses and retail customers to mint and manage authorized tokens, digital securities, stablecoins and loyalty programs on various trading apps, payment networks and digital banks. Fireblocks and Tokeny use ERC-3643 security tokens deployed on Ethereum and Polygon blockchains.

Fireblocks provides an enterprise solution for moving, storing, and issuing digital assets to exchanges, lending bureaus, custodians, banks, trading desks, and hedge funds. Fireblocks’ technology is used by over 1,300 financial institutions and the company claims to have processed over $3 trillion in digital asset transfers to date. The latest integration offers institutional-level users the ability to mint and manage their tokens while managing conventional cryptocurrency portfolios.

Related: Fireblocks Acquires Stablecoin First Digital Payments Platform

The company was founded in 2019 by three cybersecurity experts who had investigated a series of hacks on South Korean exchanges carried out by the Lazarus Group for Check Point Research. The trio formed Fireblocks as a secure platform for financial institutions to protect digital assets from online threats by using MPC technology to secure private keys and API credentials.

The company is considered a cryptocurrency unicorn, having raised well over $500 million in the three years since its inception. Its list of professional users includes cryptocurrency exchanges, hedge funds, market makers, and OTC trading desks like BlockFi, eToro, Galaxy Digital, Celsius, and Crypto.com.

Fireblocks was recently rated at over $8 billion in January 2022, following a Series E fundraising that brings its overall investments to just under $800 million.

Tokeny had a turbulent 2021, processing $28 billion in assets that were tokenized through its solutions. The company’s technology enables financial institutions to issue, transfer and manage cross-functional securities and tokens on Ethereum and Polygon blockchains.