Fireblocks Plans to Launch Hybrid Custody Solution for Secure Cryptocurrency Trading

02/20/2023 13:01 • Digital Disruptors • 93 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 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

Analysis based on this information:

Fireblocks, a leading institutional digital asset platform, is reportedly testing a new hybrid custody solution to provide greater security for customers’ cryptocurrency while trading on the exchange. The proposed platform is designed to function as an “off-site” service that enables customers to keep their encrypted assets while trading on the exchange. It will remove funds from the custody platform only when the transaction needs to be settled to ensure their protection.

Cryptocurrencies have become increasingly vulnerable to cyber threats and security breaches due to the lack of proper security measures. The digital assets are susceptible to hacking and cyber-attacks that can lead to huge losses for investors. Therefore, a strong and reliable custody solution is necessary to protect cryptocurrency holders’ assets.

The Fireblock’s hybrid custody solution will undoubtedly enhance cryptocurrency security measures, creating a more secure environment for traders. The solution aims to improve the secure trading experience for customers by keeping their assets safe from any fraudulent activity or unwanted transactions. It will also maintain transparency, making it easier to track and manage funds.

Fireblocks has already partnered with leading digital asset exchanges, Huobi and Deribit, to test the new custody solution product. Both the exchanges have extensive experience in the digital asset industry and offer a high-quality, secure trading experience. The partnership between Fireblocks, Huobi, and Deribit represents a significant step forward for the cryptocurrency industry by providing a reliable solution for secure trading.

Overall, the Fireblock’s hybrid custody solution is a significant development for the cryptocurrency industry’s security measures. The solution promises to provide enhanced security to traders and enable them to keep their assets safely while trading on the exchange. The partnerships with industry leaders like Huobi and Deribit will further enhance the reliability of the proposed platform, making it a worthy addition to the digital asset ecosystem.

In conclusion, the proposed solution by Fireblocks is an efficient way to secure cryptocurrency trading, and its partnership with Huobi and Deribit is an excellent start to provide more secure trading practices for traders. With the growth of cryptocurrencies, such initiatives are vital to ensure that the industry has the requisite tools to safeguard customers and their assets.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/02/20/fireblocks-plans-to-launch-hybrid-custody-solution-for-secure-cryptocurrency-trading/

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.