Fireblocks Market Research Report

Company Overview

About Fireblocks

• Name: Fireblocks

• Mission: Enable every business to easily and securely support digital assets and cryptocurrencies.

• Founded: 2018

• Founders: Michael Shaulov, Pavel Berengoltz, Idan Ofrat

• Key People:

• Michael Shaulov, CEO and Co-Founder

• Pavel Berengoltz, CTO and Co-Founder

• Idan Ofrat, CPO and Co-Founder

• Headquarters: New York, NY

• Number of Employees: Approximately 600 (as of July 2022)

• What the Company is Known For: Fireblocks is known for its enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. It utilizes patent-pending SGX & MPC technology.

Products and Services

Fireblocks Solutions

• Treasury Management

• Description: Enables secure digital asset management, including connecting to exchanges, accessing DeFi, and managing day-to-day treasury operations.

• Key Features:

• Multi-layer security (MPC-CMP, Secure Enclaves)

• Governance and Policy Engine

• Connects to a network of exchanges, DeFi apps, and liquidity providers

• AML/KYT and compliance integration

• Wallets-as-a-Service (WaaS)

• Description: Provides a white-labeled solution to create, manage, and secure MPC wallets at scale.

• Key Features:

• Embedded Wallets for direct user control

• Direct Custody solutions

• Hot, warm, and cold wallet configurations

• Tokenization

• Description: Supports the secure creation of tokens for financial products and other assets.

• Key Features:

• End-to-end issuance and management of tokens

• Connectivity to secondary markets

• Pre-built and customizable smart contract support

• Robust policy engine for governance

• Payments

• Description: Suite of tools facilitating digital asset payments, including merchant settlements and cross-border transfers.

• Key Features:

• Instant settlement and conversion between fiat and stablecoins

• Real-time flow monitoring and settlement visibility

• Batch payouts and reconciliation tools

• Governance and Policy Engine

• Description: Provides automated workflow authorization for digital asset transactions and user roles.

• Key Features:

• Configurable transaction policies

• Secure transaction environment

• Integrated compliance solutions (AML/KYT, Travel Rule)

• Digital Asset Network

• Description: Facilitates secure and direct connectivity with exchanges, liquidity providers, and counterparties.

• Key Features:

• Peer-to-peer transfer network

• Secure token operations across 50+ blockchains

• Direct access to exchanges and fiat ramps

Recent Developments

Notable Developments

• April 2020: Fireblocks surpasses $30 billion in digital asset transfers and expands into APAC.

• May 2020: Launches a new MPC algorithm, MPC-CMP, improving transaction speed by 800%.

• January 2022: Secures $550 million in Series E funding, led by D1 Capital Partners and Spark Capital.

• October 2023: Acquires BlockFold to enhance tokenization capabilities.

• October 2023: Fireblocks achieves certification by the International Organization for Standards (ISO) in security, cloud, and privacy.

Product and Platform Updates

• Payments Engine Update (October 2023)

• New Feature: Dynamic Payment Flow Builder

• Benefits:

• Point-and-click interface for custom payment flows

• Automation of entire payment processes

• Real-time settlement monitoring

• Web3 Engine Launch (May 2022)

• Provides developer tools and APIs for building robust Web3 applications

• Features include integration with popular blockchain development tools

• Fireblocks Off Exchange (2023)

• Description: Allows trading firms to eliminate counterparty risk by securely trading assets from self-controlled wallets directly to exchanges.

Partnerships and Integrations

• Worldpay: Integration with the Fireblocks Payments Engine for stablecoin settlements and enhanced merchant services.

• Immutable: Partnership to enhance security within their zkEVM platform for game developers.

• ByBit Off Exchange Integration: Allows secure trading on centralized exchanges without counterparty risk.

Conclusion

Fireblocks continues to solidify its position as a leading provider in the digital asset space, offering robust security features through its MPC-CMP technology and an expanding suite of solutions that cater to the needs of modern financial institutions. Their commitment to advancing the security and operational efficiency of digital asset transactions has garnered trust and adoption from top-tier financial institutions globally.