The team behind the groundbreaking Fantom blockchain, the Fantom Foundation, has announced that the Fireblocks digital asset custody platform has added support for the FTM token. Both the Fantom mainnet and ERC-20 tokens are now available to the 500+ financial institutions using Fireblocks solutions
Fireblocks’ innovative MPC-based wallet infrastructure and settlement network allow institutions to store, stake, and securely transfer their FTM tokens without relying on hardware wallets or potentially risky sub-custody services.
“By segmenting part of our Fantom portfolio using Fireblocks, we greatly reduce the security and custody risk to ourselves, and can rely on a trusted, expert custody solution.”
Additionally, Fireblocks now provides treasury management services to the Fantom to expand access to crypto capital markets and maximize portfolio returns.
Major Fantom investors have lauded the support that Fireblocks has extended to Fantom: “Fireblocks’ Fantom mainnet integration will enable Protocol Ventures to confidently interact with Fantom’s mainnet as we increasingly participate in the budding Fantom DeFi ecosystem and deliver compelling risk adjusted returns to our investors,” said Nabeel Qadri, Managing Partner of Protocol Ventures.
Harry Yeh, Managing Director of the Quantum Fintech group, was similarly enthusiastic: “By segmenting part of our Fantom portfolio using Fireblocks, we greatly reduce the security and custody risk to ourselves, and can rely on a trusted, expert custody solution.”
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The Fireblocks announcement arrives as Fantom grows rapidly. Since May, the number of unique wallet addresses on the Fantom network has grown over 620% to 484,682 (Sep 5, 2021). TVL on Fantom DeFi protocols has soared 4000% to reach $1.23B in the same period.
As Fantom CEO Michael Kong suggested, “The integration of Fantom into Fireblocks validates our rapidly growing presence across the crypto-industry, and we look forward to on-boarding financial institutions on our network.”
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