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Fireblocks launches new Web3 platform, offering custodian services for NFTs

TL;DR Breakdown
  • Fireblocks, a crypto services firm, has launched a new web3 platform 
  • The new suite of products is aimed at gaming studios, NFT services, and financial institutions building products for web3.

Fireblocks, a blockchain platform that allows users to create, manage and withdraw virtual goods in-game environments, has launched its “Web3 Engine,” a suite of developer tools. The new portal will make it easier for developers to use decentralized applications. The new portal will unlock secure access to the world of web3 and enable NFT blockchain-based games to be built using the engine.

With a strong appetite for decentralized applications and services, the NFT space has snowballed. The Fireblocks platform is on a mission to give users information about their assets and custody.

The new suite of products aims to net business from gaming studios, NFT services, and financial institutions building products for web3. The NFT environment is far more retail-dominated than wider crypto markets. However, Fireblocks believes that there are still plenty of opportunities to capture market share by providing an easy-to-use platform.

With the new development, users will be able to create their own customized digital asset wallets that interact seamlessly with other DApps on the Ethereum blockchain. Users will also be able to trade digital assets directly from their wallets using atomic swaps or through deposit/withdrawal methods available through partner exchanges.

We are very excited about this launch. […] We’ve been working hard over the last couple of months to get this ready, and we’re looking forward to seeing what people think.

Shawn Blackard, Fireblocks CEO

Fireblocks targets large businesses, crypto and blockchain startup

The appetite for decentralized platforms and services seems to be growing, with Japanese banks rumored to be developing their own decentralized web services so that the new tools could attract Japanese developers.  Fireblocks will team with Aave Arc on Web3 Engine, a new software development kit (SDK) for securely managing non-fungible tokens (NFTs). The company said that this SDK targets large businesses, crypto and blockchain startups.

The company is hoping to use these products to support the growth of the web3 ecosystem by removing barriers to entry for developers and businesses looking to build their own applications on Ethereum.

Fireblocks CEO Alistair Ward said:

We felt there was an opportunity to get involved in this market and help build out the necessary infrastructure. The NFT space is far less developed and far more retail-dominated than wider crypto markets

Demand for decentralized web services seems to be growing among institutions with the likes of Japanese bank Nomura reporting they are forming a subsidiary that will handle decentralized finance (DeFi) and NFTs for customers.

About Fireblocks

Fireblocks is a digital asset custody platform for decentralized web and native apps. Its Engine allows developers to build and scale their own NFT shops on Ethereum. 

Fireblocks’ flagship product provides secure storage for bitcoin and ethereum. It offers its users the ability to trade NFTs globally without worrying about liquidity issues or security concerns over how their assets are managed by third parties such as exchanges or wallet providers. Its flagship product provides secure storage for bitcoin and ethereum.

Fireblocks innovations include an API that allows users to send assets directly from their wallets, a web app that allows businesses to manage their own assets, and a series of tools designed to make it easier for companies to build their own applications on top of Fireblocks’ platform.

The NFT space is far less developed and far more retail-dominated than wider crypto markets, lacking professional custodians and institutional support. Fireblocks innovations aim to fill this gap.

The NFT space has seen tremendous growth in recent years, with over $1 billion traded on exchanges in Q1 2019 alone. This growth has been driven by retail investors looking to get into the market. However, there is currently no custodian offering professional custody solutions for NFTs. Fireblocks aims to change that with its new platform and suite of products aimed at institutional clients.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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