A prominent cryptocurrency custodian called Prime Trust is set to use the technology of Fireblocks in order to upgrade the protection of the digital assets it keeps.
Fireblocks is a company backed by the giant Fidelity Investments and it is focused on creating security solutions that can be used to protect token holders and exchanges from hackers.
According to reports, the company uses a multiparty computation technology and chip isolation in order to create barriers that cannot be overcome by criminals.
Prime Trust has affirmed that Fireblocks will provide a highly secure technology and that it will eliminate all risk related to the theft of private keys. This protection will be especially important for Prime Trust as the company has several clients that are brokers or exchanges, including some major ones such as Galaxy Digital.
Financial institutions demand highly effective protections, so companies might be in trouble if they fail to provide them. As more important players enter the market, new solutions have to be created to provide them with security. This creates trust, which brings more legitimacy to these companies.
Fireblocks was able to raise over $16 million USD during its series A round this year and it had several high-profile companies as investors. Fidelity, Tenaya Capital, Cyberstarts, Eight Roads and several others.
The CEO of the cybersecurity company, Michael Shaulov, affirmed that most solutions in the market today are highly irrelevant when it comes to protecting the assets of clients. They have very flawed security protocols and will not really stop hackers. It is in order to solve the demand for real security that the company was created.