Fireblocks Expands Institutional Access to Tezos, Supporting DeFi Growth in the Ecosystem
Date: 2023-09-28 Author: Dima Zakharov Categories: IN WORLD
Expanding Access to Tezos: Fireblocks Unveils New Opportunities for Institutional Investors
Earlier this year, following the Tezos "Mumbai" upgrade, the crypto platform Fireblocks announced a significant move - full support for the Tezos network. Fireblocks is a platform designed specifically to cater to the needs of financial institutions in the areas of cryptocurrency storage and settlement. It is gaining increasing popularity due to its security and reliability.
One of the major highlights is that Fireblocks wallet users now have the ability to securely store assets based on Tezos. This is a significant achievement, providing investors with additional freedom in managing their cryptocurrency assets. In addition, the platform also offers access to a list of decentralized applications on Tezos, opening up broad prospects for utilizing this network.
However, it's not just investors who benefit from this development. Developers also have the opportunity to utilize Fireblock's Web3 mechanism to safely create their products and services based on Tezos. This can contribute to increased activity and diversity in the world of decentralized applications, positively impacting the overall ecosystem.
Particular attention should be paid to Fireblocks' role in the context of DeFi (Decentralized Finance) activity on the Tezos network.
According to the DeFiLlama data aggregator, Tezos ranks 29th among all protocols in terms of Total Value Locked (TVL), which is approximately $49 million. Furthermore, over the past year, Tezos' TVL has increased by approximately $10 million, indicating growing interest in this platform. It's worth noting that in 2021, Tezos' TVL reached a peak of $217 million.
Providing access to Tezos through Fireblocks could act as a catalyst for institutions looking to actively participate in the Tezos ecosystem. This move opens up new horizons and opportunities for institutional investors and entrepreneurs.
It's also worth noting that BNY Mellon utilized Fireblocks last year for storing Bitcoin and Ethereum on behalf of its clients. This demonstrates trust in the platform and its reputation as a reliable cryptocurrency custodian at the institutional level. Omer Amzel, Head of Web3 Products at Fireblocks, emphasized that connecting to DeFi is a key part of the company's strategy, highlighting its commitment to actively participate in the development of innovative financial technologies.
Overall, the expansion of institutional access to Tezos through Fireblocks promises to stimulate interest in this platform, contributing to its continued growth and development, as well as fostering the growth of the DeFi ecosystem on Tezos.
