Fireblocks, a platform catering to the needs of financial institutions in the realm of crypto custody and settlement, has announced full support for the Tezos network. This move allows users of Fireblocks Wallet to custody Tezos-based assets and explore decentralized applications on the platform. Additionally, developers can utilize Fireblocks’ Web3 engine to create secure products and services on Tezos.
The integration of Tezos into Fireblocks’ offering is expected to boost the network’s DeFi (Decentralized Finance) activity. According to DeFiLlama, Tezos currently ranks 29th among all protocols in terms of total value locked (TVL), with approximately $49 million. TVL represents the amount of money locked in smart contracts on the network, including decentralized exchanges and lending services. Over the past year, Tezos’ TVL has grown by $10 million, reaching a peak of $217 million in 2021.
Michael Mendes, head of DeFi at TriliTech, a research and development firm focusing on Tezos, sees Fireblocks’ support as an opportunity for more institutions to enter Tezos’ ecosystem. Mendes believes that Fireblocks’ expertise in custody and infrastructure is unparalleled.
Fireblocks’ technology gained recognition when BNY Mellon, a prominent Wall Street institution, tapped their services for holding Bitcoin and Ethereum on behalf of customers last year. While Fireblocks is well-known for institutional-grade custody solutions, Omer Amsel, head of Web3 products at Fireblocks, emphasizes the importance of DeFi connectivity in their offering. Businesses using Fireblocks have peace of mind knowing that they can prevent asset loss while maintaining speed and efficiency through the Transaction Authorization Policy.
Earlier this year, Tezos introduced its 13th upgrade, called the “Mumbai” upgrade, which focuses on improving throughput and scalability through Smart Contract Optimistic Rollups. This advancement has been lauded by Messari, a crypto market intelligence firm.
However, like many altcoins, Tezos’ price has experienced a decline over the past year. CoinGecko reports that Tezos’ token (XTZ) has fallen around 55% from $1.45 to $0.65 during this period. Despite this price decline, the integration with Fireblocks and the growth of its DeFi ecosystem could potentially bring renewed interest to the Tezos network.
In conclusion, Fireblocks’ support for the Tezos network provides financial institutions with access to Tezos’ ecosystem and enables developers to create secure products and services. This integration could stimulate Tezos’ DeFi activity and contribute to the network’s growth in the crypto industry.
