Digital assets manager Fireblocks introduces non-custodial wallet as a service solution

Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets, launched WaaS (non-trust token) wallet on 11 September that is designed for a wide range of industries, from brands to corporates, Fintechs to web3 businesses.

This development is significant because it is part of a larger industry shift towards user-driven assets, especially in light of the issues that centralised platforms, such as FTX (futures exchange), face.

Fireblocks' non-trust wallet works across iOS, Android, and web browsers with the help of its software development kit (SDK).

Today, Fireblocks is excited to introduce our non-custodial wallet-as-a-service offering, built specifically for brands, corporates, fintechs, and Web3 businesses. Read on → https://t.co/kxUKRGyHf0 pic.twitter.com/dOBmSrsxsS

— Fireblocks (@FireblocksHQ) September 11, 2023

Growing interest in DeFi and NFTs

The financial technology industry and brands are becoming increasingly interested in DeFi (decentralised finance), NFTs (non-fungible tokens), and native web3 functions.

However, these innovations come with considerable risks, especially when it comes to security and compliance.

There are issues like seed phrase loss and vulnerabilities in marginal propensity to consume (MPC) that make it hard to keep users safe, especially on a large scale.

Fireblocks' Non-Custodial WaaS

Fireblocks solves these issues through its Waas solution, which leverages MPC technology in a hardware-based, trusted execution environment.

This approach enhances protection by enabling multiple parties to jointly compute without exposing sensitive data, ensuring robust security for digital assets.

Multi-layered security

Fireblocks' approach enhances security by implementing a comprehensive defense approach. It deploys MPC-CMP (current market price) in a secure hardware environment, protecting private keys from potential attacks.

This layered approach not only protects against external attacks but also reduces internal risks. Combining these defenses, Fireblocks provides a comprehensive framework for digital asset security, increasing user assurance in the security of their holdings.

Direct control

There are other companies in the crypto industry that offer wallets as a service include Coinbase wallet web3, crypto.com defi wallet, Exodus crypto wallet, etc.

As the crypto industry continues to experience an increase in fraudulent activity and cyberattacks, it’s essential that individuals and organisations take proactive steps to protect their assets.

With the increasing threat landscape, relying on third-party services isn’t enough. Taking direct control of your crypto wallet’s security is the game-changer you need in order to protect your assets from ever-evolving and persistent threats.