Cryptocurrency custodian company Fireblocks is set to offer token minting services through a new integration with the Tokeny platform, compatible with Ethereum and Polygon.
The new feature enables businesses and retail customers to mint and manage licensed tokens, digital securities, stablecoins, and loyalty programs across various commerce apps, payment networks, and digital banks. Fireblocks and Tokeny make use of ERC-3643 security tokens deployed on the Ethereum and Polygon blockchains.
Fireblocks provides an enterprise solution for moving, storing, and issuing digital assets to exchanges, lending desks, custodians, banks, trading desks, and hedge funds.. Fireblocks technology is used by more than 1,300 financial institutions, and the company claims to have processed more than $3 trillion in digital asset transfers to date. The latest integration offers institutional-grade users the ability to mint and manage their tokens alongside conventional cryptocurrency portfolio management.
The company was founded in 2019 by three cybersecurity experts who had investigated a series of hacks on South Korean exchanges carried out by the Lazarus Group for Check Point Research.. The trio formed Fireblocks as a secure platform for financial institutions to protect digital assets from online threats using MPC technology to secure private keys and API credentials.
The company is considered a crypto unicorn, having raised over $500 million in the three years since its inception. Its list of corporate users includes crypto exchanges, hedge funds, market makers, and OTC trading desks like BlockFi, eToro, Galaxy Digital, Celsius, and Crypto.com.
Fireblocks was recently valued at more than $8 billion in January 2022, following a series E fundraising round that brings its total investments raised to just under $800 million.
Tokeny had an eventful 2021, processing $28 billion worth of assets that were tokenized through its solutions. The company’s technology enables financial institutions to issue, transfer, and manage securities and tokens that cut across the Ethereum and Polygon blockchains.
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