Crypto Platform Fireblocks Expands Institutional Access to Tezos

The expansion follows Tezos’ “Mumbai” upgrade earlier this year.

André Beganski2 min read

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Fireblocks, a platform that caters to the needs of financial institutions in areas like crypto custody and settlement, said on Thursday that it’s rolled out full support for the Tezos network.

Those who use Fireblocks Wallet will be able to custody Tezos-based assets and tap into its roster of decentralized applications. At the same time, developers will be able to leverage Fireblock’s Web3 engine for building products and services on Tezos in a secure manner, according to the company.

Giving Fireblocks’ customers access to Tezos could serve as a shot in the arm for the network in terms of DeFi activity. According to data aggregator DeFiLlama, Tezos’ total value locked (TVL) is ranked 29th among all protocols at close to $49 million.

Representing how much money is locked inside of smart contracts on the network, whether that’s in relation to a decentralized exchange or lending service, for example, Tezos’ TVL has grown by roughly $10 million over the past year. Tezos’ TVL peaked at $217 million in 2021.

Fireblocks’ offering paves the way for more institutions to dip their toes in Tezos’ ecosystem, Michael Mendes, head of DeFi at TriliTech, a research and development firm focusing on Tezos, told Decrypt. He highlighted Fireblocks’ “unrivaled expertise” in custody and infrastructure.

Fireblocks’ technology was tapped by BNY Mellon when the Wall Street goliath offered to hold Bitcoin and Ethereum for customers last year. While Fireblocks is known for institutional-grade custody solutions, Omer Amsel, head of Web3 products at Fireblocks, noted that DeFi connectivity is a key part of the offering.

“Businesses have peace of mind knowing that they can prevent the loss of assets without sacrificing speed and efficiency,” he said, referencing the firm’s Transaction Authorization Policy, which lets customers create specific parameters to control the flow of funds.

Earlier this year, Tezos launched its “Mumbai” upgrade, representing its 13th upgrade since the network’s development began in 2014. The introduction of Smart Contract Optimistic Rollups was a notable advancement in terms of throughput and scalability, according to crypto market intelligence firm Messari.

Like many altcoins amid the chills of crypto winter, Tezos’ price has sagged over the past year. According to CoinGecko, Tezos’ token (XTZ) has fallen around 55% from $1.45 to $0.65 during that span, as of this writing.