Fireblocks Integrates Tokeny for Token Minting Services

Enterprise crypto custody tech provider Fireblocks is set to offer token minting services through a new integration with Ethereum- and Polygon-friendly platform Tokeny. This new feature allows businesses and retail customers to mint and manage permissioned tokens, digital securities, stablecoins, and loyalty programs across various trading applications, payment networks, and digital banks.

Fireblocks and Tokeny leverage the ERC-3643 security token standard deployed on the Ethereum and Polygon blockchains to facilitate these transactions. Fireblocks provides an enterprise solution for moving, storing, and issuing digital assets to exchanges, lending desks, custodians, banks, trading desks, and hedge funds. As of now, Fireblocks is utilized by more than 1,300 financial institutions and claims to have processed over $3 trillion in digital asset transfers.

The new integration offers institutional-grade users the ability to mint and manage their tokens while also overseeing conventional cryptocurrency portfolios. This move comes after Fireblocks acquired the stablecoin payments platform First Digital, showing its continued expansion in the crypto-native financial services space.

Fireblocks was founded in 2019 by three cybersecurity experts who investigated a series of hacks on South Korean exchanges conducted by the Lazarus Group through Check Point Research. The executive team formed Fireblocks to create a secure platform for financial institutions to protect digital assets from online threats using Multi-Party Computation (MPC) technology to safeguard private keys and API credentials.

Since its inception, Fireblocks has raised considerable funding totaling over $500 million, achieving unicorn status with a valuation of over $8 billion as of January 2022. Its client base includes major cryptocurrency exchanges, hedge funds, market makers, and OTC trading desks such as BlockFi, eToro, Galaxy Digital, Celsius, and Crypto.com.

Meanwhile, Tokeny has had a significant year, processing $28 billion worth of assets tokenized through its solutions. The firm’s technology enables financial institutions to issue, transfer, and manage securities and tokens seamlessly across the Ethereum and Polygon blockchains.