On Thursday, Fireblocks, a platform that serves financial institutions’ needs in areas like cryptocurrency custody and settlement, stated that it has launched full backing for the Tezos network.
Tezos-based assets may be held in the Fireblocks Wallet, and users can access a variety of decentralized apps. In addition, developers will be able to use Fireblock’s Web3 engine to construct secure Tezos goods and services, according to the business.
Giving Fireblocks’ clients access to Tezos may give the network a boost in terms of DeFi activity. Tezos’ total value locked (TVL), which is close to $49 million, is rated 29th among all protocols by data aggregator DeFiLlama.
Tezos’ TVL has increased by about $10 million over the past year, approximately corresponding to the amount of money that is locked within the smart contracts on the network, if those contracts are related to a decentralized exchange or loan business, for instance. Tezos’ TVL reached its pinnacle in 2021 at $217 million.
According to Michael Mendes, head of DeFi at TriliTech, a research and development company that specializes in Tezos, Fireblocks’ offering opens the door for additional institutions to dangle their toes in the Tezos ecosystem. He emphasized the “unrivalled expertise” in the infrastructure and custody of Fireblocks.
BNY Mellon used Fireblocks’ technology when the Wall Street behemoth offered to store Bitcoin and Ethereum for customers last year. While Omer Amsel, head of Web3 products at Fireblocks, acknowledged that the DeFi connection is a crucial component of the service, Fireblocks is recognized for institutional-grade custody solutions.
They can avoid the loss of assets using the firm’s Transaction Authorization Policy, which enables clients to put up precise constraints to manage the flow of cash, he said, adding that this gives them “peace of mind.”
Tezos announced its “Mumbai” upgrade earlier this year, marking the network’s thirteenth update since its development started in 2014. According to crypto market research company Messari, the launch of Smart Contract Optimistic Rollups represented a significant improvement in terms of throughput and scalability.
Tezos’ price has declined over the previous 12 months, similar to many other cryptocurrencies during the crypto winter. As of this writing, the Tezos token (XTZ), according to CoinGecko, has decreased by almost 55% over that time, from $1.45 to $0.65.