DigitalBits, a blockchain protocol and network layer designed for consumer digital assets, is being added to the Fireblocks Network, the most secure digital asset transfer network for institutions, to deliver a safe and scalable infrastructure for the storage and movement of XDB tokens. Integrating the DigitalBits blockchain with the Fireblocks Network enables enterprise-level security support for branded cryptocurrencies.
Branded currencies, inclusive of loyalty and rewards points, and the emerging subcategory of branded stablecoins, account for billions of dollars in value, and have played a vital role in driving consumer behavior. As these assets begin the inevitable shift to tokenization, Fireblocks’ novel approach to securing digital assets will prove invaluable to corporate and consumer adoption.
Fireblocks’ Network utilizes a defense-in-depth approach to securing digital assets, combining multi-party computation-based cryptography (MPC) with chip-level isolation technology. This removes the single point of failure from the key-management process and enables hardware-based authentication for counterparty transactions. Fireblocks innovative approach addresses common attack vectors: cyber attacks, internal fraud, and human error, while reducing reliance on archaic, time-consuming practices such as test transfers, whitelisting, and hardware wallets.
“DigitalBits is the first blockchain-focused on servicing branded cryptocurrencies to join the Fireblocks Network” stated Michael Shaulov, CEO & Co-Founder at Fireblocks. “We are looking forward to assisting brands and other enterprises with leveraging Fireblocks’ platform to keep their branded digital assets secure.”
With notable brands such as Facebook along with other Libra Association members having already begun exploration of branded stablecoins, there is a distinct need for viable security solutions that can service storage and transfers at scale. Moving an average of $7.5 billion monthly between exchanges and institutional players since coming out of stealth mode in June 2019, and having recently received a Service Organization Control (SOC) 2 Type II Certification from Ernst & Young, Fireblocks is able to provide a streamlined approach ideal for brands and enterprises looking to enter blockchain.