Fireblocks introduces off-site hybrid custody solution for safer cryptocurrency trading
It is reported that Fireblocks is trying out a hybrid custody solution, which can be used by its customers to protect their cryptocurrency even when trading on…
It is reported that Fireblocks is trying out a hybrid custody solution, which can be used by its customers to protect their cryptocurrency even when trading on the exchange. The proposed platform is envisaged as an “off-site” service. The platform will enable customers to keep their encrypted assets when trading on the exchange. Only when the transaction needs to be settled, the funds will be removed from the custody platform. Huobi and Deribit have been added as partners of the project.
Fireblocks test the off-site cryptocurrency custody solution
Interpretation of the news:
Fireblocks, the cryptocurrency platform, has announced its introduction of a new hybrid custody solution for its customers to secure their cryptocurrencies while trading on the exchange. The hybrid custody solution promises to be an innovative and advanced method that will provide a more secure and efficient way to manage cryptocurrencies than the traditional cold storage method.
The new platform is envisaged to provide off-site data management services that ensure the cryptocurrency assets are kept secure while traders carry out transactions on the exchange. Customers can store their encrypted assets on Fireblocks when they are not trading. This way, the assets are kept in a more secure environment, and a single point of failure in the current on-site custody service is avoided.
The hybrid custody solution is expected to create a safer way for customers to trade cryptocurrencies, as the funds will remain secured, even if there is a breach in the exchange’s security. Funds will only be removed from the custody platform when transactions are initiated, making it an innovative solution that increases the security of trading and reduces the risk of loss of funds.
According to reports, Fireblocks’ new hybrid custody solution has attracted the support of two major trading platforms, Huobi and Deribit. The partnerships are expected to provide a more robust and secure infrastructure that can withstand attacks and other vulnerabilities.
In conclusion, Fireblocks’ hybrid custody solution is a unique innovation that promises to be a game-changer in the world of cryptocurrency trading. The solution is an off-site service that enhances the security and efficiency of trading, while customers also benefit from having their encrypted assets stored in a secure environment. The involvement of Huobi and Deribit provides an additional level of confidence that the hybrid custody solution will create a more secure trading environment for customers.
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