WOO X integrating leading institutional custody technology Fireblocks
The integration will enhance security and accelerate onboarding of institutional clients to WOO Network
With the rise in demand for digital assets among institutions, asset managers, and other players from traditional finance, the standards placed on the custodial practices of trading platforms have significantly improved. This is an area that WOO X is fully committed to as we seek to provide our users with more flexible solutions that don’t compromise on security. As part of our efforts, we are excited to announce our latest integration with Fireblocks, an industry-leading crypto custody technology and digital asset platform that services over 1,000 institutions including banks, hedge funds, liquidity providers, exchanges, and more.
What is Fireblocks?
Fireblocks provides a digital asset infrastructure platform and network that provides its customers with the tools to manage their assets with enterprise-grade security. Fireblocks’ technology works in the background of WOO X to secure wallets, deposits, and storage of user funds in a decentralized manner. Its solution involves a multi-layer approach to security, including a private key protection layer that uses multi-party computation (MPC) to distribute keys across devices and clouds, eliminating a single point of failure. For exchanges and clients, this greatly reduces the vulnerabilities from cyber-attacks, internal collusion, and human error. On top of Fireblocks’ technical capabilities, the company has established a tremendous track record, and is the industry-leading solution used by Coinbase Pro, Binance, BlockFi, and Galaxy Digital.
For WOO X, the integration with Fireblocks streamlines the onboarding of trading firms and institutional clients, who can execute digital asset trading strategies from within the Fireblocks Network dashboard. If you’d like to see Fireblocks in action, be sure to watch this video!
Expanding the network
Beyond best-in-class self-custodial technology brought to WOO X, WOO Network is eager to bring even more value to Fireblocks’ network of clients. WOO Network will explore providing our institutional liquidity across the network and integrating with other Fireblocks services. Fireblocks and WOO Network can also help expand mutual ecosystem development, leveraging experience and relationships within the fintech sphere.
Michael Shaulov, CEO of Fireblocks, said, “Crypto apps are rising in popularity, which will inevitably expand the retail and institutional market dramatically. Our infrastructure enables scalability without compromising on security and offers the most flexible way to plug into crypto capital markets. We are delighted to welcome WOO to the Fireblocks Network and look forward to working together to grow the DeFi ecosystem.”
About WOO Network
WOO Network is a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity, trading execution, and yield generation strategies at lower to zero cost. WOO Network was incubated by Kronos Research, a multi-strategy trading firm that specializes in high-frequency trading (HFT), arbitrage, and CTA, averaging around $5–10 billion of daily trading volume on global cryptocurrency exchanges.
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1000 financial institutions, has secured the transfer of over $2 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
Stay tuned for all WOO Network’s exciting developments!
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