Today, we’re excited to announce that Fireblocks has integrated with Compound, a DeFi (decentralized finance) lending platform with $163M in interest-earning assets across 8 markets.
At Fireblocks, we’ve developed a Secure Transfer Environment that protects our users’ private keys, deposit addresses, and API keys. We’ve achieved this through a combination of MPC (multi-party computation) and Intel SGX (chip-level hardware isolation).
At Fireblocks, we’ve developed and built an enterprise-ready platform for institutions that trade, store and issue digital assets. With 20+ years of experience securing Fortune 500 companies, we understand the importance of routine, third-party evaluations of our ecosystem.
In part 1 of this series, we established some of the inherent vulnerabilities of deposit addresses, which can be exposed to human error or leveraged for cyber attacks and internal fraud. For part 2, we’ll take a look at some of the solutions financial institutions are utilizing to handle these vulnerabilities.
Deposit addresses are extremely vulnerable, making the process of moving digital assets complicated and tedious. Institutions who work with digital assets every day know that securely moving coin is time-consuming (and stressful). But there’s a reason why these complicated processes exist. The biggest reason is the lack of deposit address authentication on the blockchain.
Multi-signature wallets have become the standard for institutions managing cryptocurrencies as they enhance the security of assets over single key wallets. Recently, however, new cryptographic breakthroughs in Multi-Party Computation (MPC) are ushering in a new generation of key management.