3 Workflows to Accelerate Crypto Treasury Operations

Posted by Michael Shaulov on Jul 17, 2020 6:35:46 AM
Michael Shaulov
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Last month we officially rolled out the Fireblocks Network, the first and only digital asset transfer network for institutions. The Network adds a new layer of security and efficiency to digital asset movement, enabling members to find, connect, and settle with the largest financial institutions instantly and securely – all while remaining on-chain.

How did it work before?

Before the Fireblocks Network, transferring digital assets between two counterparties required managing deposit address vulnerabilities, whitelisting deposit addresses for every asset that each counterparty wanted to trade – as well as performing test transfers to ensure security and accuracy.

How does it work now?

Now you can store and manage digital assets from one platform, connecting to trading venues, liquidity pools, and counterparties for instant settlement.

The Fireblocks Network completely streamlines and secures the transfer of digital assets between counterparties and exchanges through:

  • Automatic deposit address authentication
  • Automatic deposit address rotation
  • Deposit address management

What can I do on the Fireblocks Network?

Once you’re on the Fireblocks Network you will discover a large community of partners and counterparties and a new degree of brand visibility, as well as a wide variety of workflows to increase capital efficiency, reduce counterparty risk and streamline operations.

In this post, we’ll show you 3 powerful workflows that you can utilize today: 1) post-trade settlement, 2) exchange rebalancing, and 3) FIAT/crypto DVP.

 

Workflow #1: Post-trade settlement

(on-chain)

Settling with a connected counterparty only takes a few seconds. No need to worry about test transfers or whitelisting – all deposit address management and authentication is automatically handled by Fireblocks, so you can be sure your assets arrive at the correct destination.

 

Post Trade Settlement Network

Example Workflow: Sending ETH through the Fireblocks Network

 

How to instantly settle on the Fireblocks Network

  1. Pick the asset you’re sending from the Fireblocks Vault.
  2. Select the counterparty channel as your transfer destination and click transfer. Asset mapping for transfers is automatically completed across your connected counterparties.
  3. The assets will be released and sent to your counterparty’s wallet once all approvals have been completed based on your defined transaction policy.

Discovering and connecting through the Network

Today, we have over 60 financial institutions on the Fireblocks Network. Once you join, you can choose to be “discoverable”, allowing members to find you through the directory, or remain hidden and share your Network ID to connect privately with counterparties. You can transfer assets from any vault account to any counterparty you are connected to.

 

 

Workflow #2: Exchange rebalancing

It’s easy to securely move assets from one exchange to another, top of margin, or pull assets off an exchange to reduce/eliminate counterparty risk. 

Some exchanges offer ultra-fast, one-confirmation credit for deposit transactions on the Fireblocks Network (i.e. BitStamp).

Rebalancing only takes a few minutes, automated governance enables 24/7 access to funds, and with 25+ exchanges there’s no limit to the trading strategies your team can execute.

 

Hnet-image (1)

Example workflow: Deploy assets to Binance (margin top off)

 

How to deploy assets 24/7

  1. Rebalancing into the Fireblocks Vault
    1. Select the exchange and asset type you would like to withdraw, enter the amount, and click transfer.
    2. The assets will appear in your wallet once all user approvals have been completed based on your defined policy workflow.
  2. Rebalancing between exchanges
    1. Define a “zero-confirmation policy” for incoming transfers on any exchange.
    2. Select the vault and assets you would like to send, enter the amount, and click transfer.
    3. Assets will be sent to the exchange once all user approvals have been completed based on your defined policy workflow.
    4. Your team will be able to utilize that capital on the exchange once the required blocks are confirmed.

Workflow #3: FIAT to crypto DVP

Fireblocks recently integrated with Silvergate (SEN) and Signature (Signet), enabling Fireblocks Network users to settle with connected counterparties using FIAT.

Once your Silvergate or Signet account is connected successfully, you can send and receive Silvergate/Signet funds through Fireblocks, similarly to how you transfer other digital assets on Fireblocks. This allows for seamless FIAT settlement with connected counterparties, all from the Fireblocks interface.

You can make and receive transfers to your counterparties through the Fireblocks Network if your counterparty has a Silvergate/Signet account connected on their Fireblocks workspace.

 

Fiat Network

Example Workflow: Sending SIGNET through the Fireblocks Network

 

How to Send FIAT 24/7

  1. Navigate to the Fiat Accounts tab under All Accounts.
  2. Select the FIAT assets to be transferred and the total amount you wish to withdraw.
  3. Designate the counterparty you wish to settle with as your transfer destination.
  4. The assets will be released and sent to your counterparties wallet once all approvals have been completed based on your defined transaction policy.

Pro Tip: It’s also possible to make fiat transfers to counterparties by whitelisting a SEN or Signet account number under an External Wallet, in the same way as you would whitelist blockchain addresses on Fireblocks.

 

NEXT UP: Hear from the Fireblocks Network members to find out how these workflows have transformed their businesses and streamlined digital asset operations.

 

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