The technology platform mpc technology is expected to empower fintechs to effectively secure digital assets from potential hacks, internal collusion, and human error.
The region’s increasing interest in digital assets comes with a similarly urgent need for secure and scalable solutions. In the past, operational tasks like wallet creation—an extremely time consuming and unscalable process—have been a hurdle to fintechs’ ability to grow fast.
Another key issue has been the vulnerability of ‘hot’ and ‘warm’ wallets, referring to variations in how private keys are stored, how readily they can move cryptocurrency in and out of the wallet, and how exposed these wallets are to malicious hackers.
These problems are now being addressed by technology that can generate a new wallet in a matter of seconds, and one that is more secure from attacks. By combining multiparty computation (MPC)-based infrastructure with intel-based SGX chip isolation technology, a firm called Fireblocks is helping fintechs to effectively secures digital assets from potential hacks, internal collusion, and human error.
First adopter advantage
The first firm in Asia to leverage this MPC ‘custody technology’ is First Digital Trust (FDT), a qualified multi-asset custodian to the investment community BnkToTheFuture.
The firm will integrate the MPC-based digital asset infrastructure to meet the increasing demand from fintech companies seeking custodial solutions in Asia and to enable fintechs and new investors to enter and participate in the nascent space.
With this technology, fintech clients can instantly send money to various digital asset providers without needing to see a wallet address, eliminating the single point of failure for private keys. This will make the depositing of assets into FDT’s custodial structure automated.
According to the firm’s COO, Gunnar Jaerv: “For over 30 years we have been striving to build the most robust and secure infrastructure for assets. As institutional investors seek the high-yield and anti-inflationary power of digital assets, we believe the protection of these assets should remain as strong as legacy custody protocols. Working with Fireblocks to automate our services while further protecting the vaults that shield these assets allows us to do this.”
Fireblocks CEO Michael Shaulov commented: “As early adopters of MPC-based technology in Asia, FDT is setting a new standard for digital asset security, compliance, and operational excellence. We are thrilled to have FDT on the Fireblocks Network, which directly connects the largest institutional players in Europe and the Americas to one of the largest online investment communities in Asia.”
With the platform in place, FDT will be able to provide 24/7 access to defi lending and staking, as well as 200+ trading venues and 300+ tokens, enabling them to expand their revenue streams from day one.
