Fireblocks Adds Full Support for Tezos Network

Tezos recently upgraded with Smart Contract Optimistic Rollups, but its token (XTZ) price has declined by 55% over three months.

Fireblocks Adds Full Support for Tezos Network
Fireblocks Adds Full Support for Tezos Network

On Thursday, Fireblocks, a platform that caters to the requirements of financial institutions in areas such as cryptocurrency custody and settlement, announced that it has implemented full support for the Tezos network.

Those utilizing Fireblocks Wallet can store Tezos-based assets and access its roster of decentralized applications.

Moreover, according to the company, developers can use Fireblock’s Web3 engine to create secure products and services on Tezos.

Giving Fireblocks’ consumers access to Tezos could provide a boost in terms of DeFi activity for the network.

According to data aggregator DeFiLlama, Tezos’ total value locked (TVL) is ranked 29th among all protocols, with close to $49 million, placing it in the bottom ten.

Over the past year, Tezos’ TVL, which represents the amount of money tied up in smart contracts on the network, such as decentralized exchanges or lending services, has increased by approximately $10 million. In 2021, Tezos’ TVL crested at $217 million.

Michael Mendes, chief of DeFi at TriliTech, a Tezos-focused research and development firm, told Decrypt that Fireblocks’ offering paves the way for more institutions to test the waters of Tezos’ ecosystem.

He emphasized the “unmatched expertise” of Fireblocks in custody and infrastructure.

BNY Mellon utilized Fireblocks’ technology when the Wall Street titan offered to hold Bitcoin and Ethereum for customers last year.

While Fireblocks is known for institutional-grade custody solutions, Omer Amsel, head of Web3 products at Fireblocks, noted that DeFi connectivity is a critical part of the offering.

“Businesses have peace of mind knowing they can prevent the loss of assets without sacrificing speed and efficiency,” he said, referring to the company’s Transaction Authorization Policy, which enables clients to establish specific parameters to control the flow of funds.

Tezos launched its “Mumbai” upgrade earlier this year, marking the network’s thirteenth upgrade since its development began in 2014.

Messari, a provider of crypto market intelligence, cites the introduction of Smart Contract Optimistic Rollups as a significant throughput and scalability improvement.

Over the past year, the price of Tezos has declined like that of many alternative cryptocurrencies during the crypto winter.

Tezos’ token (XTZ) has dropped approximately 55% from $1.45 to $0.65 over the past three months.