Solana supports Fireblocks Web3 Engine for DeFi, NFT

Blockchain unicorn Fireblocks has created Web3 Engine support targeting DeFi, GameFi, and NFT products and services on the Solana blockchain.
Solana supports Fireblocks Web3 Engine for DeFi, NFT
Solana supports Fireblocks Web3 Engine for DeFi, NFT

Solana support has been made available by digital asset custody platform Fireblocks, providing its thousands of users access to the infrastructure and apps of the developer network.

Users of Fireblocks will have direct access to Solana’s numerous decentralized finance (DeFi) and Web3 services beginning of Tuesday, according to the business, which claims that this would specifically help “alternative asset managers” and “capital market participants.”

According to a statement from Anatoly Yakovenko, co-founder of Solana, “thousands of enterprises employ Fireblocks to access new Web3 products and services.” These companies will get direct access to the depth and breadth of the Solana ecosystem beginning today.

The Web3 Engine from Fireblocks, a set of tools built for programmers creating in the DeFi, GameFi, and nonfungible token domains, will be used for the Solana integration.

The Fireblocks Web3 Engine was introduced in May of this year. The Web3 suite from Fireblocks, according to CEO Michael Shaulov, provides Solana ecosystem developers with a higher level of security when creating products.

This year, Solana has experienced a number of high-profile security breaches, the most recent of which resulted in an $8 million loss for 7,000 ecosystem wallets.

Decentralized finance is a key component of the ecosystem development plan at Solana, which recently launched a $100 million fund through its venture arm to help DeFi entrepreneurs in South Korea.

According to DeFi Llama, there are currently 77 active DeFi protocols in the Solana ecosystem, with a total value locked (TVL) of $1.43 billion. Solana is currently the sixth-largest DeFi chain in terms of total TVL.

Fireblocks took advantage of the cryptocurrency bull market to rise to the top of the blockchain industry. The business completed a $550 million Series E investment round at a $8 billion value in February of this year. The stablecoin payments platform First Digital was purchased the next month for an alleged $100 million.