Chains.com integrated a suite of digital-asset custody, transfer, and settlement technology from Fireblocks in October.
Incorporating Fireblocks’ technology allows the developer of a stack of interconnected cryptocurrency and NFT products to implement the highest level of security protocols and protect customers’ digital assets via a secure wallet infrastructure, as well as treasury and funds. In addition, Chains.com’s native token, $CHA, became available to institutional users through the Fireblocks Network.
”Any entity or individual that holds a significant amount of funds, whether its own or for its users, is exposing itself to the possibility of having those funds stolen by external or internal hackers,” said Anderson Mccutcheon, Founder and CEO of Chains.com.
“If cryptocurrency companies were to ever be trusted with holding billions of dollars of user funds, they must implement the strictest access protocol from within, limiting the possibility for any single agent to access and transfer user funds,” he added.
While digital asset exchanges are still susceptible to hackers and scammers, many traditional institutions lack the proper infrastructure to manage custody of digital assets, leaving them vulnerable to cyberattacks. Recently, crypto trading firm Wintermute was hacked for $160 million. There are speculations that it is an inside job.
Chains is a cryptocurrency and NFT exchange platform designed to allow users to earn, trade, invest and spend across multiple chains via a single account. The project already boasts 500,000 registered users in over 100 countries, and is designed to allow users to participate in blockchain-based products (CeFi, NFT, and DeFi) without having to understand the underlying technologies.
Mccutcheon noted that
“At Chains, we constantly seek to enhance our users’ experience while building a world-class stack of in-house and partner solutions. As crypto-related cyber attacks continue to threaten the safety of users’ assets, Fireblocks delivers the most secure and reliable treasury and user account management solution on the market today.”
Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. The company serves over 1,500 financial institutions and has secured the transfer of over $3 trillion in digital assets.
“Like Chains, Fireblocks is committed to providing a simple and foolproof experience for users looking to interact with crypto and Web3,” says Jonathan Dakin, Head of EMEA at Fireblocks. “We are glad to have Chains be a part of the Fireblocks Network and support Chains in its mission to bridge the gap between CeFi and DeFi. We are thrilled to work alongside the highly-experienced team behind Chains and offer their users peace of mind through top-notch custody technology.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2022/10/chainscom-incorporates-fireblocks-technology-to-protect-users-digital-assets-from-cyber-threats