Fireblock adds five exchanges to its platform

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Fireblock, an enterprise platform for securing digital assets in transit, has added five new crypto exchanges to its roster, bringing the total number of exchanges to 20.

According to the announcement, Fireblock has added support for OKCoin, OKEx, Korbit, Bithub, and HitBTC. They also revealed that Huobi Global and Deribit, two of its previous clients had expanded their integration of Fireblock’s security solution.

Fireblock eliminates the risk of deposit address spoofing and credential theft for deposit, withdrawal, and rebalance of assets between exchanges. The company also provides prop traders, market makers, and over-the-counter (OTCs) platforms with a secure and secure unified workflow for securing assets in motion between different exchanges.

While commenting on the new additions, Idan Ofrat, co-founder and chief technology officer of Fireblocks had this to say:

The current state of the market expects a stronger, more secure foundation with the entry of institutional players that are required to hold accountability over its clients’ funds. We are continuously pushing the envelope to securely connect the institutional ecosystem, linking more and more venues, endpoints, and market participants. We’re confident that as we grow our connectivity layer across each touchpoint, the industry as a whole will become more secure.

Reports by CipherTrace shows that since the beginning of this year, crypto crimes have risen to $4.3 billion. Last year, the industry reported a loss of $1.7 billion to crypto crimes. Despite most attacked being focused on exchanges, Fireblock focuses on preventing hacks and other attacks directed at customers. The company believes, through this solution, they will be able to reduce the growing rate of crimes in the industry.

Tim Byun, CEO of OKCoin, added that the service would provide “critical protection for millions of traders around the globe.”

Fireblock working hard to ensure there is security for players in the cryptocurrency space. The company has gone so far as to employed security engineers from top cybersecurity firms, including IBM and Symantec, to assist in the development of this platform. Earlier in June, Fireblock received $16 million from Fidelity and Tenaya Capital. These funds were reportedly to help Fireblock expand their infrastructure and acquire other companies.