A pair of U.S. based companies has just announced a new working partnership, which will see PrimeTrust utilize services by Fireblocks.
To elaborate, these services are tailored around increased security when dealing with digital assets. Services by Fireblocks include the following capabilities:
- Multiparty Computation (MPC)
- Chip Isolation Technology
- Elimination of private key theft
These abilities, along with acting as a transaction conduit, allow for Fireblocks to greatly increase the security of transactions undertaken by service users, such as PrimeTrust.
Demonstrating a Need
Necessity is the mother of invention. With this in mind, digital assets have made it clear over the past 18 months that better security options are needed.
Fireblocks noted this need, and set out to develop services to solve the issue. In their announcement, the pair of companies bring light to this need, stating,
“In the last eighteen months, over $3B of digital assets disappeared from various institutions due to exchange hacks, insider fraud, and human error.”
Upon announcing their new partnership, representatives from each, Fireblocks and Prime Trust, took the time to comment. The following is what each had to say on the matter.
CPO of Prime Trust, Kevin Lehtiniitty, stated,
“Prime Trust has always set out to build the best-in-class, gold standard in everything that we do from our compliance to our security and our technology…Partnering with Fireblocks to leverage their secure crypto transfer infrastructure represents the next iteration of Prime Trust paving the way for the digital asset custody industry. We’re proud to be the first qualified custodian to adopt this cutting-edge technology and provide our entire ecosystem with next-generation security. We look forward to building a deeper relationship with the whole Fireblocks team and building future partnerships.”
CEO of Fireblocks, Michael Shaulov, stated,
“Prime Trust is one of the most recognized names in digital asset custody, and we share a similar understanding of the critical role that security and regulation will play in the adoption of crypto by institutional players…Together with Prime Trust, we eliminate the vulnerabilities that digital assets are exposed to as they move between different endpoints and provide a fast and secure experience for Prime Trust customers under a regulated umbrella.”
Fireblocks is a young company which maintains headquarters in New York. Since their launch in 2018, the team behind Fireblocks has managed to develop key services ensuring unmatched security with regards to digital assets. In addition, they hope to streamline their client’s services through offering an aggregation platform.
CEO, Michael Shaulov, currently oversees company operations.
PrimeTrust is a Las Vegas based company, which was founded in 2016. Above all, PrimeTrust specializes in offering clients access to a variety of services surrounding digital assets. For example, they break these down in to the following main categories.
- Exchanges & OTC Desks
- Prime Exchange Network (PRIMEX)
- Compliance Services
- Qualified Custody
- Asset Protection Trusts
- Escrow Services
CEO, Scott Purcell, currently oversees company operations.
In Other News
While Fireblocks is a new entrant into our newsfeed, PrimeTrust has caught our attention on various past occasions. The following articles detail some of the most recent developments achieved by PrimeTrust.