In response to the increasing demand for decentralised digital asset management, Fireblocks, an enterprise platform for blockchain operations, has announced the expansion of its non-custodial wallet-as-a-service (WaaS) offering.
The move aims to cater to brands, corporates, fintechs and Web3 businesses that seek greater control and security over their digital assets.
With the recent collapses of centralised entities like FTX, customers of fintechs and brands have been increasingly vocal about wanting more control over their assets. Fireblocks’ non-custodial wallets are designed to address this demand, offering iOS, Android and web browser support through the Fireblocks wallet SDK.
These non-custodial wallets empower users to take charge of their assets while navigating the evolving landscape of decentralised finance (DeFi), NFT applications and native Web3 experiences. However, concerns surrounding regulatory compliance and security, including the risk of users losing seed phrases, have presented challenges in scaling millions of wallets.
Enhanced security and compliance
Michael Shaulov, co-founder & CEO at Fireblocks, explained the motivation behind its non-custodial wallet solution: “While working with the world’s leading brands and fintechs building in Web3, we carefully designed a non-custodial wallet solution that met their security expectations and was proven to scale as required.”
Fireblocks’ non-custodial wallets utilise MPC-CMP (multi-party computation with commitments) technology, ensuring a multi-layered security architecture. This technology operates within a hardware-based trusted execution environment, providing robust protection against internal and external threats.
Furthermore, Fireblocks says it is the only WaaS provider that boasts certifications, including CCSS Level III, SOC2 Type II, ISO 27001, ISO 27017, and ISO 27018, demonstrating its commitment to security and compliance.
Customisable and scalable solutions
Fireblocks’ non-custodial WaaS is designed to be a white-label, modular solution. This allows businesses to create fully customisable experiences for their users while leveraging Fireblocks’ proven infrastructure for scaling wallets to millions of users. Importantly, this approach shields users from operational risks.
The company has already gained the support of notable partners, with Ravi Krishnan, head of Flipkart Labs, stating: “Flipkart has an ambitious goal of transforming and democratising e-commerce in India and Fireblocks continues to support our vision by simplifying Web3 onboarding for the masses, seamlessly embedding wallets in the background of the Flipkart mobile app.
“To date, Fireblocks has created more than 2.4 million wallets for Flipkart users, one million of which was in the last month alone. We are excited to see what’s to come with the Fireblocks team.”
Empowering Web3 developers
For Web3 developers, Fireblocks’ non-custodial wallets offer customisation, security, scalability and trust.
- Support for iOS, Android, and web applications through the Fireblocks wallet SDK.
- A building blocks architecture that allows developers to configure wallet implementations according to user and application requirements.
- Web3 Wallet Link, enabling users to connect their in-app wallets to decentralised applications (dApps).
- A Policy Engine to safeguard users and ensure compliance.
Notably, Fireblocks eliminates the need for seed phrases, reducing the risk associated with single points of failure. Instead, the solution relies on MPC-CMP technology and offers various backup and recovery options, including social logins, cloud services (iCloud & Google Drive), or local backups.
Fireblocks currently secures more than 130 million wallets for a wide range of B2C and B2B Web3, fintech, brands, financial institutions, corporates, and crypto companies worldwide. Prominent clients include BNY Mellon, BNP Paribas, NAB, Flipkart, eToro as well as Revolut.
Beyond wallet solutions, Fireblocks also offers smart contract deployment and management capabilities, making it a comprehensive platform for digital asset operations.