Cryptocurrency custody firm Prime Trust is strengthening its solution to protect digital assets it holds in custody from potential hacks and thefts.
Prime Trust has partnered with Fidelity-backed crypto security firm Fireblocks for the initiative, which uses multiparty computation (MPC) and patent-pending chip isolation technology (SGX) to secure digital asset transactions.
“Fireblocks’ technology provides a ‘secure highway’ for crypto that eliminates the theft of private keys or compromise of credential/API keys and deposit addresses,” said Prime Trust, which serves crypto exchanges, broker-dealers, and other financial institutions as its customers.
Back in June, Fireblocks raised $16 million in a Series A round from Fidelity-backed Eight Roads, Tenaya Capital, Cyberstarts and others. Over-the-counter trading firms Galaxy Digital and Genesis Global Trading are amongst its customers.
“You have a lot of cold storage solutions like Xapo and Coinbase, but all of those solutions are completely irrelevant for movement and people are really exposed to risk when they are trying to move bitcoins,” Fireblocks CEO, Michael Shaulov, told The Block at the time.