Crypto custodian Prime Trust adds another layer of protection to its solution via Fireblocks

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.

About Author

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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