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FinchTrade Elevates Crypto Custody Offering with Fireblocks

May 08 2024

Secure, compliant and flexible. At FinchTrade, we are excited to announce our integration with Fireblocks, an enterprise platform designed to manage digital asset operations and build innovative businesses on the blockchain. This strategic collaboration is set to enhance our service offering, aligning with industry regulations and expanding our capabilities in asset custody.

Enhancing Our Operational Framework

The collaboration with Fireblocks introduces several key enhancements to FinchTrade’s operational framework:

1. Regulatory Compliance: Fireblocks’ institutional-grade technology enables us to generate unique blockchain addresses for each client, a critical feature for Travel Rule compliance. This regulation mandates the collection and sharing of transactional information for AML purposes, and our integration with Fireblocks ensures we meet these requirements efficiently.

2. Direct Custody Advantage: Fireblocks delivers a specific implementation of self-custody, providing a zero counterparty risk environment with multiple layers of security. This means funds are never stored in an omnibus account or commingled with any other client funds, eliminating the risks associated with traditional financial custodians. This approach significantly elevates the security of client assets under our management.

3. Expanded Product Offerings: With Fireblocks, we now offer individual client wallets, expanding our product offering to include a solution for self-custody of crypto assets. This enhancement allows our clients to store assets without giving up the control over their funds, execute conversions between crypto and fiat currencies, and make crypto payments without the need for external third-party services.

4. Network Integration: By joining the Fireblocks Network, FinchTrade gains direct connectivity to a global network of over 1,800 trusted financial institutions, liquidity partners, trading venues, and counterparties for secure transfers and payments. This integration broadens our reach and enhances our service delivery.

A Game-Changing Collaboration

“Collaborating with Fireblocks is a game-changer. It fortifies our commitment to IT security and enables offering a diversified service portfolio,” said Yuri Berg, Board Member of FinchTrade.

“We’re pleased to be working with FinchTrade to offer greater connectivity and security for their trading platform tailored to their clients’ needs. This collaboration highlights our mutual dedication to industry-leading security and operational efficiency, and we look forward to our continued efforts to advance the digital assets space together,” said Stephen Richardson, Managing Director, Financial Markets at Fireblocks.

The integration with Fireblocks positions FinchTrade at the forefront of digital asset security and compliance, ensuring that we remain a trusted partner in the evolving world of cryptocurrency trading.

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