-- Retail-facing businesses like Revolut, BlockFi Trading, and Celsius are
     boosting growth on the platform

Fireblocks (www.fireblocks.com) announced today that it has secured the storage 
and transfer of $637 billion in digital assets since launching in 2019. The 
2023% uptick in transaction volume since last year stems from a surge in demand 
across large consumer-facing apps that are launching new services or moving to 
the Fireblocks infrastructure to significantly reduce operational costs and 
inefficiencies. 

Logo- https://mma.prnewswire.com/media/970649/Fireblocks_Logo.jpg  

With the creation of new Ethereum wallets increasing from 72.7 million to 
almost 115.3 million from May 2020 to May 2021, the cost of managing thousands 
of customer wallets and processing millions of transactions on a daily basis 
has skyrocketed. Utilizing Fireblocks' blockchain agnostic MPC-based 
technology, these retail-facing businesses have been able to realize up to 90% 
in cost savings on ETH management fees. Comparable to multi-sig wallets, a 
previous standard used by institutions to manage cryptocurrencies, MPC-based 
technologies can offer new advantages when it comes to safety, scalability, and 
the ability to support more blockchain assets. 

"Retail platforms have seen the steepest increase in operational costs 
associated with the exponential creation of new wallet addresses and 
transaction fees on the ETH network," said Michael Shaulov, CEO and Co-Founder 
of Fireblocks. "We expect our volume to double before the end of the year as 
digital asset businesses continue to migrate away from multi-sig wallet 
technology and begin introducing more offerings for the growing crypto retail 
market." 

Two months after integrating with Fireblocks, Revolut reported ( 
https://c212.net/c/link/?t=0&l=en&o=3167599-1&h=229134508&u=https%3A%2F%2Fwww.businessinsider.com%2Fbitcoin-buzzy-fintech-startups-see-cryptocurrency-boom-as-price-surges-2021-1%23%3A%7E%3Atext%3DMoney%2520management%2520app%2520Revolut%252C%2520which%2Csince%2520the%2520beginning%2520of%25202021.&a=reported 
) 300,000 new cryptocurrency customers, adding 100,000 of them in the first six 
days of this year. Celsius Network, one of Fireblocks' earliest customers, also 
announced ( 
https://c212.net/c/link/?t=0&l=en&o=3167599-1&h=3220794824&u=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcelsius-wins-best-cryptocurrency-wallet-award-by-fintech-breakthrough&a=announced 
) in April it boosted its growth to 500,000 new users with over $10 billion 
worth of digital assets under management, signaling the continued growth of 
interest amongst consumers in the digital asset space. 

"Thanks to Fireblocks, we significantly reduced blockchain fees for Ether and 
ERC-20 token transfers. MPC technology eliminates the multi-sig smart contract 
that makes transactions consume additional gas," said Max Sapelov, Co-Founder & 
CTO, CoinLoan. 

By providing institutions with an easy-to-use platform and robust API, 
Fireblocks removes the complexity of working with digital assets while 
empowering the largest liquidity providers, lending desks, OTCs, and DeFi 
applications with top-of-the-line insurance, compliance, and security measures 
to frictionlessly build and scale digital asset products. 

About Fireblocks
Fireblocks is a leading enterprise-grade platform delivering a secure 
infrastructure for moving, storing, and issuing digital assets. Fireblocks 
enables banks, fintechs, exchanges, liquidity providers, OTCs, and hedge funds 
to securely manage digital assets across a wide range of products and services. 
The technology consists of the Fireblocks Network and MPC-based Wallet 
Infrastructure. Fireblocks serves over 250 financial institutions and has 
secured over $637 billion in digital assets. Fireblocks has a unique insurance 
policy that covers assets in storage & transit and offers 24/7 global support. 
For more information, please visit www.fireblocks.com. 

SOURCE: Fireblocks

CONTACT: Yelena Osin, yelena@fireblocks.com