Tezos expands institutional access with Fireblocks integration

The decentralisied finance (DeFi) and Web3 ecosystems have a new adoption channel following the integration of Tezos (XTZ) with enterprise-ready crypto custody platform Fireblocks. The market has reacted positively to the news, pushing the price of XTZ up by 3% on Friday morning. XTZ/USD currently trades around $0.67.

Tezos goes live on Fireblocks

According to Tezos, the collaboration sees Fireblocks add full support for the Proof-of-Stake blockchain network, extending secure custody of tokens to institutional investors looking to tap into the benefits of a scalable public blockchain. This will be accessible directly via the Fireblocks Wallet.

Further ecosystem growth is expected with Fireblocks’ support for projects building on Tezos, with this possible through developer access to the Fireblocks Web3 Engine.

Michael Mendes, head of DeFi partnerships at Tezos adoption hub Trilitech, said:

“The integration paves the way for institutional players to access Tezos dApps and tokens and opens projects that are utilizing the Fireblocks stack to deploy on Tezos with minimal effort.”

Fireblocks’ support for Tezos comes amid a resurgence in the traction of Tezos blockchain, with growth across several key metrics.

This includes an increase in total value locked (TVL), network upgrades that have seen Tezos process more than one million transactions per second and multiple partnerships that have seen the number of dApps and Web3 projects currently building on the Tezos chain surge.

Key brands collaborating with the Tezos Foundation to support the ecosystem include McLaren Racing, Manchester United and Ubisoft.

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