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Aside from privacy concerns, complexity and poor user interface remain the biggest barriers to entry for institutions entering Web3.
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Enterprise-grade digital asset platform Fireblocks announced Fireblocks Swaps and Fireblocks Token Allowance Manager — two new features that will enhance compatibility with decentralized finance (DeFi) platforms like Uniswap and Aave.
According to Fireblocks, the Fireblocks Swaps feature will allow users to access liquidity from Uniswap Classic and UniswapX directly within the Fireblocks console.
The Fireblocks Token Allowance Manager allows clients to manage balances across wallets, giving users the option to revoke malicious smart contracts on Ethereum.
Both features eliminate the need to manage external accounts, thereby simplifying the process of decentralized exchange trading and access to DeFi protocols for institutional clients.
Related: Fireblocks and Google Cloud partner to enhance PKM security
Fireblocks simplifies Web3 onboarding for institutional clients
Fireblocks has slowly released features throughout 2024 designed to onboard startups, businesses, and banks to the digital asset space.
In July 2024, the enterprise-grade platform announced a Web3 startup toolkit. The suite of tools provided startups with a packaged way to launch their own Web3 projects and featured treasury, self-custody, and private key management options.
Fireblocks secured a New York state charter from the New York Department of Financial Services in August, allowing the firm to provide custodial services to clients in the United States.
During the same month, Immutable, a layer-2 gaming blockchain built on top of the Ethereum network, integrated Fireblocks into its services. The integration gave game developers a solution to store and manage in-game digital assets like non-fungible tokens (NFTs).
The integration of Immutable followed an announcement by Fireblocks that it would shut down its NFT marketplace.
At the time, Fireblocks indicated it was abandoning its standalone NFT marketplace to focus on expanding its presence and services in the NFT space through partnerships.
More recently, in November, Fireblocks began exploring value-added tax (VAT) tokenization with the South Korean NongHyup Bank. More specifically, the bank is leveraging the Fireblocks Tokenization Engine to refund the VAT on retail purchases.
The tokenization of VAT refunds would reduce operational costs while streamlining the process of refunds through an immutable, transparent, and error-free ledger.
Magazine: DeFi and Ethereum are the ‘new narrative’: Michaël van de Poppe, X Hall of Flame
This article first appeared at Cointelegraph.com News
