Fireblocks Adds Support For Solana’s Web3 Features

Fireblocks Adds Support For Solana’s Web3 Features

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Crypto custody firm Fireblocks has integrated the Web3 Engine tool to provide developer support to the DeFi, NFT, and gaming apps on the Solana blockchain. 

New Developer Support For Solana

The new developer tool will provide support to thousands of Solana users by allowing them access to the developer network’s applications and infrastructure. Users, like alternative asset managers and capital market participants, can now directly access Solana’s DeFi and other Web3 applications.  

In a statement released earlier on Tuesday, Solana co-founder Anatoly Yakovenko said, 

“Thousands of businesses use Fireblocks to access novel Web3 products and services. Starting today, these businesses will immediately have access to the depth and breadth of the Solana ecosystem.”

Fireblocks’s Web3 Engine

Earlier in May 2022, Fireblocks launched the Web3 Engine, a suite of tools designed to help developers build DeFi, GameFi, and NFT apps. 

Fireblocks CEO Michael Shaulov stated, 

“It’s a very scalable wallet technology with a variety of use cases. It could be used by an operations team to manage the treasury of the organization, or for Web3 retail applications, where a game can create wallets for its million users and serve them in a custodial way, with all the connectivity, controls and security to mint tokens and NFTs.”

Now, by integrating the developer tools on the Solana blockchain, the latter’s growing dApp ecosystem will receive a new boost of life. 

Solana’s Growing DApp Ecosystem

Solana’s NFT space has even overtaken that of Ethereum, despite the bear market. As CEO Shaulov pointed out, the Solana ecosystem is the second largest among all Ethereum Virtual Machine (EVM)-compatible blockchains. Furthermore, DeFi has been at the core of Solana’s development strategy, as evident by its $100 million fund to support South Korean DeFi startups. 

Therefore developer support for the Web3 apps on Solana is much needed to provide an improved version of its key-sharding wallet technology to users. Developers will find it simpler to construct dApps on top of Fireblocks’ tech stack as well as securely access the full range of existing Web3 applications. 

Fireblocks’s Previous Moves

Fireblocks had previously provided support for the native token SOL and the USDC stablecoin. In early 2022, the digital assets custodian received a total of $550 million in funding from institutional investors, raising the company’s valuation from $2 billion to $8 billion. The funding also raised elevated Fireblocks into the list of Israel’s most valuable privately held tech startups.

In 2021, the company onboarded former SEC chairman Jay Clayton as an advisory board member. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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