FV Bank Partners With Fireblocks For New Digital Asset Custody Service

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In Brief
  • FV Bank has selected fellow digital asset custodian Fireblocks as its infrastructure partner.

  • The partnership will enable FV Bank to scale, enhance, and add new products to its digital asset custody service offering.

  • The Partnership comes shortly after a negligence lawsuit was filed against Fireblocks.

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Digital asset custodian FV Bank has announced a new partnership with Fireblocks as it prepares to introduce its digital asset custody services.

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The digital bank, headquartered in San Juan, Puerto Rico, will leverage Fireblocks, a fellow digital asset custody platform, for its unique MPC-based wallet and network infrastructure. 

According to a release shared with BeInCrypto, Fireblocks’ infrastructure will integrate seamlessly into FV Bank’s online systems for its international customers’ usage. It is a move that will enable FV Bank to scale, enhance, and add new products to their service offering. Products that FV regards as “unprecedented” in regulated institutions.

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FV Bank’s CEO and co-founder, Miles Paschini, explained “It is very important that our offerings take advantage of the industry’s leading digital asset management infrastructure solution as we move to prove banks can compete and lead in the convergence of digital assets management and fiat-based accounts.

“Selecting Fireblocks’ wallet infrastructure gives us a competitive edge, as it will enable us to securely and rapidly deploy a ground-breaking offering from a regulated international bank.

“We also are committed to provide insurance over our clients assets under management,” Mr Paschini went on. “Fireblocks’ secure infrastructure has gained the confidence of insurers, allowing us to offer a bank grade solution to the marketplace.”

Meanwhile, Fireblocks execs also voiced their excitement about the new partnership. Company CEO Michael Shaulov said:

“FV Bank’s integration of the Fireblocks platform brings us a step closer in our effort to enable secure digital asset adoption among traditional financial institutions.”

Other events at Fireblocks

Their team-up with FV Bank is the latest collaboration for Fireblocks this year. It follows on from a strategic partnership it forged back in April with decentralized autonomous organization (DAO) Badger. As reported back in April, the collaboration would help bring institutional bitcoin (BTC) to the decentralized finance (DeFi) ecosystem.

It has not all been good news for Fireblocks this week, however. On June 22, reports emerged about a negligence lawsuit involving the company. The crypto staking platform Stakehound alleged that Fireblocks failed to back up certain private keys, which were then deleted. Resulting in loss of access to Ether (ETH) valued in excess of $70 million.

Fireblocks issued an in-depth explanation on its website the same day. In a tweet issued at the same time, the company said:

“As we navigate our current situation, Fireblocks remains committed to transparency.”

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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