Written by Logan

On October 6, 2021

Why we chose Fireblocks as our custody provider

Every cryptocurrency platform uses a custody provider to ensure their users can use funds on their platform in a way that is accessible and convenient. Recently, Metal Pay and Proton shifted custody providers to Fireblocks, a highly-respected and widely-used custody provider that will offer key benefits to our users.

Our migration of cryptocurrency custody platforms will allow a number of often requested features, including a common deposit addresses for coins that are issued on the same mainnet, such as Ethereum-based ERC-20 tokens and Binance Smart Chain-based BEP-20 tokens, along with select tokens such as XPR and USDC that will support sending and receiving via multiple mainnets.  This migration also allows us to offer new xTokens (wrapped cryptocurrencies) that were previously unavailable on the Proton blockchain, while laying the groundwork for additional mainnet integrations in the near future.

But why did we choose Fireblocks?

Our partnership with Fireblocks

Out of every cryptocurrency custody provider on the market, Fireblocks stands out as a provider with a highly secure framework, a capable policy engine to keep us at the forefront of regulatory compliance, and a flexible disaster recovery service. In addition, Fireblocks opens up new partnership and product opportunities with their easy integrations to lending and borrowing platforms. Fireblocks is the optimal choice for a project that is ready to scale faster than ever before – such as Metal Pay and Proton.

We’re also excited about Fireblocks’ growing DeFi products, such as deposit accelerations, DeFi web extensions, tokenization options, and more. Fireblocks will help updates come to the Proton and Metal Pay ecosystems faster than before, which is something our community can get excited about.

Traditionally, most cryptocurrency companies avoid announcing who they’ve chosen for a custody provider. However, the Metal company motto is to “Always act in good faith with full transparency and accountability.” In the spirit of our promise to you, we wanted to give you a full account of who we picked, and why. Fireblocks was the clear winner when we were considering cryptocurrency custody providers, and we think our community will agree as they learn more about this company.

Moving to Fireblocks allowed us to meet our growth requirements, both in assets under management and the products we can support on Metal Pay and Proton Swap. Their feature set and the configurability of security policies is the best we’ve seen in the industry.” – Glenn Mariën, CSO at Metal

Later this month, our VP of Blockchain, Syed Jafri, will be sitting down with Fireblocks’ VP of Product Strategy at Money20/20 US to discuss blockchain, DeFi, and what we’re building. Be sure to keep an eye on our social media accounts, both for Metal Pay and Proton, to catch all of the updates during this one-of-a-kind financial event.

– Your Friends at Metal

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