Binance.US Selects Fireblocks for Custody and Wallet Infrastructure

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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Last updated:

September 11, 2024 11:00 EDT

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Cryptocurrency platform Binance.US has announced it is using Fireblocks technology for managing digital assets, and custody operations.

In a joint announcement shared with CryptoNews, the firms said Fireblock’s infrastructure technology will also be used for staking and trading services.

By using Fireblocks’ wallet technology, Binance.US said it aims to strengthen the security of its platform, which it claims has the largest on-chain staking service in the U.S.

Firm’s Expand Staking Services

Binance.US said its customers will continue to benefit from the platform’s spot trading experience, with over 150 tokens available for trade and more than 20 tokens available for staking.

Staking is a process where cryptocurrency holders lock up their digital assets in a blockchain network to support its operations, such as validating transactions. In return, users can earn rewards in the form of cryptocurrency.

Christopher Blodgett, chief operating officer of Binance.US, emphasized the importance of this integration, stating, “As part of our continuous efforts to improve our exchange infrastructure and enhance the Binance.US user experience, we are excited to integrate Fireblocks to expand our custody offerings and introduce new wallet solutions.”

“Our wallet infrastructure provides the highest level of security and operational efficiency, which aligns perfectly with Binance.US’s commitment to protecting customer assets,” said Michael Shaulov, CEO of Fireblocks, in a statement.

Firms Using Fireblocks Infrastructure

Fireblocks infrastructure is also being used in the crypto space for digital asset custody, transfers, and wallet infrastructure for institutions. Several prominent crypto companies and financial institutions use the firm’s technology.

In June, Coinbase International Exchange joined the Fireblocks Network to provide perpetual futures and spot trading features for institutional and retail clients in certain regions.

Fireblocks is also being used by Revolut and Crypto.com.