San Juan-based Bank Partners With Fireblocks to Launch Digital Asset Service
Fireblocks has formed a new partnership with another digital asset storage service provider, FV Bank despite the controversy it is currently embroiled in. FV Bank is an international bank that offers premium banking services to its users. According to reports, the new partnership will help the digital bank to improve existing services and include novel products in its portfolio. FV Bank is based in San Juan, Puerto Rico.
Fireblocks is an Israeli-based crypto asset storage service provider in the same line of business as FV Bank. However, FV Bank desires to incorporate the former’s infrastructure into its online systems to ensure that it is able to provide reliable service to its users around the world. FV Bank has touted the partnership as a strategic one as it would enable the bank to introduce products unavailable in traditional finance. Mile Paschini, the digital bank’s CEO and co-founder reasoned that it collaborated with Fireblocks to take advantage of the latter’s leading infrastructure in crypto asset storage to show that banks are capable of providing such services.
Partnership to Revolutionize Traditional Finance
Paschini further opined that the new partnership with Fireblocks confers on the bank a unique advantage not seen in any regulated global bank, as it goes ahead to launch its digital asset storage services. He restated the bank’s commitment in securing and insuring the users’ assets in its custody. Paschini asserted that the infrastructure of Israeli-based Fireblocks has been tested and proven to be reliable.
Michael Shaulov, CEO, Fireblocks expressed delight at the new collaboration calling it a giant stride in introducing digital asset storage into conventional finance. The latest partnership is one out of many for Fireblocks. Last year, it partnered with Compound Finance and a host of other crypto and DeFi firms. Two months ago, it had formed a partnership with Badger decentralized autonomous organization (DAO) to deploy wrapped Bitcoin (wBTC or renBTC) into the world of decentralized finance. Details of the partnership revealed that users will be able to deploy into Badger’s staking protocols to earn yield on their asset. Badger DAO is built on the Ethereum network.
Fireblocks Embroiled in Ethereum Loss Controversy
Tokenhell had earlier reported that the Israeli-based Fireblocks was enmeshed in an Ethereum loss controversy this week. StakeHound had filed a lawsuit against the firm claiming that the firm was responsible for the loss of 38,178 ETH to the tune of $75 million. StakeHound, a staking service provider, accused Fireblocks of losing the private keys to the digital wallet where the whopping amount of Ethereum was stored. Reports indicated the private keys had been deleted and were not backed up.
However, Fireblocks denied responsibility for the massive loss. It claimed that the private keys were not in its custody at the time of the loss. Fireblocks further assured users of the safety of their funds and data. The $75 million in ETH was reportedly meant for staking on the Ethereum 2.0 which is due to launch by 2022. Ethereum 2.0 will operate on the Proof-of-Stake consensus algorithm.
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