Fireblocks launches Web3 Engine support on Solana

Digital asset custody platform Fireblocks has launched support for Solana, giving its thousands of users access to the developer network’s applications and infrastructure. 

Beginning Tuesday, Fireblocks users will have direct access to Solana’s various decentralized finance (DeFi) and Web3 applications – a move the company says will directly benefit “alternative asset managers” and “capital market participants.”

“Thousands of businesses use Fireblocks to access novel Web3 products and services,” Solana co-founder Anatoly Yakovenko said in a statement. “Starting today, these businesses will immediately have access to the depth and breadth of the Solana ecosystem.”

The Solana integration will come via Fireblocks’ Web3 Engine, a suite of tools designed for developers building in the DeFi, GameFi and nonfungible token spaces. As Cointelegraph reported, Fireblocks Web3 Engine was launched in May of this year. Fireblocks CEO Michael Shaulov said his company’s Web3 suite offers Solana ecosystem developers a higher level of security when developing products.

Solana has been subjected to several high-profile security breaches this year – the latest being a hack that compromised 7,000 ecosystem wallets to the tune of $8 million.

Related: Crypto custody tech provider Fireblocks integrates Tokeny for token minting

Solana has put decentralized finance near the center of its ecosystem development strategy, with its venture arm recently launching a $100 million fund to support DeFi startups in South Korea. Currently, the Solana ecosystem is home to 77 active DeFi protocols with a total value locked (TVL) of $1.43 billion, according to DeFi Llama. In terms of overall TVL, Solana is the sixth largest DeFi chain.

Fireblocks used the crypto bull market to become one of blockchain’s most valuable companies. In February of this year, the company closed a $550 million Series E funding round at a valuation of $8 billion. The following month, it acquired stablecoin payments platform First Digital for a reported $100 million.

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