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Amber Group and Fireblocks Extend Partnership for Crypto-asset Security

Brand Voice
·4-min read

Amber Group (www.ambergroup.io) announced today that they are extending their partnership with Fidelity-backed cryptocurrency security provider Fireblocks. As a global crypto finance service provider, Amber handles tens of millions of asset transfers daily and have turned over more than $220 billion in volumes to date.

Founded in 2017, Amber Group is trusted by over 200 institutional clients and remains one of Asia’s leading liquidity providers. Amber recently announced the expansion of their product suite with the launch of the Amber App, allowing the Company to service a broad base of institutional and individual crypto users. Key to scaling the firm’s operations has been to ensure the safety and security of cryptocurrency storage and transfers.

As one of the first adopters of Fireblocks’ Multi-Party Computation (MPC) based technology in Asia, Amber has been utilizing Fireblocks’ infrastructure for enhancing their trading operations. With Fireblocks, there is no trade-off between asset security and speed. Amber can focus on high-speed execution and trading without compromising security.

“MPC and threshold signatures have surpassed multi-sig technology and ultimately deliver on the flexibility and security required to become the next generation of private key security,” explains Michael Shaulov, CEO, Fireblocks. “By deploying our MPC technology, Amber is able to give its operations team the ability to transfer large value settlements without the risk of compromised security.”

Fireblocks’ multi-layer approach to digital asset security combines MPC with hardware isolation to protect customers’ private keys, API keys, and deposit addresses from cyberattacks and internal fraud. With Fireblocks’ Network, Amber ensures that transfers between exchange accounts, client addresses, and cold-storage custodians are never compromised. MPC transaction signing means that there is no single point of key compromise.

Fireblocks’ advanced security implementation, MPC-CMP, improves upon the industry MPC solution by delivering both enhanced security and 8x the transaction signing speed of standard MPC. Amber can leverage this technology to configure a customizable key management solution and deliver funds to counterparties in a fast and safe manner.

With some of the fastest-growing sources of off-exchange liquidity and trading volumes in the billions, Amber is a key player in the growth of the digital asset market in the region, said Stephen Richardson, VP of Product Strategy, Fireblocks. “With Fireblocks’ extended support, Amber can remain competitive, increasing the interest of institutional investors, and continue to grow the digital asset space with new product innovations.”

Businesses looking to allocate more capital to the cryptocurrency industry are increasingly demanding robust insurance policies against risks relating to cryptocurrencies. The predominant insurance coverage offered by crypto exchanges and custodians today are wallet storage insurance policies, but the coverage can be limited. Fireblocks provides cryptocurrency companies end-to-end insurance as part of their enterprise-grade infrastructure offering. While many custodians offer cold-storage insurance, Fireblocks is the first and only company to also secure insurance for digital assets in transit.

“Amber Group is a market leader in pricing, trading and hedging cryptocurrency products and a major participant on more than 60+ electronic exchanges and alternative trading venues globally. Amber’s ability to securely streamline crypto and fiat transfers and settlements in real-time is core to our trading operations,” says Michael Wu, CEO, Amber Group. “Amber’s reputation is rooted in our commitment to investing in enterprise-grade cybersecurity, cryptosecurity and operational security across the firm.”

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks has secured the transfer of over $150 billion in digital assets and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.

About Amber Group

Amber Group is one of the world’s leading crypto finance service providers, operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver. To date, Amber Group has traded over $220B, with an average daily trading volume between $100-200 million. In 2019, the company raised $28 million in Series A funding led by Paradigm and Pantera, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures. For more information, please visit www.ambergroup.io.

Contact Email: contact@ambergroup.io

(Syndicated press content is neither written, edited or endorsed by ED Times)