Fireblocks partners with First to offer Diem payments accepting solution

By Pavithra R

New York-based Fireblocks, an institutional platform for securely moving blockchain-based digital assets, has announced partnering with First to build a secure wallet and infrastructure for FIs to easily connect to the Diem network to facilitate transactions and enable their customers to use Diem as a payment method within existing customer experiences.

As the Diem Association prepares for launch, it is expected that many financial service providers such as banks, exchanges, PSPs, eWallets and others plan to support Diem within their existing offerings. Institutes or fintechs wishing to add Diem support would have to build the appropriate technology for the new payment system and qualify as a Virtual Asset Service Provider (VASP).

“Diem, through its digital currencies, is set to achieve wider adoption of cryptocurrency and will provide the highest levels of security for real-time payments and ensuring the safety of its users’ funds and financial data. To accelerate the adoption of Diem payments, Fireblocks has partnered with First to provide licensed vendors with an easy-to-use platform for introducing services that support Diem,” said Michael Shaulov, CEO of Fireblocks.

Founded in 2017, First developed global digital payment platform as a service. It enables large merchants, PSPs and acquirers to accept and process Diem and other stablecoin payments. It’s offering is a turnkey solution that covers all aspects of payment transactions, including transaction and treasury management as well as compliance.

The collaboration will leverage First’s deep expertise in payments, liquidity and blockchain, as well as the MPC-based wallet and Fireblocks network infrastructure to eliminate the complexity surrounding the Diem blockchain and VASP connectivity, allowing customers to use the Diem coin currencies work in the mainnet and ready on the first day.

“We believe in revolutionizing payments, and that starts with Diem. As custodians, wallets, exchanges, PSPs and other VASPs prepare for the Diem network, we are excited to join Fireblocks to work together to deliver everything a VASP needs from risk to on / off-chain communication to liquidation,” said Ran Goldi, CEO of First.

Founded in 2018, Fireblocks is a provider of enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. It offers an end to end security platform for transferring digital assets. The company streamlines all exchanges, OTCs, counterparties, hot wallets, and custodians into one platform and enables them to securely scale digital asset operations through patent-pending SGX & MPC technology. The firm has plans to prioritize supporting additional staking protocols in 2021.