Fireblocks expands security tool to 200m institutional wallets

Crypto security startup Fireblocks has rolled out public access to its dApp Protection and Transactions Simulation tool to bolster on-chain safety when moving assets.

Following the introduction of spot Bitcoin (BTC) ETFs in U.S. markets and rising cryptocurrency prices leading into this year, decentralized finance has witnessed a fresh spate of institutional investment and detail adoption.

According to DefiLlama, used have stashed over $100 billion in decentralized protocols for the first time since May 2022, signaling an appetite for crypto solutions and on-chain participation.

Fireblocks has also noticed a 75% uptick in institutional defi volume on its platform, valued at nearly $4.5 billion month-over-month. While this represents positive sentiment for the overall crypto market, it also incentivizes bad actors and paints a target on the digital asset industry.

The crypto safety provider cited a CertiK study that points to over $500 million in stolen crypto wealth during this year’s opening months. A report shared with crypto.news argued that traders face obstacles when identifying potential risks due to complexities associated with defi transactions.