Fireblocks integrates peaq

A new message from X caught my attention, and I thought it would be interesting to comment on: https://x.com/FireblocksHQ/status/1821954625605415239

It’s about Fireblocks joining the peaq networks family.

Please remember that I’m not recommending anything to anyone; I’m simply sharing my personal thoughts on the news.

What is Fireblocks?

When we talk about DePIN, what we mean is that people are going to work together on a blockchain (peaq, in this case) to provide a service to the network, and in return, they receive rewards. This is what the Economy of Things (EoT) is all about.

Usually, when we think about this, we imagine a person charging their car at a point owned by Paco, and Paco allows you to charge your car. The charger, through a service built on peaq, provides energy to the car and charges for the service. This is great — peer-to-peer business is fantastic — but it would be even better if institutions could get involved. Why couldn’t, for example, a fleet of cars do this? And why couldn’t Paco benefit too?

Yes, let it happen! Let the institutions come, those much-talked-about institutions. But these organizations aren’t individuals with a wallet; they consist of thousands of people performing various functions, and they can’t rely on Luis remembering the seed phrase to make payments worth millions of dollars or euros. Large organizations need, for example, to ensure that if a certain amount of money is to be paid in a particular currency, it goes through the appropriate and pre-defined approval process. They can’t depend on a key or seed phrase that Pepe wrote down when creating the wallet to use with MapMetrics, Natix, Combiner, etc.

Therefore, organizations must have access to a set of services that allow them to meet the legal requirements they are bound to, quality standards (such as ISO), compliance with internal security and stability policies, etc. Fireblocks can provide these services, enabling large organizations or institutions to use a blockchain.

In the last 90 days, Fireblocks facilitated over $200 billion in transactions between institutional traders and more than 30 connected exchanges. This gives us an idea of the scale of this company that has just integrated with the peaq network and the potential users of services that will join peaq and its connected applications and networks.

What does it offer to large organizations?

Fireblocks offers many services to companies, including:

• Wallet as a Service: Allowing organizations to quickly work with MPC (Multiparty Computation) wallets. As you can imagine, a large organization requires high-security wallets, but without depending on Paco having the USB. Therefore, they can use high-security MPC wallets, where the private key is “split” into parts across different locations, and several people must coordinate to execute a transaction. This should not be confused with multisig, which is slightly different.
• Digital Asset Treasury Management: To manage all your digital assets from a single, simple, and intuitive dashboard, even if you don’t have technical knowledge.
• End-to-End Asset Tokenization Platform: Supporting the entire minting process of an asset.
• Stablecoin Payment Platform.

Fireblocks joining the peaq ecosystem is undoubtedly great news because it could drive the entry of users and organizations into the ecosystem.