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The firms announced Tuesday that cryptocurrency custody provider Fireblocks has started offering support for the Solana blockchain's ecosystem of non-fungible token (NFT) applications, decentralized finance (DeFi) developers, and other Web3 activities. Despite a dismal market environment for cryptocurrencies, Solana has grown, notably in recent times, when it comes to NFTs, where it has surpassed Ethereum. Thanks to this integration, users of Fireblocks can now connect to and communicate with Solana-based decentralized applications directly. Additionally, developers will access a set of technologies that improve security for contractors operating within the Solana ecosystem.
Solana Blockchain Ecosystem
Solana's non-fungible token (NFT) ecosystem is now the second-most active among all blockchain ecosystems regarding total volume traded. NFTs, in particular, are becoming increasingly popular, resulting in a simultaneous rise in scams and hacks. NFTs worth more than $100 million got reportedly stolen in the previous year, according to Elliptic.
Fireblocks Raises $310 Million
Fireblocks raised $310 million in the Series D fundraising round in July of last year with the help of VCs like Coatue and Sequoia Capital. The company has a value of $2 billion in that round. Fireblocks collaborates with several Web3 businesses, including Animoca, MoonPay, Xternity Games, Griffin Gaming, Wirex, and Utopian Game Labs, and connects to 35 different blockchain networks. A press release states that the most recent Solana integration takes advantage of WalletConnect V2, an updated protocol for connecting decentralized apps that safely enables vault connections to DApps that are not on the EVM chain. The WalletConnect2 protocol is made more widely supported throughout the Solana ecosystem as a result of this integration, according to Shaulov. It's a significantly more effective, safe, and scalable method of interacting with decentralized apps. Before it, you had to implement numerous proprietary, non-scalable solutions.