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Fireblocks Joins Forces with dYdX: A Giant Leap Forward for Institutional Crypto Investments

source-logo  blockchainreporter.net 08 June 2024 16:37, UTC

In a significant development for decentralized finance (DeFi), Fireblocks has announced its integration with dYdX, enhancing access to one of the leading DeFi protocols that specializes in derivatives trading.

This integration marks a notable advancement in the availability of institutional-grade tools for participating in the DeFi ecosystem, particularly in the trading of derivatives like perpetual futures. dYdX, known for its non-custodial trading platform, offers a dynamic environment for trading major cryptocurrencies without requiring actual possession of the assets.

The collaboration between Fireblocks and dYdX is poised to streamline institutional and sophisticated investors’ entry into DeFi derivatives trading. By leveraging Fireblocks’ secure infrastructure, institutions can now engage more readily with dYdX’s offerings, benefiting from an environment that supports high throughput and enhanced customizability.

This partnership reflects a shared commitment to pushing the boundaries of what traditional and decentralized finance sectors can achieve together.

dYdX and Fireblocks: Pioneering Decentralized Trading Innovations

Since its launch in 2017, dYdX has been at the forefront of the DeFi movement, providing robust trading options across various cryptocurrency pairs and pioneering features such as isolated markets and liquidity provider (LP) vaults.

The protocol’s recent transition to a proof-of-stake blockchain network built using the Cosmos SDK underscores its commitment to decentralization and scalability. This strategic move is designed to cater to the growing demand for decentralized financial services and to enhance the protocol’s performance capabilities.

Fireblocks, known for its enterprise-grade platform that ensures the safe transfer, storage, and management of digital assets, brings a wealth of experience and technology to this partnership. The platform supports over $4 trillion in digital asset transfers and offers unique insurance coverage for assets both in transit and in storage.

Through this collaboration, Fireblocks not only facilitates secure interactions with the dYdX Chain but also enables users to custody DYDX tokens in the Fireblocks Vault, transfer DYDX securely on its network, and stake DYDX through staking partners like Figment and Kiln.