cryptobriefing.com
Digital asset infrastructure firm Fireblocks announced today the expansion of its instant cryptocurrency to fiat currency transfers to over 30 currencies. This expansion means Fireblocks will now support additional currencies such as the Euro (EUR), Swiss Franc (CHF), British Pound (GBP), Singapore Dollar (SGD), and Japanese Yen (JPY), alongside the US Dollar (USD).
This new feature is made possible through a partnership with payment services provider BCB Group and its instant settlement network, BLINC. Michael Shaulov, co-founder & CEO of Fireblocks, says that the advent of Web3 will make every business eventually become a digital assets business.
“This integration with BCB – the leading payment service provider for the digital asset economy – will greatly expand the fiat on and off ramps for businesses using Fireblocks, thereby removing friction and allowing organizations globally to participate in Web3 and build localized products and services for millions of consumers,” Shaulov adds.
With the rapid growth of the crypto industry, fiat currency gateways are key to the liquidity of this market. In a recent report, the crypto services provider Crypto.com highlighted that 580 million people already own crypto globally as of 2023, registering 34% yearly growth.
Although centralized exchanges are commonly used for these transactions, the demand for direct crypto-to-fiat pathways is growing, reflecting the increasing convergence of the decentralized finance (DeFi) and traditional finance (TradFi) sectors.
Oliver Tonkin, BCB Group’s co-founder and CEO, emphasized the partnership’s role in bridging the gap between DeFi and TradFi, aiming to foster progress and innovation within digital commerce and the broader financial landscape.
“Not only will this integration help bring new liquidity into the crypto capital markets with extreme efficiency, but it will also spur innovation in any business that touches digital commerce,” Tonkin concludes.