Ocean Falls Blockchain Integrates Fireblocks’ Technology for Secure Custody
Ocean Falls Blockchain Corp. is pleased to announce it has integrated with Fireblocks Inc., an award-winning crypto-technology provider. Using Fireblocks’ institutional-grade digital asset and custody technology and secure transfer platform (the “Fireblocks Network”), the Company will be able to offer secure asset custody and fund management while tapping into the largest crypto-liquidity network.
Fireblocks serves over 1,200 financial institutions and has been used for the transfer of over US $2 trillion in digital assets through the Fireblocks Network. It also offers a unique insurance policy that covers assets in storage and transit.
“Fireblocks will provide an increased level of security for our transactions, allowing for the safe transfer and storage of digital assets. By integrating their MPC-CMP technology, we will be able to improve our wallet security and custodial capabilities. In addition to offering what we believe is the best crypto-technology available to build our custody solution, Fireblocks’ easy-to-use digital asset platform makes integration quick and easy, saving us time and money,” said Kevin Day, CTO of OFB.
The Fireblocks Network secures digital asset management and transfers, allowing institutions and organizations to self-custody their own assets through a combination of Multi-Party Computation (“MPC-CMP”) and Software Guard Extensions technologies for transaction signing and private key management. Through the Fireblocks Network, institutions can tap into the global crypto markets and instantly send and receive digital assets.
MPC-CMP has become one of the primary technologies that wallet providers and custodians are utilizing to secure crypto assets.
In general terms, MPC-CMP enables multiple parties – each holding their own private data – to evaluate a computation without ever revealing any of the private data held by each party (or any otherwise related secret information).
The two basic properties that a MPC-CMP protocol must ensure are privacy and accuracy.
With an MPC-based wallet, the private information held by the parties cannot be inferred from the execution of the protocol. In addition, from an accuracy perspective, if a number of parties within the group decide to share information or deviate from the instructions during the protocol execution, the MPC will not allow them to force the honest parties to output an incorrect result or leak an honest party’s secret information.
“Multi-sig solutions should be seen as legacy software. It is unable to support the needs of businesses today that need to interact with cryptocurrencies on blockchains other than Bitcoin,” said Fireblocks CEO, Michael Shaulov.
“With a diverse portfolio of assets under management, businesses like Ocean Falls require a multi-layer security solution that’s also protocol agnostic. By integrating with Fireblocks, Ocean Falls has that flexibility in addition to the perks of being able to plug directly into the global crypto-markets.”
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,200 financial institutions, has secured the transfer of over $2.5 trillion in digital assets and has a unique insurance policy that covers assets in storage & transit.
About Ocean Falls Blockchain Corp.
Ocean Falls Blockchain Corp. is a Canadian blockchain technology company that operates a 2MW-plus, clean energy-powered cryptocurrency mining farm in the historic town of Ocean Falls, B.C. The Company is also creating a new sustainable solution for the captive insurance industry.
Photo by Edward Koorey on Unsplash
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