Gamified asset marketplace Blocktrade is the first customer to utilize Spool's DeFi middleware, now available directly in the Fireblocks interface
LONDON, Aug. 16, 2023 /PRNewswire-PRWeb/ -- Spool DAO (https://enterprise.spool.fi), or Spool, the DeFi platform allowing institutions and users to build customizable, risk-managed crypto products, has integrated Fireblocks (http://www.fireblocks.com) to its platform to create an enhanced gateway into DeFi. Fireblocks' more than 1,800 institutional customers can now connect their Fireblocks vaults to build tailored decentralized products manually or automate process flows through an API using Spool's infrastructure. The integration also enables institutions to use Spool's SDK and API to create white-labeled DeFi products for their own clientele, with Blocktrade (https://blocktrade.com/) being the first customer to do so.
Despite the institutional interest in DeFi, the sector still has major hurdles preventing meaningful adoption despite its flexibility and perks. Even for crypto-native institutions, DeFi represents a step beyond their capabilities due to its technical, financial, and regulatory complexities requiring expert-level guidance. Without a clear entry path, the chances of institutions diving head-first into DeFi considerably diminish, leaving them unable to reap its benefits.
As the world's largest provider of digital asset custody technology with more than $4 trillion in digital assets transferred to date, Fireblocks brings Spool's DeFi infrastructure to new audiences, reducing the hurdles for institutions to enter the DeFi realm. By simplifying the steps to create a bespoke product, the integration establishes a framework for more institutions and clients to safely explore decentralized assets.
Spool's end-to-end infrastructure connects institutions to the DeFi market's most prominent yield generators and auto-risk-managed strategies through WalletConnect to the Fireblocks console. Exchanges, fintech companies, neobanks, and legacy institutions can maintain Fireblocks as their custody technology provider while creating customized DeFi protocols. This enables institutions of all sizes to easily introduce clients to DeFi through a non-programmatic, no-code solution with whitelabel, time-lock, entry-exit condition, and NFT receipt capabilities.
Institutions can securely access Spool's ToolBox either through Fireblocks's console via WalletConnect or an SDK for advanced user experience controls. As the first Fireblocks customer to implement the new features, virtual asset exchange Blocktrade will now expand its own product offering through Spool. Blocktrade demonstrates how other institutions can easily create the most optimal DeFi-based yield products for their own clientele at zero development cost while enjoying reduced gas fees and remaining compliance-adherent.
"We're incredibly proud to integrate our product with Fireblocks as a true showcase of what Spool can achieve and its institutional capabilities on such a renowned platform," says Simon Schaberm CBDO of Spool DAO. "Our joint DeFi product offering takes professional DeFi to the next level and opens the door for more institutions to realize how easily they can leverage decentralized assets without compromising choice or security."
"As DeFi continues to gain traction amongst financial institutions, access to advanced DeFi products like Spool's DeFi toolkit while still maintaining enterprise-grade protection, full governance, and policy control will be extremely valuable to our customers," said Stephen Richardson, Managing Director of Financial Markets at Fireblocks. "We're excited to work with Spool and continue to extend our DeFi offerings to the market."
About Spool DAO
Spool DAO is building a comprehensive and simplified infrastructure for DeFi products. Spool DAO unlocks the capabilities of decentralized assets to a global audience through a single interface that prioritizes accessibility and customization. By providing a top-tier ToolBox for institutions and everyday users alike–Spool opens the door for diversified, risk-adjusted DeFi returns. To learn more, please visit https://enterprise.spool.fi
Media Contact
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SOURCE Spool DAO
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