On February 12 at 9 AM Hong Kong Time, Fireblocks, a prominent provider of crypto custodian technology, made a significant announcement regarding its expansion into the burgeoning Web3 landscape. The company has now added support for Sony’s Soneium blockchain, an Ethereum layer-2 network designed to bridge the gap between traditional Web2 services and the emerging blockchain-based ecosystem.
Fireblocks serves a diverse clientele, including many large institutions such as prominent banks. These crypto custodians play a crucial role in the institutional adoption of digital assets, as they provide secure storage solutions essential for large capital allocators like hedge funds and family offices. With growing regulatory scrutiny and the need for robust insurance mechanisms, the demand for reliable custodial services continues to rise.
The integration of custody services for Soneium represents an important development in the blockchain space. This joint venture between Sony and Singapore’s Startale Labs launched its operations only recently in January. According to DeFi Llama, Soneium currently holds a total value locked (TVL) of $33.6 million, signaling a positive start for the nascent blockchain. Built on Optimism’s OP Stack, Soneium aims to support a wide array of applications across gaming, finance, and entertainment.
Omer Amsel, Fireblocks’ head of Web3, emphasized the company’s commitment to working with Soneium to realize its vision of creating an open internet that transcends boundaries. “Together, we will provide secure, decentralized digital ownership and experiences to users and creators while offering a safe environment for digital innovation,” Amsel stated in a release.
This collaboration not only reinforces Fireblocks’ position as a leader in crypto custody but also highlights the growing importance of secure digital asset management as we transition into a more decentralized internet. As the landscape of blockchain and digital assets evolves, partnerships like these are pivotal in paving the way for broader acceptance and utilization of crypto technologies across various industries.
