Cryptocurrency storage, transfer and exchange platform Fireblocks is aligning its platform with a popular altcoin project as institutional demand for DeFi continues to rise.
Fireblocks integrates this altcoin project due to ‘record breaking’ demand
Fireblocks says it’s the first company to give enterprise customers access to Terra. It heralds that its clients can now use Terra-based DeFi applications such as lending protocol Anchor and liquidity staking protocol Lido. In the statements made by the team during the day, it was stated that Terra’s support came in response to the “record-breaking demand” from early access program members. In a statement, CEO Michael Shaulov noted:
For Fireblocks customers who wish to participate in “special, early releases” of Fireblocks platform features and integrations prior to the general release of the program.
According to Shaulov, 72 since the integration was released on April 18. Within hours, customers invested more than $250 million in Terra-based protocols. He noted that this figure has now risen to over $470 million. Terra is the second largest DeFi ecosystem in terms of total value locked after Ethereum (TVL). According to DeFi Llama data, the value locked in Terra-based protocols is currently over $25 billion, while Ethereum-based protocols are worth over $113 billion.
Institutions are interested in DeFi for a variety of reasons
According to Shaulov, institutional investors profit from access to DeFi markets as it offers fresh income generation options unattainable in more traditional markets and assets. Now customers will also be able to generate cash by developing new goods and services for their customers using Fireblocks’ infrastructure. According to Shaulov, Fireblocks currently supports both centralized and decentralized cryptocurrency trading platforms and saw a total transfer volume of $42 billion in the last week of March.
Terra support arrived three months after Fireblocks launched support for Solana. Shaulov said the company’s goal in the months and years to come is to support “every major DeFi ecosystem.” Fireblocks is backed by a prestigious group of investors including Sequoia Capital, Paradigm, Ribbit Capital and Bank of New York Mellon. Recently, the business raised $550 million in Series E funding worth $8 billion.
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