Fireblocks expands security tool to 200m institutional wallets

Crypto security startup Fireblocks has rolled out public access to its dApp Protection and Transactions Simulation tool to bolster on-chain safety when moving assets. 

Following the introduction of spot Bitcoin (BTC) ETFs in U.S. markets and rising cryptocurrency prices leading into this year, decentralized finance has witnessed a fresh spate of institutional investment and detail adoption. 

According to DefiLlama, used have stashed over $100 billion in decentralized protocols for the first time since May 2022, signaling an appetite for crypto solutions and on-chain participation. 

Fireblocks has also noticed a 75% uptick in institutional defi volume on its platform, valued at nearly $4.5 billion month-over-month. While this represents positive sentiment for the overall crypto market, it also incentivizes bad actors and paints a target on the digital asset industry. 

The crypto safety provider cited a CertiK study that points to over $500 million in stolen crypto wealth during this year’s opening months. A report shared with crypto.news argued that traders face obstacles when identifying potential risks due to complexities associated with defi transactions. 

Fireblocks’ solution

To combat this issue, Fireblocks expanded a suite of on-chain security guardrails to protect users engaging in blockchain operations. 

“A new proactive security approach for DeFi is required — one where traders and operations teams can automatically monitor malicious activity, identify high-risk threats across common attack vectors, and gain context into the impact of a contract call, all before approving a transaction or connecting with a dApp.”

Clients can access the dApp Protection and Transactions Simulation panel via Fireblocks’ browser extension, MetaMask Institutional, and WalletConnect. The aim is to give institutional customers real-time threat-detection tools capable of analyzing smart contract calls and initiating preventive measures. 

A company spokesperson said the security firm already scanned transactions worth over $10 billion during its beta phase to finetune its systems geared against malicious contract interaction.