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Fireblocks is now offering its traders more coverage across the crypto industry, adding five new exchanges to its roster, bringing the total number of exchanges it supports up to 20.
The New York-based startup provides a single platform through which traders can move their cryptocurrency across multiple crypto exchanges. Its main selling point is that it helps to keep these coins secure as they are swapped from one exchange to another—avoiding the need for the trader to sign in on multiple platforms.
Tim Byun, CEO of OKCoin, said, in a statement, the service will provide “critical protection for millions of traders around the globe.”
The new members join 15 exchanges already on the service today. The current list includes major exchanges like Huobi Global and Deribit.
Fireblocks CTO, Idan Ofrat, added, “We're confident that as we grow our connectivity layer across each touchpoint, the industry as a whole will become more secure.”
This is a reasonable point. The crypto industry is plagued by hacks and scams, with cybersecurity firm CipherTrace reporting that crypto crimes rose to $4.3 billion this year, compared to $1.7 billion in 2018. While the majority of funds are stolen directly from exchanges, Fireblocks is focusing on preventing attacks directed at consumers, such as phishing attacks—that aim to get hold of their login details or personal data.
It does however, put all the traders' security eggs in one basket—let’s hope Fireblocks is more secure than the litany of exchanges that have fallen foul to breaches in 2019.