Fireblocks launches Web3 engine targeting NFTs and DeFi

Fireblocks, a cryptocurrency custody company, has unveiled a Web3 Engine. The engine will enable companies to create an app infrastructure that supports non-fungible tokens (NFTs), decentralized finance and decentralized gaming.

Fireblocks launches Web3 engine

Fireblocks is a platform that supports small and large enterprise companies that want to receive and manage digital assets such as cryptocurrencies and NFTs. NFTs are digital assets representing in-game items, digital art and investment securities.

Fireblocks offers a way through which people can protect their digital assets while creating business models using these assets. Web3, also known as the decentralized web, mainly comprises blockchain technology and decentralized applications (DApps).

The Chief Executive of Fireblocks, Michael Shaulov, commented on the development saying, Web3 is the future and we’ve already entered a new era of the internet. In order for this ecosystem to continue to grow, the community is tasked with solving a very critical problem: security.”

The Web3 space is attracting attention from different industry applications. These decentralized applications support financial transactions, token exchanges, gaming, asset management, and other applications. These apps are created using peer to peer technology, and intermediaries are not needed to facilitate transactions.

Fireblocks focus on security

Fireblocks is targeting developers in the decentralized space with this offering. The company offers a solid infrastructure that can be used to create DApps. It also provides secure access to custodial services in Web3 applications. Custodial services in Web3 are important because they guarantee the security of crypto ecosystems that are worth a large amount.

Fireblocks is a platform that offers access to Web3 companies such as Animoca, Celsius, Griffin Gaming, MoonPay, Wirex and Xternity Games. The companies provide protection against a wide range of hacking attacks and exploits.

Speaking of Fireblocks focus on security, Shaulov noted, “As we already provide a secure platform and a suite of development tools for businesses to build digital assets and crypto businesses, unlocking access to Web3, we aim to accelerate the launch of a new wave of super apps.”

Developers who adopt this Web3 Engine SDK will access various tools and a REST application that grants them control over their Web3 portal and offer governance for blockchain proposals.

Users can also connect trading, swapping and lending crypto services through the Fireblocks WalletConnect. WalletConnect is the secure crypto asset engine used by the company.

The Web3 engine also supports more than 30 blockchain networks, marketplaces and platforms. It supports over 35 protocols, over 1100 tokens, and ERC-20 tokens, including the Basic Attention Token (BAT).

In 2021, developers ventured into the Web3 sector, and a record-high growth was witnessed in December, where over 18,000 monthly active developers committed code in open-source crypto and Web3 projects. The adoption of developers to Web3 and the blockchain ecosystem has also been a key priority where the Flow blockchain revealed a $725 million ecosystem fund for an Ethereum scaling solution. Polygon also revealed a $100M fund focusing on Web3.