Crypto Custody Firm Fireblocks Partners With Coinbase International Exchange for More ‘Reliable’ Trading

As a seasoned crypto investor with a keen interest in security and regulatory compliance, I’m thrilled to see Fireblocks extending its Multi-Party Computation (MPC) protection to customers of Coinbase International Exchange. Having closely followed both companies, I believe this partnership will significantly enhance the operational security of the exchange, providing much-needed peace of mind for institutional and retail investors alike.

Fireblocks, a company that specializes in securely storing cryptocurrencies, announced on Monday its collaboration with Coinbase International Exchange, the international branch of Coinbase’s trading platform. This partnership enables perpetual futures and spot trading for both institutional and retail clients in authorized regions.

Fireblock users can now link their Coinbase International Exchange accounts and apply Fireblocks’ governance and policy regulations to secure various exchange functions like withdrawals and deposits, the company announced.

As a financial analyst, I’d rephrase it this way: In May 2023, I, Coinbase International Exchange, was granted regulatory approval by the Bermuda Monetary Authority to commence operations in their jurisdiction. Initially, we focused on providing derivatives trading services exclusively for institutional clients. Subsequently, we expanded our offerings to include spot crypto trading for retail investors as well.

Fireblock employs a cryptographic method called Multi-Party Computation (MPC) for key sharing, which eliminates the need for a sole vulnerable point in API credentials. Furthermore, it utilizes secure hardware enclaves to obstruct additional risks from external threats and internal collusion attacks.

With Fireblocks, I can set up user roles, establish governance policies, and create approval workflows for exchange transactions using the policy engine to prevent unauthorized fund movements from an exchange account by insiders. Additionally, I have the flexibility to carry out deposits, withdrawals, and rebalancing through the Fireblocks Console or API. Furthermore, I can keep track of all my connected accounts’ balances via the console for seamless monitoring. (According to a press statement)

“Usman Naeem, CEO of Coinbase International Exchange, commented, ‘With the aim of broadening our services for both institutional and individual investors, this partnership underscores our dedication to delivering a strong and dependable trading platform for our international customer base.'”