Shimmer, IOTA’s incentivized staging network, now supports institutional digital asset custody after it integrated with Fireblocks.

As announced on Wednesday, the development comes after Fireblocks announced support for ShimmerEVM, an Ethereum Virtual Machine-compatible network that IOTA launched on the mainnet in September.

With the integration, Fireblocks customers can directly custody their crypto tokens or tokenized digital assets on ShimmerEVM.

As well as being able to custody the native Shimmer (SMR) in the Fireblocks Vault, users can now initiate ShimmerEVM transfers to decentralised finance (DeFi) platforms, non-fungible token (NFT) exchanges and gaming dApps.  All these will be available via the enterprise-grade platform’s console and API.

Fireblocks will also expand these features to the IOTA EVM in 2024.

Commenting on the development, IOTA co-founder Dominik Schiener, said:

“We are excited to collaborate with Fireblocks to provide our users with the highest level of security and compliance. This integration will make it easier for institutional investors and enterprises to adopt and use ShimmerEVM (and IOTA EVM), and will help us bring more digital assets on-chain.”

The integration with Fireblocks comes as ShimmerEVM’s traction in the DeFi ecosystem increases. It also follows the recent $100 million ecosystem DLT foundation that IOTA registered in the UAE last month.

As Invezz highlighted, the news of this registration catalysed a price surge for IOTA, pushing the token to highs last seen in August 2022.

According to the IOTA Foundation, the $100 million funding for the DLT initiative will be in the native IOTA tokens and be vested over the next four years. The Abu Dhabi-based foundation will use the funds to support innovation and adoption of both the IOTA network and Shimmer.

The post Fireblocks announces support for IOTA’s ShimmerEVM appeared first on Invezz

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