Fireblocks Users Can Send Crypto Instantly to FTX Exchange With Zero-Confirmation Program

2020-7-28 20:46

Digital asset firm, Fireblocks introduces the ‘zero-confirmation’ deposits platform. Institutional investors and big players expected to witness faster deposits and trading times. Almeda Research-led crypto derivatives exchange FTX becomes the first to integrate the feature.

An announcement provided to the BEG desk confirms Fireblocks, a digital asset firm providing institutional-grade solutions to crypto traders, has introduced the “Deposit Acceleration program.” The program, announced on Tuesday, aims at reducing the time in making crypto exchange deposits by having zero confirmations on the blockchains.

Looking at the Bitcoin (BTC) blockchain, about 1-6 confirmations from miners are needed to verify the block and record the transactions. With Fireblock’s acceleration program, institutional investors will have room to make faster and larger transactions to crypto exchanges, on-chain, with zero confirmations needed. This incentivizes big players to enter the digital asset space.

Speaking on the launch of the zero-confirmation program, Stephen Richardson, VP of Product Strategy at Fireblocks said,

“The Deposit Acceleration Program is a great way to enable Fireblocks customers to trade on the exchange more actively because being able to deploy assets quickly with their exchange partners directly impacts their ability to drive return on capital.”

Read More>> Fireblocks launches a digital asset transfer network to facilitate faster transactions

Fireblocks efforts to reduce onboarding times

One of the oldest crypto exchanges still running today, Bitstamp, partnered with Fireblocks to deploy one confirmation transactions and deposits on the exchange. Since integration with Fireblock’s solutions, the exchange witnessed a 30% boost in its overall volumes traded from the Fireblock’s institutional gateway.

Now, FTX crypto derivatives exchange is the first platform to integrate Fireblock’s zero-confirmation trades and deposits. Sam Bankman-Fried, CEO and Founder of FTX, said,

“We're really excited about partnering with the Fireblocks team to solve some of the core latency issues around moving digital assets on-chain. As the first member of the program, we now have the fastest settlement venue for institutional traders.”

Adding to the fast deposits, which allows institutions to onboard their funds and allows traders to trade arbitrage opportunities, the Deposit Acceleration program also impacts the derivatives market positively. This is a crucial addition as it allows crypto derivative traders to mitigate losses from failed margin positions and unlocking the ability to trade during volatile markets.

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