Fireblocks Adds First Clutch of Crypto Safekeeping Firms to Its Global Custodian Program

• The network provides institutions third party custodian options in places like the U.K., Australia, Singapore, the UAE and Japan.

• Next on the list of jurisdictions to cover will be the European Union and Latin America, Fireblocks said.

Crypto custody firm Fireblocks named Zodia Custody, Komainu, CloudTech, Zerocap and Rakkar as the five firms to join its Global Custodian Partner Program, the companies said on Thursday.

The global custodian program provides crypto institutions that use Fireblocks technology with local third-party crypto safekeeping options in their appropriate jurisdiction, be that in the U.K., Australia, Singapore, the UAE and Japan.

Fireblock’s own recently announced New York Trust company application will cater to U.S. clients once approved, the custody firm said.

Many institutions require custodial solutions when it comes to handling crypto. The Fireblocks partner program streamlines customers’ digital asset treasury management and offers rapid digital asset transactions and dynamic payment workflows, the firm said in a press release.

As the custodian program grows, the aim is to target places like the European Union and Latin America, said Adam Levine, SVP of corporate development at Fireblocks.

“We don’t have a maximum number of custodians per jurisdiction,” Levine said in an interview. “It’s very similar to the Fireblocks network and our connectivity to crypto exchanges: you could say having two or three is sufficient, but we’ve clearly seen that having a large number of really strong crypto exchanges is important for a client base. Learning from that experience, we will definitely expand to add more custodians.”