Fireblocks Digital Assets Platform

I have not switched from Fireblocks, but I am working on another project, so I do not require it right now. Fireblocks SDK was an MPC-based crypto wallet that was custodial, functioning as a multi-part computing wallet. It was mostly required in centralized exchanges or for building and maintaining user crypto assets. It provided security and helped developers and companies set up transaction policies and manage user transactions through the AML process, onboard new customers, and create wallet accounts for them. For that reason, the MPC-based wallet is useful.

A second option was that MPC provided multi-part signing capabilities, meaning multiple parties can contribute to transactions and approve or reject them based on signing their transactions or providing signed transactions for approving user transactions. This can be anything from minting to redeeming.

I used Fireblocks for automated asset settlement workflows, and automation was present through AML processing. It provided an option where I could easily automate my AML process through their platform without needing to configure or do anything on my own system separately. The auto-fueling option was available, and I could easily create a transaction policy on that platform. Whenever a transaction was run or triggered through Fireblocks SDK, it would first check my policy and then trigger the transaction on-chain.

I assess the impact of Fireblocks' policy engine on my compliance efforts as it provides built-in features, such as AML processing, which I can manage easily by enabling their system. Another option was the auto-fueling feature. If I wanted to do a transaction from the admin side to the user side, I could easily auto-fill the transactions by gas fee. Setting up policies for different transactions, including transfer, mint, or redeem, was easily achievable. It provided me options on how I wanted to carry out the transaction, what wallets I wanted to whitelist or blacklist, which I could do easily. On user wallets, if I created a user wallet, I could maintain multiple crypto assets including Bitcoin, Solana, Ethereum, and Polygon. It is popular among blockchain projects. MPC is mostly used for maintaining stablecoins or liquidity of custodials.

I measure the effectiveness of Fireblocks' end-to-end encryption in securing asset transfers by doing two things: one is off-chain verification on my platform, checking the user balance and gas fees, how much it will cost, and signing transactions, and how the transactions have been signed. On Fireblocks SDK, I am doing the transaction policy work, setting up all transactions and how they should be run. For that, I have set the smart contracts. On the smart contract, I have done some KYC enabling on-chain. If any transaction runs, I check which method or transaction method of the smart contract will be allowed and how, and which address has been whitelisted to allow the transaction to run. It can be an admin account, a minter account, or a redeemer account. I have set different role accounts for access control, and from there, the transaction is run.

I think one feature that Fireblocks could add to make the product better is AI automation features. AI automation processes are working extensively now, and if they provided features for verifying whether a transaction is valid or not based on AML processing or transaction policy, it would be beneficial. Auditing and compliance are very important, and crypto law has become very strict based on different countries. If they improve that and the automation is handled by the AI system, implementing it in their platform would make it much easier to manage. Because currently, I also need to maintain the AML process manually on my system. Though Fireblocks SDK manages it through third-party systems such as Chainalysis, I still need to verify it again sometimes, ensuring that I follow all the rules and regulations of the AML process or KYC onboarding process.

I stopped using it in the previous year, around last summer.

I found some problems when working with Fireblocks due to the full control they do not provide. When some transactions I was running failed, I needed to re-trigger the transaction again, but sometimes I was not able to track which transaction had failed. In that case, the issue was occurring sometimes, but now Fireblocks has resolved that issue. Previously, it was appearing, and they have provided a status update. If any transaction is running and network congestion is too high on-chain, such as on the Ethereum blockchain, they immediately trigger an alert that balance is not sufficient to run the transaction on-chain, and I need to refill the gas fee. This has been handled by Fireblocks now, and this is the only issue I have faced.

My customer service rating is 4.

Fireblocks is my main solution for all of our custody of funds, for trading, for migration, and for every process in our company because we are a blockchain company with a huge amount of funds, and a lot of the processes, trading, and everything is handled through Fireblocks.

A specific example of how Fireblocks is used in a day-to-day scenario at my company is that whenever we need to send funds to any exchange, or receive funds, or make any payments in crypto, we use Fireblocks on a daily basis for all of those.

The best features Fireblocks offers include security features, whitelisting processes, the ability to create many wallets and name those wallets, and the capability to whitelist specific dApps which you can connect to, and broadly specify addresses to which you want to send the funds, helping us manage our operations.

These security features and whitelisting processes help my team manage our operations more effectively because they reduce the risk of sending funds to an incorrect address, and they make the funds more secure since we only whitelist addresses that we know, therefore nobody can hack the wallet and withdraw to any wallet as it will not let you withdraw.

Fireblocks has positively impacted my organization by making a huge impact since it has enabled our chain in Fireblocks and integrated our Chiliz chain, giving us immense exposure and immense help in everyday managing operations.

Fireblocks has saved us a huge amount of time, and while it is hard to quantify the time it has saved, it has certainly reduced manual labor, automated tasks, and given us peace of mind when everything is so secure and systematically organized.

Fireblocks already has a pipeline of new features to improve, such as migrating from one chain to another instantly, which they are already working on.

I have been using Fireblocks for four years.

Fireblocks is stable.

Fireblocks's scalability is great, scoring one hundred out of one hundred.

Fireblocks customer support is great, as they reply very fast and immediately.

I previously used a different solution before Fireblocks, which was Cobo Custody.

I switched from Cobo Custody to Fireblocks because Fireblocks is better and provides more features than Cobo Custody.

Before choosing Fireblocks, I evaluated other options including BitGo Custody.

My advice to others looking into using Fireblocks is to not create so many wallets; it is better to only create a few wallets, properly name them, and instead, avoid whitelisting many addresses. If there is an address for a one-time transfer, use only a one-time address for that transfer to save a lot of time and effort. I would rate my overall experience with Fireblocks as a nine out of ten.