Fireblocks, represented by its CEO and founder, Michael Shaulov, announced the launch of its new non-custodial wallet, and how it is designed to help corporations achieve their Web3 dreams at the Permissionless event.
He began by saying that in the swiftly changing realm of blockchain and Web3 technology, numerous corporations face the common challenge of moving from innovation labs to full-scale production. However, a new solution is on the horizon.
In the last year, there was a surge in announcements, with both individuals and corporations expressing interest in venturing into this innovative Web3 domain.
A recent survey revealed that 52 percent of Fortune 100 companies have shown interest in Web3 initiatives. Despite this surge in interest, only a fraction of these projects have transitioned successfully to meaningful, scalable experiences.
What are the barriers?
The CEO said that one significant barrier hindering these corporations from fully embracing Web3 initiatives is the perceived risk. Corporate teams responsible for assessing risks often need assurance that these initiatives won’t jeopardize the organization’s reputation. The primary areas of concern revolve around regulatory risk and the risk of interacting with sanctioned entities.
Additionally, he noted that within the realm of regulatory risk, two key components have emerged as major concerns. Firstly, how should cryptocurrencies be accounted for in financial transactions?
Secondly, what licenses, if any, are required to operate within the Web3 space? These questions have left many organizations puzzled, especially with recent regulatory guidelines.
Another important aspect he stressed on was the matter of cybersecurity in Web3 and the necessity for corporations to address it. Ensuring a secure environment for both corporate assets and user interactions is paramount.
“We also built in a large set of building blocks that allows you to create a seamless experience around key recovery and key backup and Recovery which means if the user actually lost their key and lost the access to their endpoint table.”
Expanding the user base and interoperability
Michael also pointed out that another key challenge facing corporations entering the Web3 space is expanding their user base beyond the crypto-native audience. Many potential users are unfamiliar with cryptocurrencies and Web3 concepts, making user onboarding a complex task.
To tackle this challenge, the wallet SDK offers a secure onboarding experience, even for users with minimal crypto knowledge.
He added that to simplify interactions with blockchains and smart contracts, the SDK offers integration with over 40 different blockchains, streamlining the development process for corporations.
Developers have the flexibility to seamlessly integrate the SDK into various applications, including mobile and web. Additionally, it alleviates certain complexities associated with blockchain integration.
“So you don’t need to basically contract additional indexers, and it really simplifies the development,” he noted. At launch, the SDK supports Bitcoin, Ethereum, and 15 other EVMS, while about 45 blockchains will be added in the future.
Global certifications
The speaker pointed out that Fireblocks boasts a user base of approximately 130 million wallets, and it stands as one of the few Web3 firms holding SOC 2 Type 2 and ISO 27001 certification. This certification is important in safeguarding against cybersecurity threats.
The launch of the non-Custodial Wallet Service SDK represents a significant step towards bridging the gap between corporate interest in Web3 and successful adoption.
By addressing regulatory challenges, enhancing security, and providing educational resources, the speaker said that the SDK paves the way for corporations to confidently embrace the Web3 revolution and unlock its full potential.
