Fireblocks

At a glance

What it does

Whoever holds a private key controls the tokens it signs for. Fireblocks sells a way to hold keys without any single copy existing. Multi-party computation, or MPC, splits a private key into shares held on different machines, and those machines work together to sign a transaction without ever assembling the full key. Fireblocks built its own MPC protocol and stores key shares in secure hardware enclaves, where even the host machine cannot read them.

On top of the keys sits a policy engine. A client sets rules such as who may approve a transfer above a certain size, which addresses are allowed, and how many people must sign. The Fireblocks Network then connects clients to each other and to exchanges, so they can settle without pasting addresses by hand.

Its clients are banks, exchanges, market makers, fintechs, asset managers and stablecoin issuers. BNY Mellon and ABN AMRO are named reference clients. In September 2025 Fireblocks announced a partnership with Circle and launched a payments network with Bridge, Yellow Card and OpenPayd, aimed at companies moving money in stablecoins.

How it is different

Fireblocks sells technology, not custody. In most setups the client runs its own wallets and signing policy on Fireblocks software and stays legally responsible for its own assets. That is the opposite of Anchorage, a chartered bank that holds assets for clients. For clients that need a regulated custodian, Fireblocks set up Fireblocks Trust Company, which received a limited-purpose trust charter from the New York State Department of Financial Services on 14 August 2024.

It is also chain-neutral infrastructure. A tokenization engine is software that lets an issuer create, mint and manage its own tokens. Fireblocks offers one, so banks issuing tokenized bonds or deposits can do it on the same platform they already use for custody. When a custodian such as Fireblocks does not support a chain, institutional money often cannot use that chain at all.

Fireblocks says it has secured more than 10 tn USD in digital assets. That is a company claim with no published method, and it cannot describe a balance held at one moment, since it is far larger than the whole crypto market.

Where it fits

Anatomy of a tokenized fund explains the custody layer and the gap between holding the key and holding the asset. Which blockchains RWAs live on shows why custodian support decides where institutions go. Which chains stablecoins live on, and who distributes them covers the payments side. Who's who in stablecoins places it among infrastructure providers. Related profiles: Anchorage, Circle, Bridge and BVNK.

Risks and open questions

Security incidents have come close. In August 2023 a Fireblocks customer, Fortress Trust, was breached through a third-party vendor, outside Fireblocks' own platform. In January 2026 the company said it had disrupted a North Korea-linked scam using fake job interviews. A breach of the platform itself would affect thousands of institutions at once.

The line between vendor and custodian can blur for clients. A bank using Fireblocks technology still carries the custody duty unless it uses the trust company, and that split needs to be clear in each contract.

Figures are the company's own. Client counts and secured-volume numbers are marketing claims, and Fireblocks publishes no price list, directing buyers to sales.

What to watch next

• Stablecoin payments volume: the payments network launched in 2025 will show whether Fireblocks becomes a settlement layer rather than only a wallet vendor.
• Bank tokenization projects: tokenized bonds and deposits issued by banks on Fireblocks would move it deeper into the RWA stack.
• The trust company's growth: more clients choosing Fireblocks Trust for qualified custody would put it in direct competition with Anchorage and BitGo.
• Security record: as the client base grows, any platform-level incident would matter across the industry.