Nov 2, 2024

Fireblocks target expansion through partnership with Borderless, combining custody infrastructure with payment rails The institutional digital asset sector advances today as Fireblocks, the digital asset custody and settlement platform, announces an integration with Borderless, the blockchain-based cross-border payments provider. The partnership leverages Fireblocks' Payments Engine and Wallet as a Service (WaaS) technologies to enhance Borderless' payment capabilities. Through the integration, Borderless gains access to the Fireblocks Network, connecting its services to over 1,500 institutional participants. This technical foundation enables Borderless clients to execute stablecoin and fiat currency transactions across multiple blockchain networks. The integration focuses on creating interoperable payment flows, allowing businesses to move value across chains and payment forms. The combined infrastructure supports local payment rails across jurisdictions, enabling financial institutions to connect fiat and crypto transactions through existing domestic banking systems. Compliance Framework The collaboration addresses regulatory requirements through Fireblocks' institutional compliance architecture. Borderless utilises this framework to maintain standards across global markets while expanding its payment services. Kevin Lehititiny, Founder and CEO of Borderless, outlines the strategic rationale: “Integrating with Fireblocks strengthens our capability to deliver secure, scalable fiat-to-crypto solutions that meet global regulatory standards. “This partnership is a significant step forward in our mission to create a connected financial ecosystem.” The integration positions Borderless within the Fireblocks Network, providing network participants with access to Borderless accounts and global payment infrastructure. This arrangement enables institutions to conduct cross-border transactions through a single connection point. Market Development Fireblocks brings significant scale to the partnership, having facilitated over US$6tn in digital asset transfers through its platform. This infrastructure supports Borderless in serving institutional clients requiring secure, regulated payment channels. Ran Goldi, SVP of Payments and Network at Fireblocks, adds: “Fireblocks is proud to support Borderless in their mission to create a more accessible, secure infrastructure for fiat-to-crypto payments. “We're committed to advancing safe, on-chain payment solutions, and Borderless represents an ideal partner in this journey." Embracing Digital Assets The partnership comes after Deborah Barta, Global Head of Fintech and Retail at Fireblocks , discussed the expanding shift of fintech companies entering the digital assets space. She told FinTech Magazine: “Fintech giants, such as Mastercard , Revolut, PayPal and Stripe , have all explored new ways to incorporate the benefits of blockchain technology and associated digital asset solutions into their offerings to unlock new opportunities and make them more accessible to a wider audience. “Use cases that solve for real-world problems beyond investing, coupled with a seamless user experience, are proving that the key to further adoption at scale is practical utility. “More and more, digital assets are being viewed as a viable asset class by savvy investors looking to diversify their portfolios, and not just a speculative, high-risk investment driven by market volatility. “To continue driving innovative use cases and the adoption of digital assets, fintechs must prioritise security and leverage technology providers with a proven track record of security to minimise their operational risks, protect their customers' assets and build trust in the ecosystem,” Deborah concluded. ************** Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024 . **************