Bankless 78 - Institutional DeFi Infrastructure | Fireblocks' Michael Shaulov
Aug 16, 2021
Michael Shaulov, CEO and co-founder of Fireblocks, leads a company revolutionizing institutional adoption of digital assets. He discusses why institutions are increasingly outsourcing their crypto workflows to firms like Fireblocks for security and convenience. The conversation delves into the surge of institutional interest in DeFi, the crucial role of cybersecurity, and how solutions like Arbitrum and Uniswap are enhancing decentralized finance. Shaulov also highlights the need for regulatory compliance while navigating the evolving DeFi landscape.
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Institutional FOMO at JPMorgan
- JPMorgan Chase CEO Jamie Dimon initially called Bitcoin a fraud and threatened to fire employees who traded it.
- However, within 18 months, the bank reversed its stance and embraced crypto, highlighting institutional FOMO.
Fireblocks' Key Services
- Fireblocks helps institutions securely manage digital assets, offering wallet tech, a secure transaction network, and access to DeFi.
- It addresses key challenges like secure storage, transaction verification, and compliance with regulations.
Early Crypto Custody Practices
- Early crypto institutions used rudimentary security measures like hardware wallets with distributed passcodes.
- Fireblocks offers advanced security and workflow solutions, mitigating risks associated with large transactions and complex compliance procedures.