) technology works well in a non-custodial setting, shifting counterparty risk away from a corporate entity, while allowing wallets to be recovered in the event of mishap, Shaulov explained in an interview with CoinDesk.
“This non-custodial release allows a fintech, web3 company or corporate to create a wallet, where one of the key shares is sitting with the user – either in their web browser or mobile app, with iOS and Android – and the other key share is held with Fireblocks or with the service provider,” Shaulov said. “Basically, that other key share is responsible for security and the ability to recover the overall wallet if the client loses his phone, for example.
Shifting custodial responsibilities away from big companies and onto the end user has the added advantage of opening the door to more in the way of DeFi, web3 and NFT-related offerings, Shaulov said. “A fully non-custodial setup where the customer is hosting the key, allows access to DeFi and other web3 services that are currently outside of a well-defined regulatory scope,” Shaulov said. “What was previously hard for large licenced institutions or big corporates, can be built onto the wallet experience when firms don’t have all those regulatory, custodial limitations.”
Fireblocks currently secures over 130 million wallets for big companies including the likes of BNY Mellon, BNP Paribas, Flipkart, eToro, Revolut, NuBank and Wisdom Tree.
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