One of crypto’s largest tech providers is diving further into stablecoins. Fireblocks, valued at $8 billion in its last funding round in 2022, announced Thursday that it was launching a network to let crypto and financial firms more easily move stablecoins between one another and build stablecoin products. The network already has more than 40 participants, including Bridge, a stablecoin startup that the fintech giant Stripe recently acquired.
Other members include stablecoin companies like Zerohash and Yellow Card as well as the stablecoin issuer Circle, which recently went public in June in a blockbuster IPO. The network aims to give users access to the banking relationships and regulatory licenses of a broader swathe of companies than customers would likely have access to themselves, Michael Shaulov, cofounder and CEO of Fireblocks, told Fortune.
“Either it’s super expensive from an engineering standpoint and takes them a lot of time, or if they’re starting to do it manually, then, of course, it’s basically prone to errors, so they can lose money,” Shaulov said, referring to companies wanting to build out their own stablecoin networks.
That’s what his network, dubbed the Fireblocks Network for Payments, aims to smooth over for customers, he added.
