As the floodgates open for large corporations and corporations to enter the crypto market, you see a growing demand for an established digital asset management platform. Fortunately, Unido is among a few that meet these criteria, but with all the noise in the crypto space now, it is crucial to compare similar products and projects to better understand the options and the differences between the platforms.
Among the very few options today, this article will take a look at Fireblocks to analyze the different product offerings in relation to the Unido ecosystem. Fireblocks is a digital asset management platform with product offerings similar to Unido, such as Multi-Party Computing (MPC), DeFi integration, DeFi APIs, full governance control and a system extremely robust security for digital assets.
Fireblocks vs. Unido
Fireblocks was founded in 2018 and is an end-to-end blockchain security platform that protects, stores, transfers and issues digital assets to the blockchain (s) while using multi-party computing (MPC). Fireblocks has governance controls and custodial solutions and is an enterprise-grade solution that allows clients to transfer assets between exchanges, wallets, and custodians using chip isolation technology. MPC and patent pending to secure private keys, API credentials eliminate the need for depository addresses.
Unido, whose parent company, PAC Blockchain & Digital Advisory (over 17 years), quickly developed and identified the problem of crypto custody in 2017, from which Unido was born, thus began the development of a multisig portfolio. usable on any blockchain.
Since then, Unido has produced a secure and patented digital asset platform designed to manage crypto transactions, enable businesses to easily manage their on-chain assets, a crypto-banking suite with a corporate banking portal, governance and security compliance checks. , and access to the DeFi safe, transparently.
Unido and Fireblocks today allow businesses and organizations of different sizes to easily access DeFi, and both products offer unparalleled security, access to DeFi policies, decentralized exchanges (DEX like Uniswap and Balancer) and access total to all exchanges and decentralized applications (dApps) in the crypto ecosystem.
Unido and Fireblocks offer comprehensive security, easy regulatory compliance, and an easy-to-use platform that makes it easy to enter crypto for large and small businesses.
David vs. Goliath
The proliferation of companies entering the crypto economy has been booming since Michael Saylor started buying Bitcoin en masse for Microstrategy (a publicly traded company based in the United States), which now has over 108,997 Bitcoins on its balance sheet (estimated at over $ 3 billion).
In 2020, it became clear that it is not just retail investors entering the crypto markets, but rather large inflows of venture capital funding and institutional scale investments that are creeping in. a path in the crypto economy. Unido predicts that institutional investment in the crypto space will grow exponentially by region and that the number of companies will grow exponentially (see graph below).
(Image source is from Unido white paper; page 5)
Fireblocks is undoubtedly a household name in the cryptoversy and has many prolific backers and VCs associated with its project. They recently raised $ 310 million in a Series D financing co-led by Sequoia Capital, Stripes, Spark Capital, etc., bringing the company’s valuation to over $ 2 billion to continue developing their digital asset platform.
While Unido remains a small-cap gem compared to Fireblocks capital increases, that doesn’t mean we don’t have similar, if not comparable, digital asset platforms designed for businesses and institutions.
Fireblocks uses its MPC-CMP algorithm which allows digital asset transactions to be signed up to 8x faster and supports signing transactions from cold and hot wallets. It gives institutions the possibility of configuring a key management scheme adapted to their organization. MPC-CMP follows a strict set of steps which ensure that there is never a single point of compromise of the private key as it is never concentrated on a single device at any time.
Likewise, Unido Core, or its MPC, is a patented advanced technology solution that provides levels of cold storage security for all transactions while maintaining an intuitive, application-oriented environment that makes the software easier to use by businesses.
Unido’s basic proprietary algorithm divides keys into portions and stores them securely among all wallet members. This distribution of keys greatly reduces the likelihood of them being lost or stolen and gives multiple members of a team varying levels of access and rights. With keys distributed using its patented MPC technology, Unido can provide the governance and security required for sophisticated enterprises that wish to adopt blockchain and DeFi technology in their business.
Both Fireblocks and Unido offer similar services to institutions, from governance to fast settlement times, from cold wallet-level security via MPC to DeFi APIs that make it easy for developers to leverage platforms. While Unido diverges from Fireblocks in some areas, it is evident that there are many crossovers in the two product suites.
Fireblocks also has a digital asset transfer network that acts as a layer of institutional settlement. At the same time, Unido has Unido X. This new platform gives full control to institutions so that they take full control of their assets, whether for settlement or manual or automated transactions. Unido X provides businesses with liquidity from other financial institutions with best-priced swaps available on any network.
Unido also has the Enterprise Platform (EP) which enables crypto-native companies and asset management companies to manage their crypto assets. The EP platform has a crypto banking suite that acts as a business banking portal that allows businesses to manage day-to-day operations and capital spending, DeFi Vault access that allows businesses to store, manage, and invest secure crypto assets, and a robust suite for governance and security. , which helps businesses get into DeFi in a way that meets all of their compliance and regulatory needs.
EP provides enterprises and SMEs with built-in custody, inter-chain interoperability and blockchain-level multi-party trust for private key operation, making it an ideal solution for all categories of investors, including the segment of underserved businesses and asset managers.
But wait … there is more
Other features of Fireblocks include an institutional settlement layer with access to various crypto exchanges to trade, offer liquidity, operate lending bureaus and institutional DeFi access with algorithmic trading, maximum security and private key management.
At the end
Fireblocks is by far one of the best known and most used digital asset platforms for businesses available today. Fireblocks were valued at $ 2 billion after their last increase of $ 310 million, and have been very successful in attracting businesses to the platform, with clients like Revolut, BNY Mellon and many more.
The Unido team sees Fireblocks as a significant example of a great digital asset management solution with a similar approach, including MPC technology and regulatory compliance. Although Fireblocks does not have a native token like $ UDO, their market valuation and fund increases make them one of the toughest competitors in custody and institutional crypto.
With such a large growing ecosystem today, Unido, with a much smaller current market cap, has similar characteristics to Fireblocks. While Unido may not yet compete with Fireblocks’ customer base, the team, vision, and patented advanced technology will make Unido a formidable force as they grow and develop Unido shortly.
Unido offers a suite of crypto custody solutions for businesses and institutions based on a state-of-the-art fragmented private key signing engine, enabling the signing of distributed transactions at the blockchain level and providing a governance framework for business on crypto ownership.
This level of corporate governance and security technology workflow is necessary for sophisticated organizations to confidently break through crypto, complemented by a Challenge investment dashboard to make digital asset yield a business of point and click.
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