Banking & Payments
Fireblocks and First to help institutions adopt Diem
As stablecoin Diem prepares to launch, crypto-based custodians and payment processors team up.
Fireblocks and First Digital Asset Group announced a secure wallet and infrastructure for financial institutions to easily connect to the Facebook-backed Diem network to facilitate transactions, enabling their clients to utilize Diem as a payment method within existing consumer experiences.
As the Diem Association (formerly known as Libra Association) prepares to go live, it is expected that many financial service providers such as banks, exchanges, PSPs, e-wallets, and others, are planning to support Diem within their existing offering. Any institution or fintech looking to add Diem support would have to build the appropriate technology to accommodate the new payment system and be qualified as Virtual Asset Service Providers (VASPs).
Fireblocks delivers a secure infrastructure for moving, storing, and issuing digital asset. First was set up to help users accept payments in stablecoins, central-bank digital currencies and other digital assets.
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“Diem, through its digital currencies, is set to empower a wider adoption of cryptocurrency and will require the highest levels of security for real-time payments and ensure the safety of funds and financial data of its users,” said Michael Shaulov, CEO of Fireblocks. “To accelerate the adoption of Diem payments, Fireblocks has partnered with First, to provide an easy-to-use platform for licensed providers to launch services supporting Diem.”
First, founded in 2017, has developed the first global digital payment platform as a service. It enables large merchants, PSPs, and acquirers to accept and process Diem and other stablecoin payments. The offering is a turnkey solution that covers all payment aspects, including transaction and treasury management and compliance.
With First’s expertise in payments, liquidity, and blockchain, and Fireblocks’ MPC-based wallet and Fireblocks Network infrastructure, they eliminate the complexity around Diem blockchain and VASP connectivity so that clients can start working with Diem coin currencies at mainnet, and be ready on day one.
“We believe in revolutionizing payments, and it starts with Diem,” said Ran Goldi, CEO of First. “As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Diem network, we’re excited to be working with Fireblocks to deliver everything a VASP needs, from risk to on/off-chain communication, and liquidation.”