- Fireblocks has added NFTs, Games, and DeFi support for Solana applications.
- The blockchain infrastructure service provides a secure suite of developer tools to creators and builders.
- The web3 company is looking to leverage Solana’s expanding ecosystem of web3 products.
Fireblocks has announced the launch of NFTs, blockchain games, and DeFi support for Solana builders. The web3 infrastructure and custody services provider is bringing its suite of developer tools to the world’s second most popular blockchain for NFTs.
Solana’sproof-of-stake blockchain platform has become a popular choice for developers looking to launch NFTs and gaming applications. However, the platform lacks the security protocols that Ethereum offers to developers, thus creating some challenging trade-offs.
Now, developers will be able to tap into Fireblocks’ secure developer kit to improve interactions between applications.
Commenting on the announcement, Fireblocks CEO Michael Shaulov said: “Fireblocks’ Web3 Engine offers Solana builders the highest level of security when it comes to accessing the blockchain and its ecosystem of applications for their customers.”
The NFT space has attracted some of the biggest crypto exploits over the last 12 months. According to a report published by Elliptic, fraudsters stole over $100 million in NFT scams between July 2021 and July 2022.
Hackers have also taken the advantage of inoperability between blockchains to exploit crypto bridges that allow users to fund their gaming accounts in different cryptocurrencies. The biggest heist this year took place in late March when Sky Mavis’Ronin bridge was hacked and $625 million stolen from Axie Infinity blockchain game.
Although NFT marketplaces and gaming ecosystems have taken measures to improve security protocols, the task still remains an ongoing event, which makes blockchain infrastructure and custody services providers like Fireblocks crucial for the rapid adoption of Web3 apps.
The platform has grown rapidly since raising $310 million in a Series D round in July last year. Fireblocks’ latest fundraising of $550 million closed in January 2022 valued the Sequoia Capital-backed web3 firm at about $8 billion, up from $2 billion, five months earlier.
The rapid growth in the market value illustrates how highly venture capital firms value the security segment of the blockchain space.
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