1 min. read
How Woorton optimizes crypto settlements and security with Fireblocks
Benefits at a glance
Reduces settlement and rebalancing time
Facilitates smooth trading with counterparties
Ensures secure asset transfers
Streamlines daily crypto operations
The settlement, in the cryptocurrency world, more than in the equity or traditional asset world, needs technology solutions because it’s not only sending money through banks or sending bonds through custodial banks. We need a tech solution that is, allowing us to both, keep our assets safe and sending them in a safe way.
My name is Charlie. I am the CEO of Wharton, a French-based market-making film in the cryptocurrency world. We were founded in 2017, backed by two French institutions, with the idea of deploying strategic and algorithmic market-making strategies on exchange in the BTC market, as well as, in cryptocurrency.
I believe we are now top three in Europe in terms of volume and in terms of number of clients that we that we provide over the counter and, and are always looking to expand, the number of assets that we are trading and the number of FX currencies that we are providing to them.
We were losing maybe one hour or two hours per day just to settle in a safe environment. So at some point, as much as we grew with our volume, raising from zero to several million a day, we needed a solution that helped us to reduce this time that we were losing and to increase the speed of our capability of settlement and rebalancing.
Fireblocks helped Woorton reduce the time needed for settlement and rebalancing from one exchange to another, helping us optimize the use of our balance sheet.
When we find out the client is using Fireblocks Network, we know it’s going to be easier to settle with them than if they were using the same bank or banking network.
We know we are gonna be able to to settle in a safe environment. So that’s the first thing. And the second thing is that, it happens that people reach out to us just because we’re using it, and they are using it as well. And, they know trading is going to be smooth. So they just reach out and say, “Hi, we’re we’re on the Fireblock Network; let’s trade together; it’s going to be easy to settle.” The day a company starts having daily flow in the crypto in the crypto industry or trading with more than four, five, six, seven counterparties, I think they should start having a look at a solution that allows them to optimise the settlement process.
That’s where I would have a look at Fireblocks as a solution for that.
