1 min. read
Gemini & Fireblocks Off Exchange: Enhancing Security & Scaling Institutional Trading
Benefits at a glance
Security & Risk Mitigation
Fireblocks Off Exchange keeps assets secure in collateral vault account, reducing counterparty and bankruptcy risk.
Scalability & Growth
Fireblocks enables Gemini to deploy more capital for trading on Deribit supporting expansion without added risk.
Seamless Integration
With an easy setup process, Gemini integrated Fireblocks Off Exchange easily ensuring smooth operations.
About Olivier
Hi, I’m Olivier Mammet. I’ve been at Gemini for about 4 years. I manage the OTC Trading Operations for the US based out of the East Coast. We’re a sell side desk dealing in spot trading, options trading, basically everything for institutional customers.
On using Fireblocks Off Exchange
We’ve been a user of the product for about six months, so basically as soon as you guys, rolled it out, which was good for us. We have a sizable operation on the option side with Deribit. We were getting to the point where how much money we could deploy on the exchange, in terms of counterparty risk, was getting to a point where we might have some risk involved. So we looked at a few different providers, some of your competitors offering something similar.
For us, what we liked about Fireblocks, we felt that we already used it, so that was a big plus for us. And the fact that it was a full on-chain option compared to some of your competitors, which were more like a trust kind of product, which was more like TradFi with potential bankruptcy risk and things like that. So Fireblocks Off Exchange is basically what we wanted. So we got it started, got integrated within a couple of months, and we’ve been using it happily since then.
The integration has been seamless and we’ve been able to just keep doing what we’re doing and grow our business. We’ve been able to deploy more capital through the solution. Using the product, I can trade as much as I want on Derabit, and potentially on other exchanges as you guys integrate more. I just have most of my margin on the Fireblocks Off Exchange Vault, and I delegate as much as I need to Deribit. Let’s say, you know, the exchange goes down, I hope not, but then my assets are safe, and I know I can withdraw them through the Fireblocks Network right away. That’s a massive positive point.
