Fireblocks (fireblocks.com), the award-winning provider of digital asset and crypto technology, announced today that it has become the first platform to launch institutional DeFi access to Terra, the second-largest decentralized finance (DeFi) protocol by total value locked (TVL). Now, Fireblocks customers can securely access all of the decentralized applications (dApps) built on Terra, such as Anchor, Lido, and Astroport, using Fireblocks.
“Adding access to Terra’s DeFi ecosystem is important for us as we can now benefit from an additional revenue stream while enjoying the security and ease of access that Fireblocks provides us,” said Alessandro Balata, Portfolio Manager at Fasanara Capital Ltd.
The launch comes in response to record-breaking demand from Fireblocks’ Early Access Program customers, who deployed more than $250 million into the Terra DeFi ecosystem within the first 72 hours of the integration being live.
“Institutional demand for DeFi is only continuing to grow,” said Michael Shaulov, CEO of Fireblocks. “As their appetite expands, so will their desire to be able to access all of the latest and greatest innovations across different blockchain ecosystems. For us, it is mission-critical to provide these businesses and financial institutions with a secure, scalable and easy way to access new markets and participate at a network level. Adding support for blockchains like Terra allows us to achieve this. We look forward to continuously providing companies around the world with the fastest and most secure way to plug into the world of decentralized finance.”
Initially developed to facilitate cross-border retail transactions, Terra has seen an increasing number of native dApps built on its blockchain, spanning categories of DeFi and payment platforms to gaming and NFT. With close to 4 million unique wallet addresses, Terra’s public blockchain has seen 400% user growth in the last two years.
“Fireblocks offers the most trusted way for businesses and institutions to participate in DeFi, and the overwhelming activity by its customers within the first 72 hours of Terra being available is mind-blowing,” said Matt Cantieri, GM of Anchor. “With this integration, Fireblocks continues to set the industry standard for innovation and security in Institutional DeFi, and has become the de-facto way for every company to get involved in DeFi and web3.”
Founded in 2018 by start-up Terraform Labs and co-founders Do Kwon and Daniel Shin, Terra’s open-source blockchain protocol powers a decentralized finance (DeFi) ecosystem that’s underpinned by algorithmic stablecoins that can be pegged to any fiat currency. Terra has grown to become one of the most prominent DeFi ecosystems in the world, with about $26B TVL as of April 12, 2022.
