When a trading firm, asset manager, exchange, or fintech looks for the right digital asset treasury management platform, there are many items to compare. This comparison covers the main topics of:
- Security architecture
- Operational automation
- Network scale
- Blockchain coverage
- Vendor stability
By using Fireblocks we feel confident that we can provide the best security and safety to all of our customers. Fireblocks ultimately passed the real stringent litmus test we had on it being secure and safe.The collaboration we had with the Fireblocks team was kind of second to none.
josh barraclough
CEO & Founder, One Trading
An Overview: Fireblocks vs. Other Treasury Management Platforms
| Category | Fireblocks | BitGo | Copper |
| Core Business Focus | End-to-end digital asset infrastructure for treasury, custody, trading, payments, DeFi, and tokenization — built for institutions that need both self-custody technology and operational workflows at scale | Publicly traded qualified custodian with an OCC national trust bank charter, focused on institutional Bitcoin and multi-asset custody, with prime brokerage, a liquidity network, and RWA tokenization via Brassica. | Custodian licensed in Switzerland and UAE offering off-exchange collateral management (ClearLoop) and settlement network services — primarily for hedge funds and trading firms. |
| Ideal Customer Profile | Exchanges, trading firms, asset managers, banks, fintechs, payment providers, and Web3 companies that need a complete operational platform beyond holding assets | Institutions prioritizing regulated qualified custody, insurance coverage, and a custody-first tech stack; Bitcoin corporate treasuries | Hedge funds and trading desks prioritizing off-exchange collateral management and settlement; primarily European and APAC institutions — US market access significantly restricted due to regulatory constraints |
| Key Offerings | Treasury Automation, MPC-based self-custody wallets, qualified custody (via Fireblocks Trust Company), Wallets-as-a-Service, Embedded Wallets, Payments Engine, Tokenization Engine, DeFi access, Staking, Fireblocks Network (2,400+ counterparties), financial reporting integration | Segregated qualified custody, multi-sig and MPC wallets, Wallets-as-a-Service, Go Network (~450 counterparties), Staking, Prime services (OTC, lending), RWA tokenization via Brassica (SEC-registered transfer agent) | Custodial and self-custody wallets, ClearLoop off-exchange settlement ($50B+ monthly notional), Copper Network (~600+ counterparties), Wallets-as-a-Service, DeFi access, Staking (27 networks) |
| Security Architecture | Battle-tested MPC-CMP built in-house with key shares in secure enclaves (TEEs); distributed architecture with no single point of failure; 550M+ wallets; $10T+ lifetime volume | Multi-sig for UTXO chains; MPC-TSS for account-based chains, built on the Silent Laboratories open-source library. BitGo key share stored in proprietary HSM; user key share held client-side. Policy engine not computed in a secure enclave. | 2-of-3 quorum MPC; client key shard stored as a file on local filesystem inside a Docker volume with no documented TEE or Secure Enclave protection, per Copper’s own developer documentation |
| Operational Automation | Fully programmable: scheduled sweeps, threshold-based rebalancing, time-of-day rules, conditional logic, recurring operations, auto-conversion — all policy-governed and API-accessible | No scheduled automation; all operations event-driven and on-demand via API; no time-based or recurring rules | Auto-sweep and auto-rebalancing documented; new token support and policy changes require manual support processes |
| Network & Counterparty Access | Fireblocks Network: 2,400+ counterparties; $70B+ settled monthly; 100% self-custody, onchain; native CEX off-exchange settlement live on Deribit, Bybit, OKX, and others; deposit routing, address rotation, policy protection | Go Network: ~450 counterparties; custodial, omnibus, off-chain ledger; no deposit routing | Copper Network: ~600 counterparties; ClearLoop off-exchange settlement (~$50B+ monthly notional volume); custodial model with assets held in Copper omnibus wallets |
| Blockchain & Asset Coverage | 150+ blockchains; thousands of assets; native DeFi; NFT support; raw signing; tokenization; payments; 35+ exchange integrations | 69+ blockchains; 20+ exchange integrations; DeFi via third-party partner integrations (not native); no raw signing | 60+ blockchains; 600+ digital assets; DeFi access; staking on 27 networks; no tokenization; no payments engine; limited raw signing capabilities |
| Regulatory Compliance | SOC 2 Type II, SOC 1 Type I, ISO 27001/27017/27018/22301, CCSS Level 3; Fireblocks Trust Company for qualified custody; multiple jurisdictional licenses | Qualified custodian with licenses across multiple jurisdictions including South Dakota, New York, Wyoming, Switzerland, and Germany; $250M insurance; strong compliance posture; publicly traded on NYSE since January 2026 | No custody license in US, UK, or EU; Swiss AMLA registration and ADGM FSRA license only; no active MiCA authorization with July 2026 deadline approaching |
Fireblocks vs. BitGo
When Fireblocks is the better choice: You need a future-proof treasury platform with superior blockchain coverage, native DeFi access, a larger settlement network, more reliable MPC architecture, and a dedicated support organization that scales with your business.
Key Highlights
- Security & MPC Architecture: Fireblocks built its MPC-CMP protocol entirely in-house, stores key shares in secure enclaves (TEEs), and runs its policy engine in a trusted execution environment. It is a multi-layered security approach with overlapping controls that avoids single points of compromise. BitGo’s MPC is built on the Silent Laboratories open-source library. While the BitGo key share is protected by BitGo’s proprietary HSM, the user key share is held client-side.
- Platform Breadth & Future-Proofing: Fireblocks supports 150+ blockchains and thousands of assets versus BitGo’s 69+ chains. Fireblocks provides an end-to-end platform solution with native DeFi integrations, raw signing, NFT support, tokenization, and payments — use cases BitGo cannot support without third-party tools. This requires replatforming on BitGo as their business scales beyond Bitcoin and basic multi-asset custody.
- Network Scale: The Fireblocks Network connects 2,400+ institutional counterparties and settles $70B+ per month in 100% self-custody, onchain transactions. BitGo’s Go Network includes ~450 counterparties and operates on an omnibus, custodial, off-chain model, meaning counterparty risk is not eliminated but transferred to BitGo as custodian.
- Support & Advisory Organization: Fireblocks deploys a global team of solutions engineers and enterprise architects; BitGo has no comparable documented function.
The most important thing for us working with Fireblocks is the network effect – our ability to connect to our takers and move money quickly. The network has gotten so big that it’s almost hard not to work with others on Fireblocks.
michael rabkin
Head of Global Business Development, DV Chain
Summary
BitGo is a credible and established qualified custodian with a long track record in institutional Bitcoin custody. Its successful IPO in January 2026 (the first by a crypto custodian) and its newly approved OCC national trust bank charter signal strong regulatory conviction and institutional credibility. Its acquisition of Brassica gives it a genuine foothold in RWA tokenization through an SEC-registered transfer agent.
However, Fireblocks leads on every dimension that matters for institutional treasury operations at scale. Fireblocks’ MPC architecture is a standard-setting, battle-tested approach built by its own in-house cryptography team. The platform supports nearly 3x the blockchain coverage, offers native DeFi, tokenization, and payments capabilities, and connects clients to a network that is more than 5x the size of Go Network by counterparty count and far larger by monthly settled volume. For teams that want to grow beyond custody into trading, DeFi, payments, or tokenization, Fireblocks provides the infrastructure to do that without re-platforming.
Fireblocks has saved us countless operational hours by simplifying custodian integrations and onboarding processes that would normally take months.
luuk strijers
CEO, Deribit
Fireblocks vs. Copper
When Fireblocks is the better choice: You need a treasury platform with proven financial stability, defense-in-depth security architecture, native automation, global regulatory standing, and an operational track record that can support your use cases and grow alongside your business.
Key Highlights
- Regulatory Standing: Copper holds no custody license in the US, UK, or EU. For institutions with US or EU regulatory obligations, Copper’s licensing gaps warrant careful evaluation before selecting it as a long-term treasury infrastructure partner.
- Custody Model and Counterparty Risk: Copper’s flagship product depends on a custody model that transfers (rather than eliminates) counterparty risk. Assets in ClearLoop are held in Copper’s omnibus wallets under an English Law Trust structure. If Copper becomes unavailable, asset recovery could be protracted. Fireblocks’ self-custody model means clients retain control of private key shares at all times, and assets remain accessible regardless of what happens to Fireblocks as a company.
- Security: Copper’s MPC implementation uses a 2-of-3 quorum signing model in which one key shard is held by the client, one by Copper, and one by a nominated third party. Copper’s own developer documentation shows the client key shard stored as a plain .copper file on the local filesystem inside a Docker volume, accessed via a password-protected environment variable. By contrast, Fireblocks isolates key shares inside hardware-enforced trusted execution environments (TEEs) and runs the policy engine itself inside a secure enclave. This means the security boundary is enforced at the hardware level, not the application layer.
- Operational Friction: Adding new tokens, creating wallets, whitelisting addresses, and updating policies require manual support processes rather than the self-service workflows Fireblocks provides. Fireblocks automates these operations through a fully programmable policy engine and deploys a global support organization with SLA-backed response times.
Summary
Copper built a recognizable brand in institutional trading through ClearLoop, and for hedge funds and trading firms that primarily need off-exchange collateral management, it has served a specific niche.
However, no active custody license in the US or UK, no active MiCA authorization with the July 2026 deadline approaching, and a platform that requires manual support processes for routine operations create meaningful questions about Copper’s ability to serve institutions with US or EU obligations and to invest in platform expansion at the pace the market requires. Fireblocks continues to grow its R&D organization, expand its product suite, and deepen its regulatory footprint globally. For institutions that want certainty of continuity and a platform built for scale, Fireblocks is the more defensible choice.
With Fireblocks’ API integration you can create endless opportunities to scale your business. We also use the smart settlement function to create a ticket for a trade and both parties can send assets to that smart ticket.
fernando martinez
CEO, Nonco
Why Teams Choose Fireblocks for Treasury Management
- Security Without Single Points of Failure: Standard-setting MPC-CMP with key shares distributed across secure enclaves, a policy engine computed in a trusted execution environment, 550M+ wallets secured, and $10T+ in lifetime transaction volume.
- Institutional Settlement Network: 2,400+ counterparties, $70B+ settled monthly, 100% self-custody and onchain settlement with deposit routing, address rotation, and policy protection that competitors’ networks lack. Over $200B in monthly stablecoin flows now move through the Fireblocks Network.
- A Platform That Grows With You: 150+ blockchains, native DeFi, payments, tokenization, staking, and treasury automation in one platform. No re-platforming as your use cases expand beyond custody.
- Operational Automation: Fully programmable treasury workflows (scheduled sweeps, threshold-based rebalancing, conditional transfers, and auto-conversions) governed by a policy engine.
- Financial Stability & Product Velocity: $8B valuation with continued investment through acquisitions (Dynamic, TRES Finance), a growing R&D organization, and an active roadmap including AI-assisted treasury operations (Fireblocks Genie), AI Link (MCP integration for external AI tools), expanded compliance integrations, and deeper banking connectivity.
- Global Advisory & Support Organization: Dedicated solutions engineers, enterprise architects, private Slack channels for enterprise clients, and 24/7 SLA-backed support.
Institutional teams evaluating treasury management platforms are making a long-term infrastructure decision that affects security, operational scale, regulatory positioning, and the ability to expand to new use cases over time. It’s critical to select the right infrastructure partner to help you grow and scale without compromising security, compliance or operational efficiency.
We were looking for a fully automated solution that could handle thousands of governance payouts. Fireblocks’ API co‑signer allowed us to embed business logic and pre‑checks into transactions before signing, so the whole process is programmable.
shane mcgovern
Director of Platform Infrastructure, Algorand
Check out our Customer Stories → to explore how clients optimize their treasury operations with Fireblocks.
Ready to Compare Hands-On?
→ Explore Fireblocks Treasury Management
FAQs
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What is the difference between self-custody and qualified custody, and does Fireblocks offer both?
Self-custody means your organization retains direct control over private keys using cryptographic infrastructure like MPC wallets. Qualified custody refers to holding assets through a regulated custodian that meets specific legal standards (e.g., SEC or state trust company requirements). Fireblocks offers both: MPC-based self-custody wallets as its flagship infrastructure, and qualified custody through Fireblocks Trust Company for US-based institutions that require it for regulatory or compliance reasons. -
How does Fireblocks’ MPC architecture differ from BitGo’s approach?
Fireblocks developed its MPC-CMP protocol entirely in-house, stores key shares in trusted execution environments (TEEs), and runs its policy engine in a secure enclave. This means no single layer of compromise breaks the system. BitGo uses a combination of multi-sig (for UTXO chains) and MPC (for account-based chains), with MPC built on an open-source third-party cryptographic library. Key shares are stored in a centralized HSM and the policy engine is not computed in a secure enclave. The “Zero Proof” vulnerability in BitGo’s TSS implementation, discovered by Fireblocks researchers in 2022 and patched in February 2023, illustrates the practical risk of relying on third-party cryptographic implementations without in-house expertise to validate them. -
Is Fireblocks regulated as a custodian?
Fireblocks Trust Company is a qualified custodian regulated under applicable trust company laws. Fireblocks also holds SOC 2 Type II, SOC 1 Type I, ISO 27001/27017/27018/22301, and CCSS Level 3 certifications, and maintains licenses across multiple jurisdictions. -
What happens to our assets and operations if a vendor is acquired or goes out of business?
This is a critical consideration for any infrastructure decision. Fireblocks’ self-custody model ensures your organization retains control of private key shares at all times. Even in an extreme scenario, assets remain accessible because key shares are distributed and recovery is built into the architecture. This is a structural advantage over custodial models — including Copper’s ClearLoop omnibus structure — where vendor continuity directly affects your ability to access assets. -
Can we start with custody and expand to other use cases later without re-platforming?
Yes. Fireblocks is designed to support starting with treasury management and custody, then expanding into payments, tokenization, DeFi, staking, embedded wallets, and more — all on the same platform. This is a key distinction from competitors where growing beyond custody typically requires integrating additional third-party tools or migrating to a new platform entirely.
Last Updated: March 2026. Competitive comparisons are based on publicly available information. Features and capabilities are subject to change.
