We talked to Frank from FXCH about managing a cryptocurrency clearinghouse
“Other institutional wallets were too difficult & prone to errors. A lot of the hard work was really left to us – especially for us, it was when we were onboarding and whitelisting somebody new it took forever. It was very prone to errors. You had to do lots of verifications. There were video confirmations and there were a lot of folks involved and a lot of steps to do something that really is not the core of our business.”
Accelerated counterparty onboarding
To onboard new clearinghouse members, it would take Franck between one to four days. These four days could sometimes span across a week or two. Now the FXCH team can onboard new members in seconds.
“When we meet someone who has the Fireblocks digital asset wallet and they’re on the network, we don’t even think about it. It takes minutes. We just focus on the legal side and we can start working.”
Flexible security policies
Creating and customizing policies for clearinghouse members allowed the operations team at FXCH to deliver the highest level of security for its members and investors.
“This particular process with other providers we were working with was extremely inflexible. With Fireblocks we could design the best policy around our business model. This was very powerful.”