Digital Financial Exchange (DIFX) is an award-winning centralized exchange set on creating a new financial order that merges digital and traditional assets in a fully insured, comprehensive cross-asset ecosystem.
Challenge
Achieving strong ROI as a new trading platform
When Jeetu Kataria, CEO and Co-Founder of DIFX, planned the company’s launch in 2020, he knew that selecting the right crypto custody infrastructure partner was critical to its success.
To achieve a strong ROI as quickly as possible, he wanted to prioritize operational efficiency from day one. So he looked for a platform where he could automate operational processes while also strengthening security.
At the same time, he wanted faster signing and settlement times to keep a lid on Ethereum fees and meet the expectations of his high-volume, high-asset clients.
The choice of a crypto custody solution was so important, he and his team spent three months assessing almost every platform on the market. They considered numerous options but were concerned about the slow transaction times and high costs of legacy multi-signature wallets.
Once they saw the advantages of Fireblocks’ MPC-CMP wallets, Ethereum Gas Station, and automated policy workflows, they decided to go all-in on Fireblocks.
When entering the crypto space, you need the most secure wallets for your clients’ digital assets. Fireblocks goes above and beyond, with secure MPC wallets and connections, and integrations that help you scale.
Solution
Fireblocks’ MPC-CMP, automated policy engine and Ethereum Gas Station for capital and operational efficiency
Jeetu and his team immediately implemented Fireblocks’ flexible policy engine and automated authorization workflows, using them to automatically authorize transactions when they meet defined parameters. These tools dramatically sped up transaction times and lowered the need for manual approvals.
DIFX also increased transaction signing speed and lowered fees with Fireblocks’ Ethereum Gas Station and MPC-CMP wallets, which are faster and more customizable than legacy multi-sig wallets. The gas station lets DIFX set gas fee limits, automating and batching ETH transactions to minimize fees and manual refueling.
These internal operational efficiencies and speed of transactions have helped DIFX scale rapidly since its launch while delivering a strong ROI.
As much as Jeetu values the savings and efficiencies, he equally values the peace of mind that Fireblocks’ reputation brings to his clients. In fact, he notes many clients prefer to transact on DIFX because it’s secured by Fireblocks MPC wallets, something he uses as a market differentiator by providing a highly secure, fully insured cross-asset trading platform.
With Fireblocks, I can authorize transfers to occur automatically when they meet set parameters. This makes our internal processes more efficient while also speeding up transaction times.
Results
Growing from $5 million to $550 million assets in custody
DIFX has scaled at a remarkable rate, growing from $5 million assets in custody when it rolled out Fireblocks in Spring 2021 to $550 million assets in custody today, an increase of 10,900%.
Jeetu also estimates that DIFX is saving over $100,000 every year in operational expenses thanks to Fireblocks’ policy engine and authorization workflows. Rather than needing four FTEs to manage the platform, he needs only two.
At the same time, DIFX is saving $30,000 to $40,000 annually in gas fees on ERC-20 with Fireblocks’ Ethereum Gas Station.
Jeetu looks forward to working with Fireblocks as DIFX continues to scale.
With Fireblocks, our team can focus on serving clients instead of manually managing digital assets. There’s no doubt that we’ll continue to work with Fireblocks into the future. They enable my team to do what they need to do efficiently and securely.
