year on year
improvement in efficiency
faster token issuance
saved in blockchain fees
Fireblocks provided us with a comprehensive, compliant, and robust crypto infrastructure—giving us the freedom to focus on growing and scaling the business instead of setting up a back office from scratch.Norman Wooding Founder & CEO
SCRYPT Digital Trading provides seamless algorithmic OTC execution and market making services to institutions looking for liquidity in the digital asset market.
Launching and scaling a secure and compliant crypto trading firm
Norman Wooding, Founder and CEO of SCRYPT, launched the company from the ground up with Co-Founder and COO, Sylvan Martin. Together, they analysed a variety of hot and cold wallet solutions to build out the company’s crypto infrastructure.
As they grew, they added more tools to their operations. But with a disparate mix of solutions, their ambitions were constrained by the limited capabilities, API functionality, and automation opportunities in their tech stack. The fast growing company had to perform many processes manually.
Not only were these manual processes inefficient, they also opened the door to human error.
The biggest challenge with SCRYPT’s existing solutions was lack of scalability and tradeoffs between security and flexibility. Norman knew he couldn’t scale the company without a more efficient, compliant, and secure infrastructure, so he researched new hot and cold wallet self-custody providers and custodians.
But it wasn’t until Norman found Fireblocks that he knew he’d found the answer to these long-standing issues.
I would ask myself, what if we were doing a million transactions a day instead of 100? What happens when we have a hundred clients? We needed crypto infrastructure that could support our future growth.
Fireblocks’ compliance-friendly, highly secure all-in-one custody and settlement infrastructure
While transitioning to Fireblocks was a major change, SCRYPT felt well supported by the Fireblocks team, and were thrilled to be trading within 24 hours of signing the contract.
From day one, SCRYPT benefited from being on the Fireblocks Network, appreciating the automated address authentication and improved settlement speed.
They used Fireblocks’ Flexible Policy Engine to implement and manage governance and policies to ensure compliance with stakeholders, auditors, and regulators while also guarding against insider threats.
“With custodians, you can’t implement your preferred policies. They tell you what they can do and you work around it. It’s black and white instead of a lovely, multicolored room of possibilities.”
In addition, Fireblocks’ automated KYT/AML with Chainalysis protects the firm’s reputation, and keeps it in good standing with regulators, by preventing interaction with illicit funds and counterparties.
“With Fireblocks, different users have different privileges. You have customizable transaction policies, so you can tailor rules around your needs, which is essential for us as a regulated entity.”
Today, Norman has peace of mind knowing Fireblocks MPC-CMP wallets have no single point of failure. A malicious actor would have to hack multiple private keys across dispersed hardware and software solutions to infiltrate them.
“Hacking, or exploiting, Fireblocks’ infrastructure and wallets is akin to hacking the Bitcoin blockchain. You’d spend an immense amount of resources just trying for a highly unlikely, theoretical pay-off. It’s not feasible.”
Norman is also excited to be an early user for Fireblocks’ recent innovations, such as Permissioned DeFi with Aave Arc and Off-Exchange Settlement, which will give them opportunities to scale even more.
With Fireblocks, you can skip six months of development and go straight to trading. It’s plug and play.
Growing 3,000% in two years
With Fireblocks as its crypto infrastructure, SCRYPT has grown 3,000% in just two years.
SCRYPT also achieved a 70% improvement in operational efficiencies through automation and other optimizations.
In addition, SCRYPT saved over $60,000 in blockchain fees with Fireblocks, a 50% improvement.
Today, SCRYPT is issuing tokens 100% faster from the time clients request a coin to it arriving in their wallet. As a result, SCRYPT is empowered to trade more tokens and secure more assets under management from new clients.
The improved performance and security you’ll achieve with Fireblocks more than covers what you’ll pay for it.