Fireblocks introduces its Fireblocks Network for Payments, comparing it to SWIFT.
Fireblocks, a New York-based blockchain infrastructure firm, has launched a new platform designed to help institutions scale stablecoin payment flows globally.
In a blog post yesterday, Sept. 4, the company said that its new Fireblocks Network for Payments aims to simplify the infrastructure behind stablecoin payments, building on its existing platform, which already handles over $200 billion in monthly stablecoin transactions, according to the post.
The platform connects payment service providers, banks, fintechs, stablecoin issuers, and liquidity partners by providing a single access point, the announcement reads. Companies can connect once via Fireblocks’ APIs to reach partners across 100+ countries.
“Just as the SWIFT network was built to connect fragmented banking systems and enable global fiat payments, we built the Fireblocks Network to serve as the connective layer for the digital asset economies,” said Fireblocks CEO Michael Shaulov in the company’s post.
Fireblocks, which was valued at $8 billion in its latest funding round in early 2022, says that its network builds compliance into every transaction, covering anti-money laundering checks, sanctions checks, and travel-rule obligations, while navigating differences across jurisdictions.
To comply with regulatory requirements, the company has incorporated screening tech from blockchain forensics firms like Notabene, Elliptic, and Chainalysis.
The launch of the new stablecoin-focused infrastructure comes as the total stablecoin market capitalization nears $290 billion, just a week after topping $280 billion, and on track to reach trillions, according to recent estimates from both TradFi and crypto industry leaders.
Circle launched its own stablecoin-focused, cross-border payments network in May, which uses the company’s stablecoin, USDC, for settlement.
