Fireblocks CEO Michael Shaulov said that the integration will also spread support for the WalletConnect2 protocol across the Solana ecosystem.
The companies said on Tuesday that cryptocurrency custody company Fireblocks has started to help the Solana blockchain’s ecosystem of decentralized finance (DeFi) developers, non-fungible token (NFT) apps, and other Web3 activities.
Even though crypto markets have been down lately, Solana has grown quickly, especially when it comes to things like NFTs, where analysts at JP Morgan say it has recently passed Ethereum. Solana is easily in the top 10 blockchains in terms of usage and market capitalization, but if you add up all the blockchains that work with the Ethereum Virtual Machine (EVM), Fireblocks CEO Michael Shaulov said it has the second-largest ecosystem.
On the network, Fireblocks is used to support Solana’s native token (SOL) as well as stablecoins like USDC. Now, the company’s “Web3 Engine” gives Solana users a key-sharding wallet technology on steroids through its “Web3 Engine.”
In an interview, Shaulov said, “It’s a very scalable wallet technology that can be used in many different ways.” “It could be used by an operations team to manage the organization’s treasury, or for Web3 retail applications, where a game could create wallets for its million users and serve them in a custodial way, with all the connectivity, controls, and security to mint tokens and NFTs.”
Fireblocks connects to about 35 blockchain networks and works with many Web3 companies, such as Animoca, MoonPay, Xternity Games, Griffin Gaming, Wirex, and Utopian Game Labs. A press release says that the latest Solana integration uses an updated version of WalletConnect V2, a protocol for connecting decentralized apps, to allow vault connections to decentralized apps that don’t use the EVM chain.
“The other important thing this integration does is make sure that the whole Solana ecosystem supports the WalletConnect2 protocol,” Shaulov said. “It’s just a better, safer, and more scalable way to connect to decentralized applications. Before that, you had to use all kinds of proprietary solutions that couldn’t be shared.
