The firms announced on Monday that Fireblocks, a cryptocurrency custody company, has partnered with Coinbase International Exchange, the non-U.S. division of the trading business that offers spot trading and perpetual futures to institutional and retail clients in qualifying jurisdictions. Customers of Fireblocks can now use Fireblocks’ governance and policy guidelines to safeguard exchange operations, including deposits and withdrawals, by connecting to their Coinbase International Exchange accounts, the company announced. In May 2023, Coinbase International Exchange obtained a regulatory permission to provide its services from the Bermuda Monetary Authority. Prior to adding spot cryptocurrency trading for ordinary users, it solely functioned as an exchange for derivatives for institutions.
Secure hardware enclaves are paired with Fireblock’s usage of Multi-Party Computation (MPC), a cryptographic key sharing technology, to eliminate a single point of compromise from API credentials and thwart further threats including insider collusion attempts. To prevent an insider from taking funds out of an exchange account unilaterally, users can set up user roles, governance policies, and approval procedures for exchange deposit and withdrawal activities using Fireblocks’ policy engine. As per a press release, they may also check the balances of all associated accounts and make deposits, withdrawals, and rebalances via the Fireblocks Console or API.
“As we continue to expand our offerings for institutional and retail clients, this collaboration underscores our commitment to providing a robust and reliable trading infrastructure for our global clientele,” said Usman Naeem, CEO of Coinbase International Exchange, in a statement.