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Home»ADOPTION NEWS»Fireblocks integrates with THORChain to improve cross-chain settlement.
ADOPTION NEWS

Fireblocks integrates with THORChain to improve cross-chain settlement.

By Crypto FlexsJune 22, 20242 Mins Read
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Fireblocks integrates with THORChain to improve cross-chain settlement.
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Fireblocks, a provider of secure infrastructure for digital assets, announced integration with THORChain, a decentralized liquidity protocol. The partnership aims to enhance cross-chain payment capabilities, providing users with seamless asset exchange across multiple blockchains, including Bitcoin (BTC). Ethereum (ETH), BNB chain, and Cosmos (ATOM), according to the Fireblocks blog.

Introduction to THORChain

THORChain is a decentralized network designed to facilitate native asset settlement between various blockchains. It operates as an exchange and automated market maker (AMM) built into the app chain. The platform supports cross-chain swaps, liquidity provision, and lending, allowing users to interact across eight different blockchains. This includes Bitcoin, Ethereum and other UTXO, Cosmos and EVM chains. THORChain is a wallet, collector and decentralized application (dApps) provide users with the ability to exchange, earn, and borrow.

RUNE is the native asset of THORChain and is used as collateral for validators and liquidity on exchanges. The platform boasts billions of dollars in weekly trading volume and aims to facilitate exchanges between native Bitcoin, Ethereum, Cosmos and other major chains by eliminating dependency on wrapped or linked assets.

How Fireblocks supports THORChain

With the integration of THORChain, Fireblocks users can now securely store and transfer RUNE within the Fireblocks Vault and network. We also plan to enable RUNE staking through the integration and provide efficient access to THORChain’s decentralized liquidity protocol features. This move is expected to provide seamless cross-chain payment capabilities to the institutional market, improving overall user experience and security.

Implications for the blockchain ecosystem

The integration of Fireblocks and THORChain marks an important step toward achieving greater decentralization and security in the blockchain ecosystem. By enabling settlement of underlying assets without wrapped or bridged tokens, the partnership aims to simplify cross-chain transactions and reduce the associated risks.

Additionally, given Fireblocks’ reputation for providing top-notch security and infrastructure, this collaboration is likely to attract more institutional investors to the blockchain space. As more institutions adopt these technologies, the overall liquidity and stability of the blockchain market could significantly improve.

The Fireblocks-THORChain partnership is poised to set a new standard for cross-chain payments, paving the way for more innovative solutions in the decentralized finance (DeFi) sector. As consolidation progresses, it will be interesting to observe how it impacts market dynamics and user adoption rates across various blockchain networks.

Image source: Shutterstock



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