Fireblocks Reach $150 Billion Milestone With Plans Of EU Expansion

Fireblocks enterprise-grade digital asset platform has just reached a new milestone of $150 billion with new plans of expanding in France and Germany. The EU lawmakers signal moves towards crypto adoption so let’s find out more in the latest cryptocurrency news.

Fireblocks is moving into Europe thanks to the new plans to spurt crypto innovation. The digital asset platform for institutions helped facilitate $150 billion in transfers and Fireblocks sees PayPal’s recent move into crypto as growing demand from institutions. The company announced plans to expand in Europe into two key markets in France and Germany with more than $150 billion in digital assets from the institutional customers like trading desks, hedge funds, customers, and other players that were transferred on the platform.

The company will launch new operations in Germany and France, expanding beyond the London-based UK operations. The move came just weeks after the EU policymakers announced a new series of initiatives to spur innovation in the digital asset space which reflects a new wave of increased demand by the type of institutional customers that the company caters to. The European Commission announced the new plans in late September to develop a new set of rules that will help grow the crypto payments business like creating a blockchain-focused regulatory sandbox as the head regulatory counsel of the company Jason Allegrante said:

 “While this type of regulation will no doubt increase the incremental operating costs of doing business in the EU for Fireblocks and others, we are already seeing the power of such frameworks to actually create opportunities and drive innovation.” Our decision to launch new offices in France and Germany not only positions us to become a regulatory early adopter when and if this regulation is adopted, it demonstrates our commitment to serving our customers in Europe to the best of our ability now and in the future.”

We’re excited to announce our expansion into Europe as we exceed $150 billion of digital assets transferred on Fireblocks! Our new offices in France and Germany will help us better support the European market as it continues to mature. Learn more – https://t.co/4FNRuEdsQ9 pic.twitter.com/7lCG5ypH42

— Fireblocks (@FireblocksHQ) October 27, 2020

Policymakers and regulators are coming out at a time when fintech companies and other financial services companies develop products to enhance the ability to make crypto payments and to convert between fiat and crypto as Allegrante said:

 “The recent announcement that PayPal will begin offering digital asset products and services is an incredible milestone for digital asset adoption, but the story is much bigger than PayPal.”

Fireblocks announced that the challenger bank and mobile app Revolut will leverage its wallet and network infrastructure to support the launch of new crypto services for 13 million customers.