DIFX Cross Asset Digital Exchange grows to 550 million USD in assets under Management with FireBlocks
GRAND CAYMAN, Cayman Islands, May 17, 2022 /PRNewswire/ -- Digital Financial Exchange (DIFX), a centralized cross-asset digital exchange, grows its assets under management from 5 million USD to 550 million USD after integration with award-winning digital asset and crypto technology platform, Fireblocks.
Jeetu Kataria CEO of DIFX states, "I knew since our launch in 2020 that choosing the right crypto custody infrastructure partner was essential to our success and that achieving a strong return on investment was critical for our new trading platform. With Fireblocks, our team can focus on serving clients instead of manually managing digital assets."
Thousands of crypto businesses use Fireblocks' platform to access DeFi and Web3 applications and leverage the company's suite of tools for securing custody of funds, managing their crypto and digital asset operations, tokenizing assets and building new Web3-compatible products and services.
In 2020, Fireblocks launched MPC-CMP, an open and free-to-use MPC protocol to improve the transaction speed for secure digital asset transfer by 800%.
After three months of intense research, DIFX chose Fireblocks because it was the only end-to-end solution that offered a secure direct custody technology alongside tools for increasing trading efficiency and automating operational processes and policy workflows. For example, the Ethereum Gas station utilized by DIFX sets gas fee limits by automating and batching ETH transactions to minimize fees and manual refuelling.
Furthermore, both the DIFX Spot exchange and MT5 platform leverage Fireblock's direct custody technology to ensure the safety and security of both traditional and digital assets. The implementation serves as an additional bridge in connecting the digital and traditional assets as per the mission of DIFX and gives that extra layer of security desired by millions of traders across the globe.
The results speak for themselves. Since rolling out Fireblocks, DIFX has scaled at a remarkable rate. As Kataria explains, "We grew from 5 million USD assets in custody in 2020 to 550 million assets in custody today after rolling out Fireblocks in Spring of 2021. This is an increase of 10,900 per cent. In addition, we are saving around 100,000 USD per year in operational expenses using Fireblock's policy engine and authorization workflows and 40,000 USD yearly in ERC-20 gas fees." DIFX noted that many clients prefer to transact on DIFX because it is secured by Fireblocks MPC Wallet.
Michael Shaulov, CEO and Co-Founder, of Fireblocks, said, "We are always pleased to see clients such as DIFX benefit and grow from the products and services we offer. At the end of the day, we strive to provide clients like DIFX with the flexibility to adapt and scale their businesses and enable them to easily and securely bring digital asset products to market. We look forward to working alongside DIFX as they continue to adapt and innovate in this fast-paced industry"
About DIFX
DIFX: A fully insured cross-asset trading centralized crypto platform that lets users trade between multiple asset classes that include indices, forex, crypto, metals, commodities etc. Our fully insured crypto wallet comes from our partnership with Fireblocks, which is one of the leading crypto custodians in the world with over 30% market share. DIFX has its own utility token called DIFX; it is ERC20 and BEP20 compliant. The DIFX tokens allow users to avail 25% off of their trading fees on the DIFX exchange. DIFX avails The 24/7 multi-language, the DIFX Academy and is working on Global licensing strategies to ensure that DIFX is accessible to all. DIFX was the "Most Trusted Cross-Asset Trading Platform - 2022" by the Crypto Expo Dubai and the "Best New Trading Platform - 2021" by Forex Expo and Entrepreneur Middle East.
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,200 financial institutions, has secured the transfer of over $2.5 trillion in digital assets and has a unique insurance policy that covers assets in storage & transit. For more information about Fireblocks, visit fireblocks.com.
For more information contact:
DIFX Contact: [email protected]
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