SINGAPORE, June 7, 2022 /PRNewswire/ — Coins.ph (the “Company”), the Philippines’ leading fiat and crypto wallet services provider, announced today that it has partnered with the award-winning provider of digital asset and crypto technology, Fireblocks, integrating Fireblocks’ custody management into Coins.ph’s platform, maximizing users’ security in crypto operations and storage.
Leveraging Fireblock’s latest MPC-based solutions, Coins.ph is able to improve the security, efficiency, and flexibility of transactions and exchanges of digital assets on its platform and lower its operational costs as the Company scales. MPC-CMP is blockchain agnostic, which allows Coins.ph to add support for blockchains like Ronin, Solana, Avalanche, Polygon, and more to keep up with the dynamic and fast-paced industry.
“This integration is an important step for the development of our ecosystem,” said Wei Zhou, CEO of Coins.ph. “We will be able to scale our platform much faster without having to manage intensive crypto operations, allowing us to rapidly access new opportunities in the market. Fireblocks is a highly renowned and reliable partner, and together we will provide unparalleled security for our users, improve service quality, and streamline crypto transactions on our platform.”
“When it comes to working alongside our crypto exchange partners, our goal is to help drive trading volume without sacrificing security or operational efficiency,” said Michael Shaulov, CEO and Co-Founder of Fireblocks. “Coins.ph is a crypto industry leader in the Philippines with plans to expand its Web3 offerings. We are thrilled to be able to support their rapid growth with our battle-tested security platform.”
Fireblocks combines their latest algorithm, MPC-CMP, with hardware isolation to create multi-layer security that eliminates single points of compromise and insulates digital assets from cyber-attacks, operational risks, and human error. Fireblocks’ MPC-CMP solution was launched in 2020 and improves upon the industry protocol by delivering both enhanced security and 8x faster transaction signing speed, as only one round of transaction signing is required.
Apart from hotkey signing mechanisms, MPC-CMP also supports transaction signing from cold wallets with at least one key share stored offline in an air-gapped device, expanding the configuration possibilities of MPC-based wallets and allowing another layer of security.
For more information about Coins.ph, visit https://coins.ph and follow it on Facebook, Twitter, and Instagram.
Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from the central bank.
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