On March 4, the hybrid Layer 2 project BOB (Build on Bitcoin) announced that it has integrated digital asset custody technology provider Fireblocks . This integration combines Fireblocks MPC wallet with BOBs hybrid Layer 2 network, providing secure, institutional-grade access to BTC DeFi.
Fireblocks is an enterprise platform dedicated to managing digital asset operations and building innovative businesses on the blockchain. By combining the advantages of Fireblocks institutional-grade multi-party computing (MPC) wallet with BOBs BTC DeFi, which is backed by Bitcoins underlying security, and the Bitcoin bridge powered by BitVM, institutions and enterprises will be able to earn income from their Bitcoin holdings very securely through the BOB network.
This integration will connect Fireblocks 2,000+ institutional clients to BOBs powerful BTC DeFi ecosystem, enabling seamless connection to the BOB network directly through the Fireblocks platform. To date, the BOB network has accumulated more than 330,000 DeFi users, 20 million mainnet transactions, and more than 100 projects in the BOB ecosystem, making it a veritable BTC DeFi ideal home and a strong contribution to the growing BTC DeFi TVL. The current BOB testnet TVL is stable at around $250 million.
Last December, BOB integrated the Bitcoin Security Network with Babylon , a leading Bitcoin staking protocol, to bring Bitcoins finality to the BOB hybrid Layer 2 model, enabling Ethereum DeFi applications on BOB to fully leverage the security of Bitcoins underlying layer. In addition, BOB successfully launched a trust-minimized Bitcoin bridge on the testnet last week. The bridge is powered by BitVM, a revolutionary system that can execute complex off-chain procedures on Bitcoin and resolve on-chain disputes. This will allow Bitcoin holders to safely deposit and withdraw BTC on the BOB network without relying on third-party custodians or multi-signature bridges.
So far, Fireblocks, a digital asset management platform, has served more than 2,000 institutional clients worldwide, including financial institutions such as asset management companies and hedge funds, as well as liquidity partners, exchanges, and project parties in the crypto industry. Fireblocks facilitates instant settlement, rebalancing, and payment, and it creates a trusted layer to mitigate the risks associated with digital asset transfers. Fireblocks clients include Revolut, Bank of New York Mellon, and Galaxy Digital. It is one of the most trusted and mature digital asset infrastructure companies in the world, and has provided security for more than $7 trillion in digital asset transactions in more than 100 blockchain networks and more than 250 million wallets.
Alexei Zamyatin, co-founder of BOB and core research contributor at BitVM, said: “It has become an industry consensus that large institutions and Bitcoin whales want to be able to earn returns on the large amounts of Bitcoin they hold without sacrificing security. The combination of Fireblocks’ institutional-grade MPC wallet and BTC DeFi on the BOB network will make this possible. Institutional and ordinary users will be able to safely deploy their Bitcoin into BTC DeFi applications on BOB, while their assets are protected by the strong security of Fireblocks.”
Once the integration is complete, Fireblocks institutional-grade MPC wallet combined with BOBs BTC DeFi will provide institutions and businesses with one of the safest and most powerful ways to participate in BTC DeFi. Through this integration, institutions, businesses, and whale users will enjoy the following benefits:
Fireblocks institutional-grade private key management provides industry-leading security guarantees to protect assets from internal and external threats.
Accessibility and streamlined processes through Fireblocks’ contract call API, WalletConnect, and browser extensions enable institutions to seamlessly interact with DeFi protocols, streamlining asset transfers, staking, and liquidity provision procedures.
Improve efficiency through Fireblocks’ streamlined wallet infrastructure to support faster, more cost-effective transactions.
About BOB (Build on Bitcoin)
BOB (Build on Bitcoin) is a hybrid Layer-2 network that combines the best of Bitcoin and Ethereum, and is committed to establishing itself as the Home of BTC DeFi. The unique Hybrid L2 model combines the advantages of both ecosystems - Bitcoins security and dormant BTC capital, and Ethereums DeFi innovation and versatility. By positioning BTC as the backbone of a new decentralized financial system, BOB can unlock new use cases and trillions of BTC liquidity. BOB perfectly inherits the security of the Bitcoin network using the BitVM protocol, and creates a trust-minimized bridge between BOB, Bitcoin, Ethereum, and other L1 networks. As a result, Hybrid L2 does not need to rely on a third-party cross-chain bridge for interoperability, easily concentrating liquidity around the Bitcoin network instead of being scattered across various chains.
BOB is supported by leading investment institutions such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures and IOSG.
