Despite the institutional interest in DeFi, the sector still faces major hurdles preventing meaningful adoption despite its flexibility and perks. Even for crypto-native institutions, DeFi represents a step beyond their capabilities due to its technical, financial, and regulatory complexities requiring expert-level guidance. The chances of institutions diving head-first into DeFi without a clear entry path considerably diminish, leaving them unable to reap its benefits.
To help answer the call, Spool DAO, or Spool, the DeFi platform allowing institutions and users to build customizable, risk-managed crypto products, has integrated Fireblocks into its platform to create an enhanced DeFi gateway.
The first customer to utilize Spool’s DeFi middleware, which is now available directly in the Fireblocks interface, is gamified asset marketplace Blocktrade.
“As DeFi continues to gain traction amongst financial institutions, access to advanced DeFi products like Spool’s DeFi toolkit while still maintaining enterprise-grade protection, full governance, and policy control will be extremely valuable to our customers,” said Stephen Richardson, Managing Director of Financial Markets at Fireblocks. “We’re excited to work with Spool and continue to extend our DeFi offerings to the market.”
Fireblocks’ more than 1,800 institutional customers can now connect their Fireblocks vaults to build tailored decentralized products manually or automate process flows through an API using Spool’s infrastructure. The integration also enables institutions to use Spool’s SDK and API to create white-labeled DeFi products for their own clients to use without needing to interact directly with Spool.
As the world’s largest provider of digital asset custody technology with more than $4 trillion in digital assets transferred to date, Fireblocks brings Spool’s DeFi infrastructure to new audiences, reducing the hurdles for institutions to enter the DeFi realm. By simplifying the steps to create a bespoke product, the integration establishes a framework for more institutions and clients to safely explore decentralized assets.
“We’re incredibly proud to integrate our product with Fireblocks as a true showcase of what Spool can achieve and its institutional capabilities on such a renowned platform,” says Simon Schaberm CBDO of Spool DAO. “Our joint DeFi product offering takes professional DeFi to the next level and opens the door for more institutions to realize how easily they can leverage decentralized assets without compromising choice or security.”
Spool’s end-to-end infrastructure connects institutions to the DeFi market’s most prominent yield generators and auto-risk-managed strategies through WalletConnect to the Fireblocks console. Exchanges, fintech companies, neobanks, and legacy institutions can maintain Fireblocks as their custody technology provider while creating customized DeFi protocols. This enables institutions of all sizes to easily introduce clients to DeFi through a non-programmatic, no-code solution with whitelabel, time-lock, entry-exit condition, and NFT receipt capabilities.
As the first Fireblocks customer to implement the new features, virtual asset exchange Blocktrade will now expand its own product offering through Spool. Blocktrade demonstrates how other institutions can easily create the most optimal DeFi-based yield products for their own clientele at zero development cost while enjoying reduced gas fees and remaining compliance-adherent.
Interested institutions can securely access Spool’s ToolBox either through Fireblocks’s console via WalletConnect or an SDK for advanced user experience controls.