One of Germany’s Oldest Banks Taps Fireblocks to Custody Customers’ Crypto

The bank will leverage Fireblocks’ custody technology in a bid to expand crypto services.

Oct 7, 2021 at 1:30 p.m. UTC
Updated Oct 7, 2021 at 2:05 p.m. UTC

Freshly inducted crypto unicorn Fireblocks has been selected by Bankhaus von der Heydt, a 267-year-old privately owned German bank, to steer its digital asset endeavors.

According to a press release shared with CoinDesk on Thursday, the bank will leverage Fireblocks’ custody technology in combination with the Fireblocks Network to expand digital asset and crypto service offerings to its customer base.

“Fireblocks gives us a secure and easy-to-use platform to develop complex operational workflows such as moving between asset trading and custody, staking assets in custody or even a direct integration with lending protocols to extend our service portfolio,” said Philipp Doppelhammer, managing director of Bankhaus von der Heydt. “With Fireblocks, we are one step closer to becoming the one-stop shop for our customers.”

Opened in 1754, the BaFin-supervised Bankhaus von der Heydt is one of the first banks in Germany to offer crypto trading and custody services for financial institutions, per the release.

The bank said it has integrated Fireblocks’ platform and infrastructure as a core component of its digital asset custody solution to increase “operational efficiency and security.” Fireblocks has provided “all relevant blockchain protocols” as well as exchanges and API integration into its existing IT architecture, the bank said.

Fireblocks recently raised $310 million in a Series D funding round, securing the cryptocurrency custody platform’s unicorn status with a $2 billion valuation. Beginning this year, the custody firm was selected by America’s oldest bank, BNY Mellon, to provide its clients with crypto custody solutions.

“Supporting Bankhaus von der Heydt marks another key milestone in our mission to bridge the gap between digital asset banking and traditional finance,” said Michael Shaulov, CEO of Fireblocks. “As a pioneer in Germany for over 250 years, Bankhaus von der Heydt is seen as a trusted partner for innovative financial market solutions and we are proud to work alongside them to revolutionize the financial sector and work towards bringing every single banking service to the blockchain space, safely.”

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Sebastian Sinclair is a CoinDesk news reporter based in Australia.