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Fireblocks now also offers institutional access to Terra's DeFi ecosystem

 


Digital asset custody platform Fireblocks announced that it is now offering institutional DeFi access to Terra ( LUNA ), the second largest DeFi protocol by total locked in value (TVL). According to the announcement, Fireblocks users can now securely access all decentralized applications (DApps) built on top of the Terra blockchain.


This is the company's response to users of the Fireblocks early access program, who have invested over $250 million in the Terra DeFi ecosystem within the first 72 hours of the launch of the integration. According to Michael Schaulow, the CEO of Fireblocks, demand for DeFi among institutional investors is increasing. He explained:


"As demand grows, so does the desire to have access to the latest and greatest innovations in various blockchain ecosystems."

Tashish RaiSinghani, the CEO of Unicus.One, a Web3 mild-code solution, told Cointelegraph that "blockchain interoperability" is one of the key features of Web 3 ecosystems. He explained these changes would give users more freedom by giving them more control. They can act quickly when an opportunity presents itself because they are flexible. To this he also said:


"The integration of Terra into Fireblocks fills the gaps in the current ecosystem. In the conventional Web 2.0 ecosystem, there is no efficient way to get to the DApps and the community within the platform. In addition, the security standards in the traditional systems are poor, as the revelations on Twitch have shown."

Terra is a blockchain platform originally designed for cross-border small transactions. More and more DApps are being developed on the platform. These are, for example, DeFi and payment platforms or games and NFTs. With nearly 4 million different wallet addresses, Terra's public blockchain has seen a 400 percent increase in users over the past two years, according to the press release.

The DeFi market is no longer just for retail investors as institutional investments in the cryptocurrency market continue to grow. Recently, DeFi has become an important and attractive aspect for big funders. Financial institutions and banks are also starting to invest in the cryptocurrency market .


Meanwhile, authorities are taking a closer look at the DeFi industry. The US Securities and Exchange Commission investigated Uniswap in September last year .


Tighter oversight has become a major issue for regulators in major countries, especially in the DeFi space. In August, SEC Chairman Gary Gensler named DeFi as one of seven crypto-related policy concerns from the Securities and Exchange Commission. Gensler has also previously stated that many DeFi platforms are “highly centralized” and would require a government license

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