Fireblocks Review

Airtight security is critical to the future of cryptocurrency investing.

My Fireblocks review delves into this digital asset security service’s self-custody and institutional wallet services, including its proprietary MPC-CMP private key protocol.

Several crypto IRA custodians partner with Fireblocks for platform security.

You can also open a standalone account for digital asset management, wallets, payments, and tokenization.

The Verdict for Fireblocks

I’ve given them a rating of 9.1 out of 10.

Criteria	Rating (out of 10)
Security Standards	9.5
Pricing & Fees	9
Asset Segregation	9
Insurance Coverage	8.5
Services & Offerings	9.5
Regulatory Compliance	9
Onboarding & Integration	9
Overall Rating	9.1

In this review of Fireblocks I’ve followed BIC’s detailed criteria for evaluating the digital asset platform.

About Fireblocks

Founded in 2018, Fireblocks was formed in response to a notorious $200 million Bitcoin breach.

At that time, its three co-founders worked for Check Point and realized the need for enterprise-grade digital asset security. 

Helping financial institutions and cryptocurrency registered investment advisers (RIAs) transact on secure blockchain networks remains the organization’s core mission.

For instance, Fireblocks provides a multi-party computational (MPC) wallet and patent-pending chip isolation technology.

These next-generation innovations help secure private keys beyond the industry-standard hot and cold wallets.  

You can integrate with centralized exchanges, decentralized finance (DeFi), and Bitcoin IRAs.

Its services include:

• Treasury management supporting over 1,100 tokens
• Self-custody wallets with embedded wallets and wallets-as-a-service
• Tokenization of fiat currency and digital assets
• Payments via stablecoin with convert, transfer, and disbursement capabilities 

Fireblocks’ corporate headquarters are in New York. It also has seven international offices to provide worldwide coverage and 24/7 customer support. 

Prominent clients include BNP Paribas, ByBit, Coinbase Prime, eToro, Visa, and WisdomTree.

Fortress Trust, a cryptocurrency IRA company, also uses Fireblocks for its security infrastructure.

Security Standards

Multi-layer security is the primary reason most customers choose Fireblocks, according to customer reviews.

Client insights also praise the easy-to-use platform and hands-on customer support to help set up the proper protocols for your needs.

It supports YubiKey and mobile approvals with two-factor authentication (2FA) for its self-custody wallet services.   

In addition to being SOC II Type II-certified, it maintains the following ISO certifications:

• 27001 (security)
• 27017 (cloud)
• 27018 (privacy)
• 22301 (business continuity management systems)

Fireblocks was the first corporation to achieve a Cryptocurrency Security Standard (CCSS) Qualified Service Provider Level 3 certification by the Cryptocurrency Certification Consortium (C4).

This is C4’s highest certification level. The above-average number of certifications provides peace of mind that your platform is less prone to nefarious actors and digital crime.

Constant third-party audits also occur.

MPC-CMP Protocol

Its MPC-CMP wallets (multi-party computational) are the cornerstone security feature for self-custodying your private keys with ample security and fast transaction speeds. 

For reference, the “CMP” designation is the first letter of each developer’s last name. 

This protocol blends traditional multi-signature technology with up to 800x transaction efficiency, as you only need one signature versus up to nine, as traditional multi-signature wallets can require.

For peace of mind, your key is never on a single device, which can also serve as a single point of failure.

Multi-layer protection is considered the safest defense against external or internal attacks.

Additionally, you can sign transactions from fully air-gapped cold storage. For peace of mind, your key shares automatically rotate in minutes-long intervals.

Finally, the protocol is patent-free, open source, and peer-reviewed.

Therefore, any digital asset custodian or MPC vendor can implement MPC-CMP wallets inexpensively and without strict requirements.

Policy Engine

The Fireblocks Policy Engine lets you automate governance roles by user and transaction rules.

Other platforms offer similar flexibility and it’s another way you can personalize your practices to fit your organization and asset operations to avoid gaps.

You can set policies by type:

• User
• Wallet
• Transaction

It’s possible to authorize transactions directly from the Fireblocks mobile app or API instead of waiting for manual or in-person approval.

Pricing & Fees

While enterprises must inquire about custom pricing, you can estimate your monthly and annual costs for the various services as a small business or startup. 

Paying for 12 months upfront yields a 20% discount for the entry-level Essentials plan.

The best price point depends on your organization’s size, by determining how many workspaces and users need access.

Feature	Essentials	Pro	Enterprise
Workstations	2	4	Custom
Users	5	15	Custom
Customer Support	Basic (8 hours/5 days)	24/7	24/7
Treasury Management ($1 million AUM)	$4,400/year or $440/month	$13,800/year	Custom
Wallet-as-a-service ($4 million AUM)	$11,200/year or $1,150/month	Not offered	Custom
Embedded wallets ($1 million AUM)	$5,400/year or $565/month	$15,000/year	Custom

Note: This pricing is for a 0.18% overage rate on yearly outbound transfer volume.

Some of the standard features include dApp protection, Web3 support, single sign-on (SSO) solutions, and API co-signing.

Additionally, there are several add-ons you wish to include, such as:

• Automation
• Cold wallets 
• Compliance integrations
• Disaster recovery integrations
• Off exchange
• Payment engine
• Raw signing
• Staking

The various add-ons have inquiry-only pricing.  Further, you must speak with a sales representative for enterprise-level pricing or payment and tokenization services.

Asset Segregation

All Fireblocks crypto wallets practice direct custody, where you maintain 100% ownership and control of your assets.

As a result, there is zero counterparty risk.

Self-custody naturally means that your keys stay in separate accounts from those of other customers. 

Other segregation benefits include:

• Your keys remain on segregated on-chain addresses
• No commingling with funds from other customers
• Assets do not appear on Fireblocks’ on-balance sheets 
• Fireblocks cannot move assets without your signature
• Cannot manage funds, block access, or release funds 

Moreover, Fireblocks reiterates that your assets remain intact if the platform is hacked as your assets are not commingled with theirs.

Creditors cannot seize your keys if Fireblocks experiences financial distress or enters insolvency. 

The platform lets you create granular controls to define when specific transaction types can occur by person or smart contract.

You can also request audit logs with daily or weekly intervals.

Insurance Coverage

Excluding self-custody wallets, customers can qualify for up to $30 million in insurance against hardware and software faults on assets under Fireblocks’ custody. 

These insurance benefits are limited because most assets are under your direct custody.

Similar self-custody wallets are also ineligible for custodial insurance. 

Still, Fireblocks offers tailored solutions through providers that include:

• Aon
• Boost
• Lockton
• Lloyds
• Marsh
• Munich Re
• Superscript
• Vouch

The optional disaster recovery services can also provide account retrieval of your keys if a particular user loses their key share.

It’s also possible to store a backup set on a non-Fireblocks platform, such as Coincover and Station70.  

Services & Offerings

Fireblocks is an all-in-one self-custody platform for storing your private keys offline, tokenizing assets, and conducting payments.

It’s possible to try them out in demo mode with the Sandbox feature.

Treasury management

The digital asset treasury management supports over 1,100 tokens and integration with the largest centralized and DeFi exchanges.

Thus, liquidity isn’t a hassle as the 20 largest market makers can fill your transactions at competitive rates.

This network automatically authenticates deposit addresses to prevent entry errors.

You don’t have to copy and paste wallet addresses like many competitors require.

This console is easy to use, and you can manage these assets within a single dashboard:

• Cryptocurrency
• DeFi (EVM and non-EVM blockchains)
• NFTs
• Staking

Self-custody wallets

Fireblocks hot, warm, and cold MPC wallets with embedded wallets and wallets-as-a-service.

This flexibility helps you choose the appropriate security layers for your non-custodial storage needs.

Embedded wallets fit into Android, iOS, and web applications and interact with over 100 blockchains.

You can enjoy social recovery, seedless backup, and key export for a seamless Web2 experience that inexperienced and casual investors may prefer.

Direct custody wallets-as-a-service have a customizable API and let you host up to 4,000 wallets with the entry-level Essentials plan.

Enterprise clients can manage millions of customers.

Both wallet types use the MPC-CMP protocol for expedited transaction speeds without compromising security or the advantages accompanying self-custody.

Tokenization

You can utilize the end-to-end platform to mint, custody, distribute, and manage tokenized assets.

The platform offers ready-made smart contracts and customizable APIs to assist with traditional and alternative assets. 

Qualifying assets include: 

• Bonds
• CBDCs
• Fiat
• Gaming
• Loyalty and rewards
• Stablecoins

The Fireblocks network can help you coordinate transfers to banks, exchanges, liquidity providers, trading desks, and more.

You also have the protection of granular governance roles and the ability to access smart contracts you create on other platforms.

Tokenization is a growing trend within the cryptosphere and this platform is one of the best for digital assets since you have access to over 2,000 markets.

Payments

Instantly settle payments 24/7 with merchants using stablecoins.

This payment engine helps execute cross-border transactions with minimal fees and delays versus traditional finance. 

You can use on & off ramps to convert between fiat and crypto, including foreign exchange (FX). 

For simplicity, the platform also lets you batch payouts and automate transfers to different wallets and providers through triggers and notifications.

You can see the real-time status of your payment flows within your dashboard.

Staking

It’s possible to open and embed dedicated staking wallets without relying on a centralized exchange.

You will work directly with institutional validators and software development kits (SDKs).

You can stake Ethereum (ETH) and Solana (SOL) directly from your console. Liquid staking and SDKs provide access to more projects.

DeFi and off exchange

The platform can vet dApps to spot fraud while letting you interact with DeFi ecosystems such as Solana and UniSwap.

The DeFi apparatus works with over 100 blockchains and you can use browser extensions like Rabby Wallet and MetaMask Institutional to assist.

Additionally, Fireblocks Off Exchange helps trading firms and asset managers mitigate counterparty risk while trading on centralized exchanges. 

Off-exchange transactions are possible by funding a collateral vault account (CVA) via regulated custody services.

Next, this vehicle and mirror assets within the shared MPC on-chain wallet and conduct real-time settlements.

Regulatory Compliance

Fireblocks can conduct the necessary Know Your Customer (KYC) and anti-money laundering (AML) compliance checks. 

It can also: 

• Automate wallet address screening
• Generate FATF Travel Rule reports 
• Screen inbound and outbound transactions
• Validate cross-jurisdiction requests

The platform integrates with Chainalysis, Elliptic, and Notabene.

Most enterprise-grade services offer this behind-the-scenes convenience to help you better serve new and existing customers.

There are no known regulatory compliance violations.

Onboarding & Integration

The first step is conversing with an account representative to find the best membership tier and add-ons.

1. Compare plans: You can estimate your pricing for treasury management and wallet services if you want the small business-focused Essentials or Pro plans. Enterprise customers must inquire as pricing is customized.
2. Request a platform demo: Complete the online contact form so a sales representative can reach out by phone or email after initially assessing your needs. Your consultation lets you try the console for your desired features and learn more about add-ons.
3. Test platform and developer tools: You can try out your desired features and add-ons for free. This trial includes the setup-free Developer Sandbox where you can interact with prebuilt APIs, SDKs, transaction policies, and pre-funded wallets. 
4. Finalize plan and pricing: After deciding which features and plan tier fit your anticipated transfer volume. Annual payments provide uninterrupted service at the lowest cost.

Entry-level Essentials customers have customer support access eight hours per day, five days a week. Pro and Enterprise clients enjoy 24/7 live support access.

Many online step-by-step guides can help you navigate the console or developer toolkits.

The platform automatically integrates with many leading cryptocurrency and digital asset services.

You can review the list of compatible partners during onboarding to decide if the Fireblocks crypto network can help you.

Fireblocks Alternatives

These institutional custodians are also worth checking out if you’re a business, investment firm, or high-net-worth individual needing high-touch wallet and payment services.

 

Bitgo

BitGo is one of the largest and oldest self-custody wallet services, offering retail and enterprise digital asset custody.

You may also appreciate its custodial wallets with up to $250 million in insurance coverage. The platform supports over 1,100 tokens, similar to Fireblocks.

Digital Trust

Digital Trust serves individuals, self-employed, and professional investors with self–directed IRAs.

Consider this service if you only need tax-advantaged cryptocurrency investments in Bitcoin and other leading altcoins. Unfortunately, it lacks payment and tokenization services.

Fortress Trust

Fortress Trust offers custodial, payments, and compliance services to individuals, businesses, and trusts with portfolios of any size.

The qualified IRA custodian uses Fireblocks as a security partner, although you may go directly to them for crypto retirement accounts.

Is Fireblocks a good custodian?

Fireblocks is a top contender when you want a self-custody crypto wallet and customizable payment and tokenization services for your business or clients.

Long-term customer reviews continually praise its security infrastructure and ease of use for peace of mind.

Individual investors will be better served by one of the best crypto IRA companies for tax-advantaged retirement accounts.

FAQs