Hassan Maishera
TL;DR
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Binance.US has chosen Fireblocks to help scale up its staking service.
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Fireblocks will also provide custody services to the cryptocurrency exchange.
Binance.US Partners with Fireblocks for its Staking Services
Binance.US, the American arm of the world's largest cryptocurrency exchange by trading volume, has entered a strategic partnership with crypto custody firm Fireblocks.
The move is to reassure users and regulators that customer assets on Binance.US are handled safely and competently.
Binance.US will leverage Fireblocks’ wallet technology for custody operations, customer deposits, and withdrawals. In addition, Fireblocks will use its key-management system to expand staking services on Binance.US.
While commenting on this partnership, Fireblocks CEO Michael Shaulov told CoinDesk that,
“By integrating our wallet infrastructure, Binance.US is ensuring its custody operations are rock solid and fully aligned with what regulators are asking for. With Fireblocks, they can scale up staking operations securely and efficiently, giving users a smoother experience while staking their tokens and earning rewards.”
Binance.US has been around since 2019. Since last year, the crypto exchange has come under fire as part of a sweeping enforcement action last year against its parent company, Binance.
Earlier this year, the US SEC pointed out that Binance.US was not forthcoming in complying with requests for information about its customers’ assets. Binance.US’s partnership with Fireblocks aims to address this issue and assure regulators and users that customer assets on the exchange are safe.
This latest development comes barely two days after Binance’s Indonesian subsidiary Tokocrypto obtained a full license to operate as a Physical Crypto Asset Trader in the country.
Earlier this week, Binance and Bybit became the first cryptocurrency exchanges to receive full DATF licenses in Kazakhstan, allowing them to provide investment services, advanced trading, and custody.
