- By using mirror positions for all trading operations, the underlying assets are retained in secure cold storage.
- The implementation of this strategic plan contributes to strengthening Falcon Finance’s security.
Falcon Finance, the next generation synthetic dollar protocol, today announced it has integrated Fireblocks Off Exchange. This dramatically improves the security framework for all user assets. Fireblocks Off Exchange, in contrast to custody solutions, takes a technology-first approach, instead moving counterparty risk to centralized elimination parties. This approach allows Falcon Finance clients to eliminate any form of exchange counterparty risk by programmatically locking funds in a secure MPC-based shared wallet.
By using mirrored positions for all trading operations while the underlying assets are stored in secure cold storage, the industry can efficiently reduce the risks associated with centralized exchanges that are a concern for the sector. The implementation of this strategic plan will help enhance Falcon Finance’s security by ensuring that user assets are protected from the risk of exchange of synthetic dollar space.
FireBlocks is the world’s most reliable and established digital asset infrastructure company. This allows all types of businesses to build, manage and scale operations on the blockchain. FireBlocks can simplify the custody, tokenization, payment, settlement, and transaction processes for the world’s most extensive exchanges, custodians, banks, payment providers and Stablecoin issuers. FireBlocks’ platform is the world’s safest, scalable and complete platform.
“We are committed to providing a range of services to our customers,” said Andrei Grachev, managing partner at Falcon Finance.
“User asset security is an absolute priority for Falcon Finance. By building Fireblocks facility-grade custody technology and non-replacement solutions, we create a safe environment where assets do not exchange hot wallets, eliminating critical vulnerabilities in the custody chain.”
There are three major security benefits that arise from this integration:
- Off-exchange asset protection: All user-created deposits are protected by Fireblock, and Falcon trading activities in central exchanges are carried out through mirrored locations. This allows users to have full control over their assets without being exposed to the risks associated with the exchange.
- Greater insulation from exchange risk: User assets are completely separate from Exchange Hot Wallet. This reduces the chances of a replacement-level security breaches.
- Facility-grade security: Innovative multi-party calculation (MPC) technology developed by Fireblocks is used by Falcon Finance. This technology distributes encryption key shards between many secure nodes to avoid the possibility of a single point of failure. This approach combines enterprise-grade security with operational efficiency to maintain transaction integrity without sacrificing performance.
The integration of Fireblocks and Falcon Finance is a key milestone in the company’s dedication to providing secure, transparent digital asset management. Falcon Finance continues to improve its security infrastructure and investigate new ideas to protect its customer funds and ensure yields remain sustainable.
Falcon Finance is the synthetic dollar protocol that makes up the next generation. Establish new benchmarks for the industry by saving a multi-set of users while providing competitive returns to the industry regardless of market conditions. Additionally, it provides transparency, security, and institutional grade risk management and management.
