Fireblocks, a service that ensures secure movement of blockchain-based digital assets, raises $30M

Nov 18, 2020 · 1 min read
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Fireblocks, a digital asset security company with offices in New York and Tel Aviv, claims to have launched a multi-part secure computing (MPC) algorithm that drives digital asset transactions up to 800% higher than current digital networks can achieve.Fireblocks made the announcement in a press release released on Wednesday, May 13. The press release announces the launch of MPC-CMP, a new, open, and free to use MPC protocol developed by Fireblocks’ R&D team.

They recently announced receiving $30 million in a recent Series B round of funding. It was led by Paradigm with participation fromCyberstarts, Tenaya Capital, Swisscom, and others.

According to Fireblocks, the MPC-CMP protocol exceeds the speed of the Gennaro and Goldfeder protocol, a current industry standard for MPC. The MPC-CMP protocol achieves 8X speed by “cutting in half the number of interactive rounds and combining the pre-processing method with the non-interactive signature.

All MPC and digital asset custody vendors can access this protocol for free as Fireblocks will not be applying for a patent on this protocol.

Mutli-party computing is a form of cryptography that allows multiple parties to calculate the output of a function, taking inputs from each party, while keeping those individual inputs private and secure. According to the company, while Gennaro and Goldfeder’s algorithm requires 9 rounds to sign a transaction, MPC-CMP requires only 1.

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