To meet industry demand, Fireblocks has opened investment in decentralised finance protocols (DeFi) on the Terra (LUNA) blockchain to institutional investors. More than $500 million in liquidity has arrived on the platform since April 18.
Fireblocks integrates Terra blockchain to its offer
Fireblocks made it official on Tuesday that its customers would now have access to the Terra ecosystem from its platform. The company specialises in providing cryptocurrency-related services for institutional investors in a secure manner. It has clients providing access to crypto products to individuals, such as Revolut, for example.
Fireblocks now supports DeFi on Terra! @terra_money is the second largest DeFi protocol by TVL, and we’re thrilled to be the first and only platform to provide institutional-grade access to dApps on Terra. https://t.co/rPOkgnKGou $UST @anchor_protocol pic.twitter.com/cSqcrvCY4h
– Fireblocks (@FireblocksHQ) April 26, 2022
Thus, Fireblocks is the first company of its kind to open up to decentralised finance services (DeFi) present on the Terra blockchain.
While this new feature has just been made public, some of the company’s customers have had early access since 18 April. Within the first 72 hours, $250 million in capital was raised, and today the total is over $500 million.
Michel Chaulov, the co-founder and CEO of Fireblocks, welcomed the new integration:
“The company has been a great success.
“The addition of Terra support on Fireblocks will give thousands of businesses and financial institutions the ability to securely interact with dApps, money markets, liquidity protocols and more that are powered by the public blockchain protocol. “
A new feature driven by customer demand
With this feature, Fireblocks allows its clients to access all the applications on Terra via WalletConnect, directly from its platform. By extension, these institutions will then be able to diversify their offer on behalf of their own clients, namely retail investors.
This operation responds to a growing demand from an ecosystem that is becoming increasingly large. According to the analysis site DeFiLlama, Terra is indeed the second largest blockchain by total locked-in capitalization (TVL) on DeFi protocols.
With $29.4 billion in TVL to date, it is second only to Ethereum (ETH), which has $113.9 billion in capitalization, and ahead of the BNB Chain (BNB), which has $13 billion of its own.
Whether it is the high returns offered by the popular Anchor protocol (ANC), or its regular announcements on the stablecoin UST, Terra is undoubtedly a booming ecosystem in recent months. Institutional demand seems to confirm this general craze.
