Fireblocks, First launch institutional Diem infrastructure for VASPs

Fireblocks and First have launched a wallet and infrastructure for financial institutions to connect to the Diem network to facilitate transactions.

This would assist their clients to use Diem as a payment method within existing consumer experiences. As the Diem Association prepares to go live, it is expected that many financial service providers such as banks, exchanges, PSPs, eWallets, and others, are planning to support Diem within their existing offering.

Any institution or fintech looking to add Diem support would have to build the appropriate technology to accommodate the new payment system and be qualified as Virtual Asset Service Providers (VASPs).

First, founded in 2017, has developed a global digital payment platform as a service. It assists large merchants, PSPs, and Acquirers to accept and process Diem and other stablecoin payments. The offering is a turnkey solution that covers all payment aspects, including transaction and treasury management and compliance, according to the official press release.

Fireblocks is an enterprise-grade platform delivering an infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure.