On March 4, the hybrid Layer 2 project BOB (Build on Bitcoin) announced that it has integrated with digital asset custody technology provider Fireblocks. This integration will combine Fireblocks' MPC wallet with BOB's hybrid Layer 2 network, providing secure, institutional-grade access to BTC DeFi.
Fireblocks is an enterprise platform dedicated to managing digital asset operations and building innovative businesses on the blockchain. By combining Fireblocks' institutional-grade multi-party computation (MPC) wallet advantages with BOB's BTC DeFi secured by the underlying Bitcoin network and powered by BitVM, institutions and enterprises will be able to safely earn yields from their held Bitcoins through the BOB network.
This integration will connect Fireblocks' over 2,000 institutional clients to BOB's robust BTC DeFi ecosystem, enabling seamless access to the BOB network directly through the Fireblocks platform. To date, the BOB network has accumulated over 330,000 DeFi users, 20 million mainnet transactions, and more than 100 projects onboarded, making it a true "ideal home" for BTC DeFi and contributing significantly to the growing BTC DeFi TVL, which currently stands at around $250 million on the BOB testnet.
Last December, BOB integrated with the leading Bitcoin staking protocol Babylon, bringing Bitcoin finality to the BOB hybrid Layer 2 model, allowing Ethereum DeFi applications on BOB to fully leverage the security of the Bitcoin underlying. Additionally, BOB recently launched a trust-minimized Bitcoin bridge on its testnet, supported by BitVM, a revolutionary system that can execute complex off-chain programs on Bitcoin and resolve on-chain disputes. This will enable Bitcoin holders to securely deposit and withdraw BTC on the BOB network without relying on third-party custodians or multi-sig bridges.
To date, the digital asset management platform Fireblocks has served over 2,000 institutional clients globally, including asset managers, hedge funds, and other financial institutions, as well as liquidity partners, exchanges, and projects in the crypto industry. Fireblocks facilitates instant settlement, rebalancing, and payments, creating a trusted layer to mitigate risks associated with digital asset transfers. Fireblocks' clients include Revolut, BNY Mellon, and Galaxy Digital, and it is one of the most trusted and mature digital asset infrastructure companies in the world, having secured over $7 trillion in digital asset transactions across more than 100 blockchain networks and 250 million wallets.
Alexei Zamyatin, co-founder of BOB and core research contributor to BitVM, stated: "Large institutions and Bitcoin whales have a strong desire to earn yields from their substantial Bitcoin holdings without sacrificing security, and this has become an industry consensus. The integration of Fireblocks' institutional-grade MPC wallet with BTC DeFi on the BOB network will make this possible. Both institutions and retail users will be able to securely deploy their Bitcoins into BTC DeFi applications on BOB, while their assets are protected by Fireblocks' robust security."
Once the integration is complete, the combination of Fireblocks' institutional-grade MPC wallet and BOB's BTC DeFi will provide one of the safest and most powerful ways for institutions and enterprises to participate in BTC DeFi. Through this integration, institutions, enterprises, and whale users will enjoy the following benefits:
Fireblocks' institutional-grade private key management, providing industry-leading security guarantees to protect assets from internal and external threats.
Accessibility and streamlined processes through Fireblocks' contract calling API, WalletConnect, and browser extensions, enabling institutions to seamlessly interact with DeFi protocols, simplifying asset transfers, staking, and liquidity provision.
Improved efficiency through Fireblocks' streamlined wallet infrastructure to support faster and more cost-effective transactions.
About BOB (Build on Bitcoin)
BOB (Build on Bitcoin) is a hybrid Layer-2 network that combines the strengths of Bitcoin and Ethereum, aiming to become the "home of BTC DeFi." The unique Hybrid L2 model integrates the advantages of the two ecosystems - the security of Bitcoin and its dormant BTC capital, as well as the DeFi innovation and multi-functionality of Ethereum. By positioning BTC as the cornerstone of a new decentralized financial system, BOB can unlock new use cases and unlock trillions of dollars in BTC liquidity. BOB perfectly inherits the security of the Bitcoin network through the BitVM protocol and creates trust-minimized bridges between BOB, Bitcoin, Ethereum, and other L1 networks. As a result, the Hybrid L2 does not rely on third-party cross-chain bridges to achieve interoperability, easily concentrating liquidity around the Bitcoin network instead of dispersing it across multiple chains.
BOB is supported by leading investment firms such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
