Today Fireblocks announced the planned launch of the Fireblocks Global Custodian Partner Program for licensed global custodians. This will enable clients using the Fireblocks Network to access multiple custodians. In addition Fireblocks announced it has applied to the New York State Department of Financial Services (NYDFS) for a limited purpose trust charter to provide cold storage for digital assets.
While Fireblocks is known for its security and custody technology, it is not a regulated custodian. Hence, its application for a trust charter might appear to compete with clients and even investors such as BNY Mellon, the world’s largest custody bank. Its deal with BNY Mellon put the company on the industry map in 2021.
However, banks in the United States are currently locked out of providing crypto custody. That’s despite a resolution passed in Congress this week to overturn the SEC SAB 121 rule preventing banks from providing digital asset custody. The White House has vowed to veto the resolution if the Senate also votes in favor.
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