Fidelity-Backed Fireblocks in Talks With Potential Wall Street Clients Following EY Accreditation

Enterprise-focused cryptocurrency transaction platform Fireblocks has passed an EY audit confirming it complies with industry data security standards.

Announced today, the "Big Four" financial services firm awarded Fidelity-backed Fireblocks a Service Organization Control 2 Type II Certification following a six-month security audit into how the company manages, processes, and protects customer data.

Fireblocks describes itself as an enterprise-grade solution for blockchain-based transactions.

EY's report said Fireblocks either met or exceeded the SOC 2 Type II criteria.

The auditor will carry out reviews on a yearly basis to ensure Fireblocks continues to comply with security standards.

Commonplace in traditional finance, few cryptocurrency businesses have this accreditation, according to Michael Shaulov, Fireblocks CEO and co-founder.

Fireblocks can now court clients from outside crypto, including financial institutions dipping their toes into the asset class.

"The SOC 2 will allow us to extend our services to the bigger set of financial players like Wall Street banks and asset managers that are getting involved with digital assets."

Shaulov confirmed to CoinDesk that Fireblocks was already talking to Wall Street firms.

Fireblocks allows users to set their own customized security parameters for any type of transaction.