Home » Cryptocurrency News » Cryptocurrency News » Fireblocks Claims Exchange Program Enables Zero-Confirmation Crypto Deposits Fireblocks Claims Exchange Program Enables Zero-Confirmation Crypto Deposits July 28, 2020
Jul 28, 2020 at 13:00 UTC Updated Jul 28, 2020 at 13:16 UTC
Digital asset storage and transaction firm Fireblocks is hoping to drastically speed up cryptocurrency trades for big players and institutions.The company launched what it calls the Deposit Acceleration Program on Tuesday, a system that is claimed to offer crypto deposits on exchanges with zero confirmations in real time.The program would greatly reduce the time it takes to settle large transactions on-chain and has potential to bring fresh institutional trading volume to exchanges, according to a press release provided to CoinDesk.Stephen Richardson, Fireblocks’ VP on product strategy, told CoinDesk the program effectively locks digital assets into a transaction, preventing the possibility of an inadvertent double-spend or resubmission of the transaction.Most exchanges require the digital assets to be loaded on their platform before trading – a process that can take from 10 minutes to 24 hours, depending on network and levels of congestion.A deposit isn’t normally available on an exchange until the transaction has been confirmed a number of times by miners on the cryptocurrency’s network.This delay poses a problem for those wanting to quickly take advantage of arbitrage opportunities or those exchanges running on tight liquidity margins, Fireblocks said.Antigua and Barbuda-based crypto derivatives exchange FTX has become the first to join the program, meaning Fireblocks customers can now send cryptos to FTX with zero confirmations in real time.
The firm is hoping to partner with more exchanges on the program.
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