Through a cooperation between the financial service provider Fireblocks and the First Digital Asset Group, financial institutions should be able to integrate the Diem Stablecoin more easily as a means of payment in the future. However, the platform is still waiting for regulatory approval.
The prestige project Diem seems to have come one step closer to publication. Through the cooperation between the crypto security service provider Fireblocks and the Diem payment provider First Digital Asset Group, financial institutions should be able to process transactions more easily via the Diem network in the future. Both companies announced this in a press release. The main aim of the cooperation is to overcome the hurdles caused by the complexity of the connection and structure with the Diem blockchain, so that companies can work more easily with the stablecoin. Fireblocks lays the security foundation for this with its in-house wallet.
The service should be available to all qualified Virtual Asset Service Providers (VASP). According to the definition of the Financial Action Task Force (FATF), an international institution dedicated to the fight against money laundering and terrorist financing, a VASP is:
"Company engaged in the exchange, transfer or custody of virtual assets."
FATF, 2019
The partnership between Fireblocks and First aims to "accelerate the adoption of Diem payments" and ensure that any capable financial institution can join the network, said Michael Shaulov, CEO of Fireblocks. First CEO Ran Goldi added:
"As trustees, wallets, exchanges, PSPs (payment service providers, editor's note) and other VASPs prepare for the Diem network, we are excited to be working with Fireblocks to deliver everything a VASP needs, from risk to on / off chain communication to liquidation. "
Ran Goldi, CEO First Digital Asset Group