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Fireblocks Adds Support for Sony's Soneium, First Step in Provision of Custody Services
Support for Soneium is a precursor for firms to use Fireblocks' technology to provide crypto custody services on the month-old blockchain.
Feb 12, 2025, 1:00 a.m.
What to know:
- Crypto custodian Fireblocks has announced support for Sony's new blockchain Soneium.
- Custodians are essential for institutional adoption of crypto.
EMBARGO Feb 12 9 AM HK TIME
Fireblocks, a provider of crypto custodian technology, said it added support for Sony's Soneium blockchain, an Ethereum layer-2 network that aims to bridge the conventional internet, or Web2, and the emerging, blockchain-based Web3.
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Fireblocks counts many large institutions among its clients, including large banks. Crypto custodians, which provide safe storage for digital assets, are essential for institutional adoption of digital assets because large capital allocators such as hedge funds or family offices require their use for insurance reasons.
Support for Soneium, a joint venture between Sony and Singapore's Startale Labs, opens the door for the provision of custody services on the nascent blockchain, which started operations only in January and has just $33.6 million in total value locked (TVL), according to DeFeLlama data. It is built with Optimism’s OP Stack to support gaming, finance and entertainment apps.
Fireblocks is "committed to helping Soneium on their vision of creating an open internet that transcends boundaries," Omer Amsel, Fireblocks' head of Web3, said in a release. "Together, we will provide secure, decentralized digital ownership and experiences to users and creators while offering a safe environment for digital innovation."
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
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