According to CoinDesk, cryptocurrency custody firm Fireblocks is providing a non-custodial wallet service for its fintech and corporate clients, including Revolut and Nubank. This move allows end consumers to have full control over their assets, a growing market demand following the collapse of several crypto firms last year. Fireblocks CEO Michael Shaulov explains that this change makes it easier for end users to access decentralized finance (DeFi) and other Web3 applications, as it shifts custodial responsibilities away from large companies.

Fireblocks' multi-party computation (MPC) technology is well-suited for a non-custodial setting, as it allows wallets to be recovered in case of mishaps while reducing counterparty risk for corporate entities. Shaulov describes the non-custodial release as enabling fintech, Web3 companies, or corporates to create a wallet where one key share is held by the user and the other by Fireblocks or the service provider. This setup ensures security and wallet recovery if the client loses their phone, for example.

By shifting custodial responsibilities to end users, companies can offer more DeFi, Web3, and NFT-related services without regulatory and custodial limitations. Fireblocks currently secures over 130 million wallets for major companies such as BNY Mellon, BNP Paribas, Flipkart, eToro, Revolut, NuBank, and Wisdom Tree.