Fireblocks expands into the expanding web3 market. Fireblocks, the leading institution digital asset settlement and custody company, announced earlier this week that a new suite of tools will be available to developers for building DeFi, GameFi and NFT products.

Dubbed “Web3 Engine,” the software developer kit (SDK) will allow companies to create infrastructure for NFT and decentralized gaming applications. Notably, the new suite of products will help financial institutions, gaming studios, and others building products for web3 to manage the full lifecycle of asset tokenization – from whitelisting to minting, burning, and token transfers.

Web3 Engine offers a way to manage NFT issuance and will also offer custody services, risk management tools, and treasury management. Web3 Engine will allow users to directly access platforms such as OpenSea and Rarible.

“I think the most obvious clients here, beyond financial institutions that are already working with DeFi, are developers around gaming, social media and entertainment,” Michael Shaulov, CEO of Fireblocks, said in an interview. “Firstly, it’s an SDK for securely managing NFTs at scale, and secondly, to be able to connect to a broad ecosystem of marketplaces, exchanges and other bridges.”

Several high-profile players have already started using the service including Animoca and Stardust as well as MoonPay, Xternity Games (Xternity Games), Griffin Gaming, Wirex and Celsius.

The NFT industry has been mostly dominated over the years by large retail companies, but there is a rising demand for institutional web services.

“The goal is to essentially bring all the security arsenal and capabilities that we’ve built for empowering financial firms to operate with crypto to this new group of players,” Shaulov added.

Continue reading on BTC Peers