ChainPort Partners with FireBlocks to Further Increase Bridge Security

ChainPort prides itself on being the most secure cross-chain bridge in the cryptocurrency space without detracting from interoperability. As such, we are very proud to announce a partnership with Fireblocks.

ChainPort and Fireblocks have partnered to use their MPC (Multi-Party Computation) technology and funds segregation. ChainPort has tackled this issue by having a unique security-based architecture. With ChainPort, ~95% of all funds are secure in cold storage vaults at all times; FireBlock’s MPC technology boosts security even further.

Fireblocks is the leading MPC security provider in the crypto space for moving, storing, and issuing digital assets. They were founded in 2017 by a few former cybersecurity employees from Check Point. Since then, Fireblocks have become instrumental in blockchain security and have developed MPC technology. Today, they are responsible for more than $40 Billions of assets under their hood.

Multi-Party Computation, also known as secure computation or simply MPC, is becoming a standard in blockchain security. MPC allows multiple parties to compute a function privately. Essentially the private key is split up into shares, encrypted & divided between the parties, removing a single point of compromise. MPC significantly improves the security of funds and makes hacks nearly impossible.

Blockchain bridge hacks are very common, unfortunately. Harmony’s blockchain bridge suffered an exploit recently, as did Axie infinity’s Ronin bridge, Wormhole bridge, and AnySwap. According to Bloomberg, over $1 billion was lost in 2022 due to hackers exploiting bridges with faulty security. Off-chain storage in multi-sig cold vaults eliminates the majority of risks.

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About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1200 financial institutions, has secured the transfer of over $2 trillion in digital assets and has a unique insurance policy that covers assets in storage & transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.

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About ChainPort

ChainPort is a next-generation cross-chain bridge that provides custodian-level security and full interoperability. ChainPort introduces an unprecedented level of security architecture, porting tokens safely across blockchains with just a click.

Security is always paramount for ChainPort, and ~95% of the funds are stored in cold storage wallets provided by leading industry security experts: FireBlocks MPC and Gnosis-safe multi-sig.

ChainPort is a permissionless bridge that is already porting more than 140 tokens between blockchains, with additional projects joining daily. Porting is done in just minutes through a friendly and straightforward UI without the need for any technical integration.

Since its launch in 2021, Chainport has managed 43,000 ports and $642,000,000 in volume. Learn more by visiting ChainPort.io or reading our documentation.

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