Fireblocks Expands DeFi Capabilities With Token Swaps and Allowance Manager

Fireblocks, an enterprise-ready digital assets platform, has expanded its suite of decentralized finance capabilities, introducing support for token swaps and an allowance manager.

Enterprise-ready digital assets platform Fireblocks has expanded its decentralized finance (DeFi) capabilities with the introduction of token swaps and an allowance manager.

The new DeFi features were announced by the Fireblocks team on Dec. 4. The platform has seen a significant surge in activity over the past year, prompting the expansion.

During SPARK, Fireblocks’ annual user conference, the company’s chief product officer Idan Ofrat unveiled the two DeFi capabilities.

The token swaps and allowance manager will provide crucial safeguards for projects seeking to enhance customer security while interacting with leading DeFi applications, such as Aave (AAVE) and Uniswap (UNI).

With Fireblocks Swaps, users can now exchange tokens through the Uniswap API directly within the Fireblocks console. This eliminates the need for transferring funds or managing exchange accounts.

“By eliminating the need to transfer funds or manage exchange accounts, Fireblocks streamlines our workflow and keeps our focus where it matters—growing our business,” said Joaquîn Herrera, chief operating officer and founder of Takenos, a company that has utilized Fireblocks Swaps.

The Fireblocks Token Allowance Manager, on the other hand, provides visibility into token allowances, enabling users to mitigate risks posed by potentially malicious smart contracts.

Initially, support for the allowance manager will be available for Ethereum users.

The introduction of these new tools aligns with Fireblocks’ broader expansion within the digital assets space. In July, the platform announced its blockchain startup toolkit, offering a streamlined path for projects to integrate self-custody, private key management, and other features.

Throughout the year, Fireblocks has also integrated with several crypto and mainstream providers.

In August, the platform announced an integration with gaming technology company Immutable, and in September, it formed a strategic alliance with Chainlink Labs to provide banks with access to technology for the issuance and management of regulated stablecoins.

In September 2023, the platform launched its non-custodial wallet-as-a-service.