Fireblocks Claims Exchange Program Enables Zero-Confirmation Crypto Deposits

Fireblocks says its new system provides crypto deposits on exchanges with zero confirmations and in real time.

Jul 28, 2020 at 1:00 p.m. UTC

Updated Sep 14, 2021 at 9:36 a.m. UTC

Digital asset storage and transaction firm Fireblocks is hoping to drastically speed up cryptocurrency trades for big players and institutions.

The company launched what it calls the Deposit Acceleration Program on Tuesday, a system that is claimed to offer crypto deposits on exchanges with zero confirmations in real time.
The program would greatly reduce the time it takes to settle large transactions on-chain and has potential to bring fresh institutional trading volume to exchanges, according to a press release provided to CoinDesk.
Stephen Richardson, Fireblocks' VP on product strategy, told CoinDesk the program effectively locks digital assets into a transaction, preventing the possibility of an inadvertent double-spend or resubmission of the transaction.
Most exchanges require the digital assets to be loaded on their platform before trading – a process that can take from 10 minutes to 24 hours, depending on network and levels of congestion.
A deposit isn't normally available on an exchange until the transaction has been confirmed a number of times by miners on the cryptocurrency's network.
This delay poses a problem for those wanting to quickly take advantage of arbitrage opportunities or those exchanges running on tight liquidity margins, Fireblocks said.
Antigua and Barbuda-based crypto derivatives exchange FTX has become the first to join the program, meaning Fireblocks customers can now send cryptos to FTX with zero confirmations in real time.
The firm is hoping to partner with more exchanges on the program.

Read more about

Exchanges Fireblocks FTX CoinFlash

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.