Fireblocks' Institutional Clients Pour $0.5B into DeFi on Terra in One Week 18

Fireblocks’ Institutional Clients Pour $0.5B into DeFi on Terra in One Week

Summary:

  • Fireblocks has seen its institutional clients rush to access DeFi on Terra (LUNA)
  • Institutional investors have poured in $500 million in one week due to Fireblocks opening access to DeFi on Terra
  • $250 million was deployed in the first 72 hours of Fireblocks opening access to DeFi on Terra
  • Fireblocks has over 1,000 institutional clients that leverage their crypto-related financial services

The crypto custody solutions provider of Fireblocks has seen interest in Terra (LUNA) grow immensely in one week after opening access to DeFi on the network. According to Fireblocks CEO Michael Shaulov, the company has seen ‘crazy’ demand for DeFi on Terra from its institutional clients through its early access program that is available to crypto hedge funds, venture capital firms, and high net worth individuals.

Mr. Shaulov shared the increased demand of DeFi on Terra from its institutional clients during an interview where he explained the following:

Once we released the capability to access DeFi on Terra, we’ve seen this kind of crazy demand. So over $250 million was deployed in the first 72 hours, and I think it’s exactly a week now and there’s been half a billion dollars of transactions into Terra from our platform.

There is a Place for Innovation around Stablecoin’s Such UST by Terra

He also went on to add that the Fireblocks’ mission was ‘to provide secure access to well informed investors who have done their due diligence, follow that demand and understand where innovation is heading.’ Furthermore, he expressed optimism about the direction stablecoins such as Terra’s UST were taking. He said:

You don’t need me to say the model around stablecoins and specifically what Terra is doing is somewhat experimental. If you’re asking me if there is a place for this innovation around stablecoins, I think that the answer to that is yes.

DeFi on Terra is now available to Fireblocks’ over 1,000 institutional clients. Fireblocks is the first and only platform offering institutional-grade access to decentralized applications on Terra.