Bankless 78 - Institutional DeFi Infrastructure | Fireblocks' Michael Shaulov
Aug 16, 2021
Michael Shaulov, CEO and co-founder of Fireblocks, leads a company revolutionizing institutional adoption of digital assets. He discusses why institutions are increasingly outsourcing their crypto workflows to firms like Fireblocks for security and convenience. The conversation delves into the surge of institutional interest in DeFi, the crucial role of cybersecurity, and how solutions like Arbitrum and Uniswap are enhancing decentralized finance. Shaulov also highlights the need for regulatory compliance while navigating the evolving DeFi landscape.
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Fireblocks' Evolution
- Fireblocks evolved from a cybersecurity-focused company to a fintech infrastructure provider, similar to AWS for crypto banking.
- This shift required understanding financial concepts and adapting their business model to address regulatory and compliance requirements.
Fireblocks' Role in Custody
- Fireblocks considers blockchains like Bitcoin and Ethereum to be the true custodians, while they act as an access control layer.
- They see themselves as a core banking system for digital assets, providing infrastructure for businesses to operate securely.
Bullish on DeFi
- Michael Shaulov expresses strong optimism for DeFi due to its potential to transform traditional finance with autonomous and secure transactions.
- He acknowledges risks but believes major protocols are maturing, citing Compound and Aave as examples of growing institutional adoption.