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Jafrin Ahmed
Apr 27, 2022
by Jafrin Ahmed

Fireblocks Integrates Terra DeFi Services for Institutional Access

Fireblocks terra
Digital asset custody platform Fireblocks has enabled institutional decentralized finance (DeFi) access to Terra (LUNA), the second-largest DeFi protocol just behind Ethereum.

The integration allows institutional investors like venture capital firms and hedge funds and high net worth individuals to access Terra-based DeFi apps such as lending protocol Anchor and liquid staking protocol Lido.

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

"Record-Breaking Demand" from Institutional Clients

Reportedly, Fireblock’s early access program saw “record-breaking demand,” with customers deploying over $250 million in the first three days since the integration went live on April 18. That amount has now grown to over $470 million, according to CEO Michael Shaulov.

Terra is the second-largest DeFi ecosystem, just after Ethereum, by total value locked (TVL). According to data from DeFi Llama, the total value locked in Terra currently stands at over $25 billion, compared to over $113 billion in Ethereum-based protocols.

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Fireblocks Integrates Terra DeFi Services for Institutional Access
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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