LGO Powers Its Exchange Infrastructure With Fireblocks

NEW YORK, April 16, 2020 /PRNewswire/ — Fireblocks (www.fireblocks.com), the most trusted institutional digital asset management platform, announced today that LGO (https://lgo.group) will be the first to use Fireblocks’ Vault, Secure Transfer Environment and API infrastructure to power its exchange operations. In doing so, Fireblocks’ security infrastructure will allow LGO to improve the efficiency of its exchange while expanding its product offerings and increasing the speed at which customers can access and withdraw funds by tapping its liquidity to Fireblocks institutional ecosystem.

LGO became Europe’s largest Bitcoin trading platform for institutional investors 10 months after launch, trading $700m-equivalent of Bitcoin on the platform as of April 2020. Serving top institutional investors in the EU, LGO is focused on growing exchange volume and scaling operations for investors to safely trade, lend, and borrow digital assets. With an exchange platform able to process over 1M transactions per second from more than 50 institutional clients in over 15 countries, LGO turned to Fireblocks to help deliver maximum security and best execution to investors.

“Many of our customers were requesting a Fireblocks integration,” said Hugo Renaudin, CEO & Co-Founder of LGO. “We’ve spent a good amount of time auditing the Fireblocks technology and were impressed with the quality of the product and its security. Using Fireblocks has significantly improved our operational efficiency while maintaining the highest level of security on our customers’ funds. This has translated into a better service for our institutional customers, which is ultimately what we’re always striving for.”

Digital asset exchanges typically operate on top of first-generation wallet solutions, such as cold storage and multi-sig wallets, but in this environment, it takes users much longer to access their funds. Increasingly, institutions are looking for alternative ways to store and transfer assets that do not require them to choose between speed or security. Exchanges like LGO are beginning to adopt next-generation wallet technologies based on MPC, which Fireblocks takes one step further with Intel SGX (chip-level hardware isolation) as an added layer of security that takes a defense-in-depth approach to further protect user funds from cyberattacks and insider threats.

“Deploying MPC technology is the only way to securely reach the level of speed exchanges like LGO are looking for, especially during those critical hours of trading we experienced last month,” explains Michael Shaulov, CEO and Co-Founder of Fireblocks. “As  exchanges look for more secure ways to scale their operations, we believe the adoption of MPC-based technology will be strategic to their growth.”

As LGO is building a solution for the Bitcoin spot market based on principles of automation, digitization and openness, Fireblocks’ infrastructure is playing a key role in automation and security. Fireblocks, LGO, and many industry players like Woorton aim to contribute to the growth of the EU financial markets by further advancing investor protection, platform innovation, and collaboration.

About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets. The platform enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through patent-pending SGX & MPC technology. Fireblocks has secured the transfer of over $9 billion in digital assets, and offers a unique insurance policy that covers assets in storage & in transit. For more information, please visit www.fireblocks.com.

About LGO
LGO is the leading Bitcoin spot exchange for institutions. Live since April 2019, they are trusted by over 50 institutional counterparties across 15 countries. With a boutique approach, they provide a suite of fully customizable services, best in class technology, and deep liquidity. For more information please visit https://lgo.group.

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SOURCE Fireblocks