Press release
PRESS RELEASE. Unido launched its EP self-custody multiwallet powered by Multi Party Computation technology (MPC), after the previous product was compared with Fireblocks.
Unido EP, a completely decentralized and distributed private key management system, is the first product to go on market.
Given Fireblocks remains Unido’s only true distributed key signing engine competitor, we have chosen Fireblocks to analyze again, this time from a market positioning perspective.
Fireblocks vs. Unido
Fireblocks was established in 2018 to provide an end-to-end security platform for blockchain assets. It stores, protects and transfers them to the blockchain/s using Multi-Party Computation. Fireblocks is an enterprise-grade solution that allows customers to transfer assets across exchanges, custodians and wallets securely using MPC & patent-pending chip isolation technology to secure the private keys. API credentials are also used to remove the requirement for deposit addresses.
Unido’s parent company, PAC Blockchain & Digital Advisory (over 10 years old), identified the crypto custodial problem back in 2017, and began development on a multisig wallet that is usable on any blockchain.
Unido developed a secure, enterprise-grade digital asset platform that can handle crypto transactions. This allows individuals and businesses to manage on-chain assets seamlessly. It includes a cryptocurrency-banking platform with customisable transaction workflows and security compliance controls, as well as DeFi vault access.
Unido as well Fireblocks allow users of any type to easily access DeFi vaults, centralized exchanges like Uniswap or Balancer and decentralized apps (dApps), in the crypto community. Each also offers unparalleled security compliance, workflow tools and workflow tools to help individuals and companies enter the cryptocurrency market.
Placement in the Market
Increased number of companies entering crypto economies in 2020 has contributed to an increase in the retail investor (individuals, small businesses) who followed tech-passionate interest in BTC.
Fireblocks is a prominent name in the cryptoverse. It has many prolific backers as well as VCs. A recent Series E funding round raised $550 million from an investor group co-led by hedge fund D1 Capital Partners and Spark Capital, bringing the company’s enterprise valuation to over $8 Billion to continue developing their digital asset platform.
Fireblocks has established itself as the best MPC solution for large institutions and enterprises that have tech infrastructure which needs to be integrated with an MPC signing solution.
Unido, however, due to its highly scalable web dashboard and DApp, can serve the retail market that is in dire need of wallet solutions. Fireblocks is still far from the reach of this user segment, technology-wise and financially.
Unido understands that everyone has the same essential needs to multi-party sign and to have a distributed public key. The keys can be used to avoid security breaches or redundancy in cases where a device is destroyed or lost. These users will be able to share control in practical scenarios, such as joint ownership of assets within domestic partnerships and executions of wills or estate distributions.
Unido is globally scaleable, particularly in relation to 2http://nd.3Rd world countries, where customers can pay using Unido’s utility token $UDO – thus avoiding the need to use traditional banking services in tandem to pay for and operate the wallet.
The early client adoption of Unido EP was impressive, with 320% MoM wallet activation growth in just 4 months.
At The End
Fireblocks is one of the most widely used and well-known digital asset platforms available for companies today. With clients like Revolut, BNY Mellon and many more, Fireblocks has been able to attract enterprises onto their platform. Their latest round of funding brought them $8 Billion.
Fireblocks has been viewed by Unido as an important example of a digital assets management solution that uses a similar approach including MPC technology, regulatory compliance, and other features. Fireblocks doesn’t have an institutional token, but they are one of the strongest competitors in custody and institutional crypto.
In terms of valuation, the $UDO market cap currently stands at US$1.5million fully diluted ($0.013 September 26). This makes it a tiny fish in comparison to Fireblocks. Unido is encouraged by the Fireblocks valuation. This recognition is a result of sophisticated private equity firms valuing key management solutions that are profitable in the millions of dollars. Traders pay fees no matter what the market’s state.
About Unido
Unido EP offers a complete solution for crypto custody. Individuals and companies of any size can easily set up controls to their cryptocurrency assets. Our interface allows anyone to create and share a crypto wallet with multiple users. You can also set minimum approvals for transactions.
Unido EP includes a web-based dashboard as well as a decentralized app (dApp). We are aiming to set new standards in crypto asset security, delivering it to every crypto user. Begin our transformation of crypto asset management.
More information
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