Fireblocks expands DeFi suite with token swaps and allowance manager

Fireblocks, an enterprise-ready digital assets platform, has expanded its suite of decentralized finance capabilities, introducing support for token swaps and an allowance manager.

The Fireblocks team shared the new development on Dec. 4, noting that the DeFi expansion comes amid a significant spike in activity on its platform over the past year. Fireblocks chief product officer Idan Ofrat unveiled the two DeFi capabilities during SPARK, the company’s annual user conference.

Token swaps and the allowance manager bring key safeguards for projects looking to enhance customer security as they interact with top DeFi applications, including Aave (AAVE) and Uniswap (UNI).

With Fireblocks Swaps, users can exchange tokens via the Uniswap API directly within the Fireblocks console.

“By eliminating the need to transfer funds or manage exchange accounts, Fireblocks streamlines our workflow and keeps our focus where it matters—growing our business,” Joaquîn Herrera, chief operating officer and founder of Takenos, said.

Meanwhile, the Fireblocks Token Allowance Manager enables visibility for token allowances, allowing users to mitigate risks associated with malicious smart contracts. Support will initially be available for Ethereum users.

The rollout of these new tools coincides with Fireblocks’ continued expansion across the digital assets space. In July, the platform unveiled its blockchain startup toolkit, offering a streamlined path for projects to benefit from self-custody, private key management, and other features.

Fireblocks has also integrated with multiple crypto and mainstream providers.

In August, it announced an integration with gaming platform Immutable, and in September, it formed a strategic alliance with Chainlink Labs to allow banks access to regulated stablecoin issuance and management technology.

The platform launched its non-custodial wallet-as-a-service in September 2023.