Crypto Custody Firm Fireblocks Added Support for Terra

by in Blockchain News

Terra Fireblocks support

Digital assets institutional custody company FireBlocks now officially supports the Terra blockchain. Thus, institutions can access the second largest DeFi protocol by total value locked.

Related: Terra UST Gets Ahead of BUSD to Become the 3rd Largest Stablecoin

Terra comes after Ethereum with around $29.4 bln TVL. Fireblocks becomes the first platform to deliver institutional-class access to dapps built on Terra including crypto lending and borrowing platform Anchor, staking solution Lido, etc.

The CEO of Fireblocks Michael Shaulov said that Terra is a leading algorithmic stablecoin protocol. He noted that support for Terra will enable companies and institutions to interact with various platforms built on Terra in a secure way via Fireblocks.

Later, in an interview with CoinDesk, he said once Terra support was announced, over $250 M was deployed in 72 hours. This shows another time the institutional growing demand for cryptos. The Terra system has been moving forward at a fast rate. Its native stablecoin Terra USD (UST) has a market cap of more than $18 bln and ranks 12th among all the cryptocurrencies.

Terra's other native crypto, LUNA, helps to keep the UST price stable. Holders can also stake LUNA to get rewards and use tokens to take part in the protocol governance. The current price of LUNA is around $89. LUNA is the 8th largest crypto with a market cap of over $30 billion.