Fireblocks
Custody Technology ProviderFireblocks is primarily a custody technology and infrastructure provider rather than a custodian itself. It provides the MPC-based key management technology that powers many exchanges, fintechs, and custodians. Over 1,800 institutions use Fireblocks infrastructure to secure $6T+ in digital assets.
Quick Verdict
With a Custody Score of 6.4/10, Fireblocks is ranked #11 of 11 among custody technology provider providers. Its strongest category is Security and its weakest is Insurance.
Analysis
Score Breakdown
The Custody Score is a weighted average across 8 criteria, each rated 1-10.
| Criterion | Score | Weight | Weighted |
|---|---|---|---|
| Security | 9 | 20% | 1.80 |
| Insurance | 2 | 15% | 0.30 |
| Regulatory | 5 | 15% | 0.75 |
| Fee Transparency | 5 | 10% | 0.50 |
| Track Record | 8.5 | 15% | 1.27 |
| Withdrawal Flexibility | 8 | 10% | 0.80 |
| Reporting & Audit | 8 | 10% | 0.80 |
| Counterparty Diversification | 4 | 5% | 0.20 |
| Total | 100% | 6.4 |
Key Features
- ✓MPC key management (no single key ever exists)
- ✓Policy engine for governance workflows
- ✓1,500+ token support
- ✓DeFi access and Web3 connectivity
- ✓Treasury management
- ✓API-first for developers
- ✓Used by 1,800+ institutions
Fee Breakdown
| Setup Fee | Enterprise pricing |
| Annual Custody Fee | SaaS subscription model |
| Transaction Fee | Per-transaction fees vary |
| Withdrawal Fee | Network fees |
| Notes | Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly. |
Security Details
Key Management
MPC-CMP (no single private key exists)
Cold Storage
Configurable (hot/warm/cold)
SOC Compliance
SOC 2 Type 2
Penetration Testing
Yes
Incident History: No incidents affecting client funds
Insurance Coverage
Coverage
Not applicable directly — provides technology, not custodial services
Carrier
N/A
Details
Institutions using Fireblocks arrange their own insurance. Fireblocks provides the secure infrastructure layer.
Regulatory Status
Licenses
- Technology provider — regulatory compliance is on the institution using Fireblocks
Fireblocks itself is not a custodian. It provides technology to custodians and exchanges. Institutions must pair Fireblocks with a regulated entity.
Pros & Cons
Pros
- Industry-leading MPC technology — no single private key ever exists
- Powers 1,800+ institutions and $6T+ in transfers
- SOC 2 Type 2 certified
- 1,500+ token support — broadest in the industry
- Extremely flexible — configurable for any custody model
Cons
- Not a custodian itself — requires pairing with regulated entity
- No direct insurance (infrastructure provider)
- Enterprise-only — no retail access
- Complex to evaluate since it's a technology layer
- Opaque pricing
How Fireblocks Compares
Top custody technology provider providers ranked by Custody Score.
| Provider | Custody Score | Compare |
|---|---|---|
| Fidelity Digital Assets | 8.4 | Compare → |
| BitGo | 8.2 | Compare → |
| Coinbase Custody | 8.2 | Compare → |
| Anchorage Digital | 7.9 | Compare → |
| Gemini Custody | 7.7 | Compare → |