Since the last product offering comparison with Fireblocks, Unido has now successfully launched the EP self-custody multi-wallet, powered by Multi Party Computation (MPC) technology.
Unido EP represents a first to market for a fully decentralized, distributed private key management solution, which is packaged in a lightweight turnkey DApp (available on Appstore and Google Play) and web dashboard.
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 founded in 2018 as an end-to-end blockchain security platform that protects, stores and transfers digital assets to the blockchain/s while using Multi-Party Computation (MPC). 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. The system also uses API credentials to eliminate the need 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.
Since then, Unido has produced a patented enterprise-grade, secure digital asset platform built to handle crypto transactions, enabling individuals and enterprises to seamlessly manage their on-chain assets. The platform includes a crypto-banking suite with a business banking portal, customisable transaction workflows, security compliance controls and DeFi vault access.
Both Unido and Fireblocks make it easy for users of all types to access to DeFi vaults, decentralized exchanges (like Uniswap and Balancer), centralized exchanges and decentralized applications (dApps) in the crypto ecosystem. Both also offer unparalleled security, compliance and workflow tools packaged to make it easy for individuals and businesses to enter the crypto market.
Market positioning
The proliferation of enterprises entering the crypto economy in 2020 and onwards, has augmented the continued growth of retail investors (individuals and small businesses) which followed the tech enthusiast interest in BTC.
Fireblocks is undoubtedly a name well-known in the cryptoverse and has many prolific backers and VCs associated with its project. 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 have established themselves as the leading MPC solution for institutions and large enterprises, which have tech infrastructure needing to integrate with a MPC signing solution.
Unido however, given its a highly scalable DApp and web dashboard, is positioned to serve the retail market, who are in desperate need of enterprise grade wallet solutions. Solutions such as Fireblocks remains out of reach both financially and technology-wise for this user segment.
Unido recognises that individuals have the same critical needs for multi-party signing and a distributed private key to prevent security breaches if a single device is compromised, or to ensure redundancy if a device is lost or destroyed. Multi-party signing will also provide these users with practical control sharing, in scenarios such as jointly owned assets in domestic partnerships, execution of wills and estate distributions, etc.
The Unido offering is globally scalable, especially with respect to underbanked 2nd and 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.
Early client uptake of Unido EP has been impressive with 320% MoM wallet activation growth over 4 months.
In The End
Fireblocks is by far one of the most well-known and used digital asset platforms for enterprises available today. Fireblocks is valued at $8 Billion after the latest funding round and have been very successful at attracting enterprises to their platform, with clients like Revolut, BNY Mellon, and many others.
The Unido team views Fireblocks as a significant example of a digital asset management solution with a similar approach, including MPC technology and regulatory compliance. Although Fireblocks has no native token like $UDO, the enterprise valuation and recent capital raising history makes them one of the most formidable competitors in the custody and institutional crypto space.
From a valuation perspective, $UDO market cap is currently US$1.5 Million fully diluted ($0.013 as of September 26), so is considered a minnow compared with Fireblocks. The Unido team takes great encouragement in the valuation attributed to Fireblocks, recognising that sophisticated private equity firms value critical key management solutions which are profitable in the billions of dollars as traders pay fees regardless of whether the market is bull or bear.
About Unido
Unido EP is an out of the box complete crypto custody solution. Our platform allows individuals and businesses of all sizes the ability to easily customize controls over their crypto assets. By using our interface, anyone can create a crypto wallet, share control to several users, and set a minimum set of approvals for each transaction.
Unido EP comes with a web-based dashboard and a decentralized application (dApp). Our platform is poised to create a new standard on crypto asset security delivered to the hands of every type of crypto user. Join us now in our journey to transform crypto asset management.
Learn more
- https://www.unido.us/
- https://www.youtube.com/c/UnidoEP
- https://www.linkedin.com/company/unidocore/
- https://discord.com/invite/cs5HeDDmDY
- https://twitter.com/UnidoEP
- https://www.tiktok.com/@unidocore
- https://t.me/unidogroup
