Fireblocks launches new tool to address counterparty risk in crypto trading.

According to BlockBeats news on November 28th, cryptocurrency custody company Fireblocks has launched a new product called Off Exchange, which will allow users to lock funds in so-called Collateral Vault Accounts (CVA), aimed at mitigating concerns about counterparty risk for institutional investors in centralized crypto giants such as FTX after their collapse. Stephen Richardson, Managing Director of Financial Markets at Fireblocks, said that these accounts are multi-party computation (MPC) wallets on the chain that can "programmatically lock and mirror assets" to connected trading platforms. Once traders transfer assets to CVA, they will issue credit signals to the trading platform. Deribit, a cryptocurrency derivatives trading platform, is the first trading platform to integrate with the new product.