May 15, 2021

Diem gets closer to launch as Fireblocks and First introduce new payment infrastructure

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The Diem Association is progressing toward launch with a new technical upgrade that reportedly allows more financial institutions to connect with the payment network. 

Crypto security specialist Fireblocks and First Digital Asset Group, a Diem payment provider, announced Tuesday that they’ve developed a secure wallet and infrastructure that allows financial institutions to facilitate transactions on the Diem network.

Founded in 2017, First Digital Asset Group enables merchants and other institutions to accept and process both Diem and stablecoin payments.

The Diem network appears ready to begin onboarding new clients, provided they qualify as a Virtual Asset Service Provider, or VASP. The Financial Action Task Force defines a VASP as any business that’s involved in the exchange, transfer or safekeeping of virtual assets.

The partnership between Fireblocks and First is intended to “accelerate the adoption of Diem payments” and ensure that any capable financial institution can connect to the network, according to Michael Shaulov, Fireblocks’ CEO.

Ran Goldi, CEO of First, added:

“As custodians, wallets, exchanges, PSPs, and other VASPs prepare for the Title: Diem gets closer to launch as Fireblocks and First introduce new payment infrastructure
Sourced From: cointelegraph.com/news/diem-gets-closer-to-launch-as-fireblocks-and-first-introduce-new-payment-infrastructure
Published Date: Tue, 16 Feb 2021 15:25:17 +0000