3 Best Alternatives to Fireblocks in 2023
Fireblocks has done a great job educating the crypto community on the need for enhanced security and is quite possibly singlehandedly responsible for bringing Secure Multi-Party Computation into the spotlight. But whilst their product is great for enterprise asset managers, it’s not so great for startups and smaller businesses. Here are three alternatives to Fireblocks that may serve you better:
We’re obviously biased here, but we think Krayon is the best alternative to Fireblocks. Here’s why:
Similar to Fireblocks, Krayon uses multi-party computation to provide enterprise-grade wallets to clients. Available via web app, API and SDK, Krayon offers a versatile solution for companies wanting to secure their crypto treasury or embed secure wallets into their existing product. Beyond deployment options, Krayon has worked closely with customers to build a better user experience that offers a greater degree of flexibility - users have granular control over governance policies, including spending limits, whitelisting contracts and addresses, and managing user roles and permissions.
Lastly, Krayon has a much more flexible approach to pricing. With Krayon there are no setup fees, no transaction fees and no AUM fees - which is way more attractive to firms that are processing a large volume of transactions.
Anchorage offers a cold storage solution to large institutions, using HSMs (Hardware Security Modules), biometric authentication and robust controls to secure user’s private keys and safeguard their digital assets. The primary downside to cold storage is typically accessibility as the private keys need to be retrieved before transactions can be signed, however, Anchorage has done a great job of combatting the typical accessibility issues associated with cold storage solutions.
If you’re doing a lot of DeFi or actively using your wallets, then this probably isn’t the right solution for you. I’d say Anchorage is best paired with a warm wallet solution like Krayon, because you can custody a portion of your assets with both and only use Anchorage for assets you don’t need on a day to day basis.
Personally, I’m not a fan of Gnosis-Safe (“Safe” or “Gnosis”) at all. But I’m including it here as it's one of the only free options available. Just bare in mind that if you’re securing a significant sum of assets it’s really worth using an MPC solution, please don’t cheap out and use a multisig. You’ll also end up paying way more in transaction fees by using a smart contract wallet like Gnosis because the complexity of smart contract wallets results in higher gas fees, typically 300%-400% more.
Safe is a smart contract multisig where users can create Safes which are individual smart contract wallets that require multiple approvers to approve a given transaction. When you create a Safe, you’ll need to decide how many approvers/signers you want on a wallet - it can be any number n of m. Each approver users their own wallet to sign transactions as part of a Safe, usually Safe users will use MetaMask or Trust Wallet.
Check this out for more detail on Multisig versus MPC.