Fireblocks, a supplier of crypto custody solutions, has experienced a surge in interest in Terra (LUNA) in just one week after allowing DeFi access on the network. According to Fireblocks CEO Michael Shaulov, the company has witnessed ‘crazy’ demand for DeFi on Terra from institutional clients via its early access program, which is open to crypto hedge funds, venture capital firms, and high net worth people.
During an interview, Mr. Shaulov discussed the rising demand for DeFi on Terra from Terra’s institutional clients, explaining the following:
Once we released the capability to access DeFi on Terra, we’ve seen this kind of crazy demand. So over $250 million was deployed in the first 72 hours, and I think it’s exactly a week now and there’s been half a billion dollars of transactions into Terra from our platform.
There is Room for Innovation in Stablecoins such as UST by Terra.
He went on to say that Fireblocks’ objective was to “give secure access to well-informed investors who have done their due research, track that demand, and understand where innovation is headed.” Furthermore, he voiced hope about the future of stablecoins like Terra’s UST. He stated:
You don’t need me to say the model around stablecoins and specifically what Terra is doing is somewhat experimental. If you’re asking me if there is a place for this innovation around stablecoins, I think that the answer to that is yes.
Fireblocks’ over 1,000 institutional clients can now use DeFi on Terra. Fireblocks is the first and only platform on Terra that provides institutional-grade access to decentralized apps.