EMBARGO Feb 12 9 AM HK TIME

Fireblocks, a provider of crypto custodian technology, said it added support for Sony’s Soneium blockchain, an Ethereum layer-2 network that aims to bridge the conventional internet, or Web2, and the emerging, blockchain-based Web3.

Fireblocks counts many large institutions among its clients, including large banks. Crypto custodians, which provide safe storage for digital assets, are essential for institutional adoption of digital assets because large capital allocators such as hedge funds or family offices require their use for insurance reasons.

Support for Soneium, a joint venture between Sony and Singapore’s Startale Labs, opens the door for the provision of custody services on the nascent blockchain, which started operations only in January and has just $33.6 million in total value locked (TVL), according to DeFeLlama veri. It is built with Optimism’s OP Stack to support gaming, finance and entertainment apps.

Fireblocks is “committed to helping Soneium on their vision of creating an open internet that transcends boundaries,” Omer Amsel, Fireblocks’ head of Web3, said in a release. “Together, we will provide secure, decentralized digital ownership and experiences to users and creators while offering a safe environment for digital innovation.”