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Crypto security startup Fireblocks has rolled out public access to its dApp Protection and Transactions Simulation tool to bolster on-chain safety when moving assets.&nbsp; 
Following the introduction of spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) ETFs in U.S. markets and rising cryptocurrency prices leading into this year, decentralized finance has witnessed a fresh spate of institutional investment and detail adoption.&nbsp; 
According to DefiLlama, used have stashed over $100 billion in decentralized protocols for the first time since May 2022, signaling an appetite for crypto solutions and on-chain participation.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="532" src="https://crypto.news/app/uploads/2024/04/Screenshot-420-1024x532.png" alt="Fireblocks expands security tool to 200m institutional wallets - 23"> 
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 Defi TVL around $100 billion | Source: DefiLlama
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Fireblocks has also noticed a 75% uptick in institutional defi volume on its platform, valued at nearly $4.5 billion month-over-month. While this represents positive sentiment for the overall crypto market, it also incentivizes bad actors and paints a target on the digital asset industry.&nbsp; 
The crypto safety provider cited a CertiK study that points to over $500 million in stolen crypto wealth during this year’s opening months. A report shared with crypto.news argued that traders face obstacles when identifying potential risks due to complexities associated with defi transactions.&nbsp; 
 You might also like: <a href="https://crypto.news/fireblocks-launches-non-custodial-wallet-as-a-service/" rel=""> Fireblocks launches non-custodial wallet-as-a-service </a> 
<h2 class="wp-block-heading" id="fireblocks-solution">Fireblocks’ solution</h2> 
To combat this issue, <a href="https://crypto.news/fireblocks-acquires-australian-defi-startup-blockfold-for-10m/" target="_blank" rel="">Fireblocks</a> expanded a suite of on-chain security guardrails to protect users engaging in blockchain operations.&nbsp; 
<blockquote class="wp-block-quote"> 
 “A new proactive security approach for DeFi is required — one where traders and operations teams can automatically monitor malicious activity, identify high-risk threats across common attack vectors, and gain context into the impact of a contract call, all before approving a transaction or connecting with a dApp.” <cite><a href="https://www.fireblocks.com/blog/fireblocks-expands-defi-security-capabilities-to-protect-institutions-from-ever-evolving-threats/" target="_blank" rel="">Shahar Madar</a>, Fireblocks’ VP for Security and Trust Products</cite>
</blockquote> 
Clients can access the dApp Protection and Transactions Simulation panel via Fireblocks’ browser extension, MetaMask Institutional, and <a href="https://crypto.news/learn/what-is-walletconnect-how-does-it-work/" target="_blank" rel="">WalletConnect</a>. The aim is to give institutional customers real-time threat-detection tools capable of analyzing smart contract calls and initiating preventive measures.&nbsp; 
A company spokesperson said the security firm already scanned transactions worth over $10 billion during its beta phase to finetune its systems geared against malicious contract interaction.&nbsp; 
 Read more: <a href="https://crypto.news/fireblocks-disclosed-vulnerabilities-for-crypto-wallets/" rel=""> Fireblocks disclosed vulnerabilities for crypto wallets </a>

Fireblocks expands security tool to 200m institutional wallets

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