In a blog post published today, the Decentralized Finance Protocol (DeFi) Badger DAO announced an upcoming integration with Fireblocks, a ramp to storage, management and management of DeFi digital assets for institutional investors.
“We are delighted to announce a strategic partnership between Fireblocks and BadgerDAO to enable over 200 institutional clients to securely hold Badger assets on their platform and run their Bitcoin through the Badger protocol,” it reads. in the article.
BadgerDAO Founder Chris Spadafora said the integration will help make Badger’s vaults and products more accessible to institutional investors, not just the crowd of DeFi retailers:
“Our intention is to further assist institutional holders of challenged Bitcoin. Since Badger smart contracts are easily integrated by anyone / company without our permission, we anticipate that many other centralized companies serving the institutional market will be powered by Badger. “
Fireblocks first offered institutional access to DeFi via integration with Compound Money Market in March 2017. Since then, it has incorporated another dozen protocols, including mainstays like Synthetix and Aave. Clients include large cryptocurrency funds such as Parafi Capital and Galaxy Digital, and in March the company raised $ 133 million in a funding round led by BNY Mellon.
Asked about the increase in total locked-in value Badger could see due to his addition to the exclusive list of protocols, Spadafora declined to speculate but pointed to Fireblocks’ reach and customer base to give some idea of a possible cap. .
“It’s unclear exactly what TVL bump we’re going to see, but they have 200 institutional clients who have $ 400 billion in transfer / custody on their platform.”
The business development process between the DAO and the infrastructure provider was unusual. Spadafora told TBEN that a community member facilitated an intro between Fireblocks and the core Badger DAO team. While it is not unusual for the community to “kick-start” BD efforts with other DeFi protocols, it is one of the most prominent instances of a DAO working with an institutional actor to date.