Galaxy Digital has become a client of Fireblocks Trust Company, the regulated custody division of the digital asset infrastructure provider. This partnership allows Galaxy to utilize Fireblocks' services for institutional asset management, joining other clients such as Bakkt, Castle Island, and FalconX.
Fireblocks Trust Company obtained its charter from the New York State Department of Financial Services in 2024. The firm announced the collaboration with Galaxy Digital on October 8, 2025. This move aligns with Galaxy's strategy of diversifying its custody providers, which already includes firms like Gemini, Fidelity Digital Assets, and Bakkt Trust.
The custody solution utilizes multi-party computation technology to secure digital assets by distributing private keys across multiple parties. This technical approach aims to eliminate single points of failure for institutional holdings.
The increasing regulatory focus from the SEC on qualified custodians has driven demand for entities with NYDFS charters. These charters require adherence to strict capital, cybersecurity, and compliance standards, making them attractive for investment advisers and fund managers.
For Fireblocks, this partnership marks a transition from being primarily a technology provider to competing directly as a regulated custodian. The company is actively expanding its client base across various sectors of the institutional ecosystem, including trading and venture capital.
