Cryptocurrency custody specialist FireblocksHQ says institutional customers stampeded into DeFi after it gave them access to terra_money, bursting a pent-up dam of demand.
Fireblocks CEO Michael Shaulov said pent-up demand from members of the company’s early access program, including crypto hedge funds, venture capital firms and high net worth individuals, has been “crazy.”
“Once we released the capability to access DeFi on Terra, we’ve seen this kind of crazy demand,” Shaulov said in an interview with CoinDesk. “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.”
The current Terra DeFi access for Fireblocks clients is fully permissionless and is not part of the custody firm’s know-your-customer whitelisted DeFi pooling system,
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