Silo Pharma Inc. (NASDAQ:SILO) on Wednesday announced that it has engaged Fireblocks, an enterprise platform for building blockchain applications and managing digital asset operations, as custodian for its institutional crypto treasury platform.
"Our engagement with Fireblocks is expected to ensure that our newly deployed crypto treasury platform is built with enterprise-grade security and governance standards," said Silo CEO Eric Weisblum.
Fireblocks is a platform in the digital assets space, having facilitated the secure transfer of more than $6 trillion to date.
Its multi-layer security framework combines multi-party computation (MPC) technology, Intel SGX, a signature policy engine, and a deposit address authentication network—delivering custody solutions available to institutional clients.
Fireblocks is a platform to create new blockchain-based products and manage day-to-day digital asset operations.
Exchanges, banks, PSPs, lending desks, custodians, trading desks, and hedge funds can securely scale their digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure.
Last week, Silo Pharma announced its initial purchases of crypto tokens under its recently announced cryptocurrency treasury strategy targeting multi-chain asset growth.
The company's acquisition of Ethereum (ETH) and Solana (SOL) tokens marks the first step toward incorporating cryptocurrency into its treasury holdings and lays the foundation for Silo's broader blockchain and real-world asset (RWA) tokenization initiatives.
In August, Silo Pharma launched its cryptocurrency treasury strategy.
Silo appointed Corwin Yu as the first member of its newly formed Crypto Advisory Board to lead this new strategy.
To further this initiative, Silo recently acquired market intelligence technology powered by artificial intelligence, equipping the team with real-time insights that could potentially drive smarter, faster decision-making.
Price Action: SILO stock is up 1.99% at $0.799 during the premarket session at the last check on Tuesday.
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