Shares of Silo Pharma Inc (NASDAQ:SILO) jumped 19.9% in premarket trading Tuesday after the company revealed it had partnered with Fireblocks to serve as custodian for its institutional crypto treasury platform.
The developmental-stage biopharmaceutical firm, which also manages a cryptocurrency treasury, said the collaboration will ensure its newly launched crypto treasury platform meets enterprise-grade security and governance standards.
“We believe that Fireblocks’ proven institutional-grade infrastructure makes them the right partner to support our long-term strategy for buying, staking, trading, and managing our digital assets as we seek to build long-term value for our shareholders,” said Silo CEO Eric Weisblum.
According to Fireblocks, the company has securely transferred more than $6 trillion to date. Its multi-layer security system combines multi-party computation technology, Intel SGX, a signature policy engine, and a deposit address authentication network.
Ezra Solomon, Senior Manager of Corporate Strategy at Fireblocks, added that the firm is “pleased to support Silo’s Bitcoin, Ethereum, and Solana treasury strategy with the technology and safeguards needed to buy, stake, and manage assets at scale.”
Silo Pharma describes itself as a diversified, developmental-stage biopharmaceutical and cryptocurrency treasury company. The sharp stock rise reflects investor optimism about the firm’s move to enhance its digital asset management capabilities.
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