Enhancing Security and Compliance with Fireblocks Integration
Enhancing Security and Compliance with Fireblocks Integration
Increased user trust and drove growth in institutional clients.
Increased user trust and drove growth in institutional clients.
This case study contains few blockchain concepts & may be slightly challenging for unfamiliars. However, for better understanding, you can click on blue links for explanation of terms like this one- Blockchain.
This case study contains few blockchain concepts & may be slightly challenging for unfamiliars. However, for better understanding, you can click on blue links for explanation of terms like this one- Blockchain.
CONTEXT SETTING
My work at Xalts
My work at Xalts
At Xalts, a leading web3 fintech company backed by Accel and Citi Ventures, I focused on integrating Fireblocks custody to enhance the security and compliance of our digital asset management platform. Xalts raised $6M in seed funding and counts 200 global banks among its customers after acquiring contour.
At Xalts, a leading web3 fintech company backed by Accel and Citi Ventures, I focused on integrating Fireblocks custody to enhance the security and compliance of our digital asset management platform. Xalts raised $6M in seed funding and counts 200 global banks among its customers after acquiring contour.
What does Digital Assets Platform of Xalts do?
What does Digital Assets Platform of Xalts do?
Digital Assets is a highly configurable product built for financial institutions for tokenising assets. With our Digital Assets platform, institutions can create digital assets such as trade receivables, bonds, and more on blockchains like Polygon, Avalanche etc.
Digital Assets is a highly configurable product built for financial institutions for tokenising assets. With our Digital Assets platform, institutions can create digital assets such as trade receivables, bonds, and more on blockchains like Polygon, Avalanche etc.
WHAT
Tokenization of financial assets like bonds, banks guarantees, treasury bills, currencies etc.
Tokenization of financial assets like bonds, banks guarantees, treasury bills, currencies etc.
HOW
Using automation by workflows.
WHY
WHY
Multi party collaboration
Increased speed and automation
Allows investors to own and transfer the asset digitally.
For data residency
Multi party collaboration
Increased speed and automation
Allows investors to own and transfer the asset digitally.
For data residency
This is the Competitive landscape of Digital Assets product for Xalts: Click here
This is the Competitive landscape of Digital Assets product for Xalts: Click here
But why do we need integration with Custodian?
But why do we need integration with Custodian?
Institutions managing digital assets require secure and compliant custody solutions. Without an external custodian, Xalts would have full control over all assets, which institutions found concerning. Acting as a custodian brings significant security and compliance responsibilities, which institutions are keen to offload to trusted providers like Fireblocks.
Institutions managing digital assets require secure and compliant custody solutions. Without an external custodian, Xalts would have full control over all assets, which institutions found concerning. Acting as a custodian brings significant security and compliance responsibilities, which institutions are keen to offload to trusted providers like Fireblocks.
Research Findings
Research Findings
Majority of institutions would prefer to bring in their custody provider, like Fireblocks.
Some institutions also have been using custody providers like Blockdameon and Taurus.
Institutions already have a Fireblocks workspace that they manage or are willing to sign up and pay for separately.
Details regarding all the wallets should be transparent at Xalts interface.
Majority of institutions would prefer to bring in their custody provider, like Fireblocks.
Some institutions also have been using custody providers like Blockdameon and Taurus.
Institutions already have a Fireblocks workspace that they manage or are willing to sign up and pay for separately.
Details regarding all the wallets should be transparent at Xalts interface.
The Journey: From Concept to Implementation
The Journey: From Concept to Implementation
Understanding User Needs
Understanding User Needs
I gathered user stories from our founders and PMs who interacted with institutional clients to understand their needs and concerns. There will two segments of users- root user and other users. There will be one root user for an organisation who will be the admin for the organisation.
I gathered user stories from our founders and PMs who interacted with institutional clients to understand their needs and concerns. There will two segments of users- root user and other users. There will be one root user for an organisation who will be the admin for the organisation.
For setting up the account of root user, someone from the IT Team would be doing that.
For setting up the account of root user, someone from the IT Team would be doing that.
Rajesh is 30 year old working in IT Team of financial institution and has 8 years of experience in setting up and maintaining technical systems for financial institutions, ensuring security and compliance with regulatory standards.
Rajesh is 30 year old working in IT Team of financial institution and has 8 years of experience in setting up and maintaining technical systems for financial institutions, ensuring security and compliance with regulatory standards.
I decided to work primarily on User Story 1 and User story 2 for root users. The other designer in my team- Ashmita Roy worked on User Study 3 and 4. We both collaborated and made sure that we are on the same page.
I decided to work primarily on User Story 1 and User story 2 for root users. The other designer in my team- Ashmita Roy worked on User Study 3 and 4. We both collaborated and made sure that we are on the same page.
Requirement Gathering
Requirement Gathering
I collaborated with the Fireblocks team to gather detailed technical requirements and ensure our integration would meet their standards.
I collaborated with the Fireblocks team to gather detailed technical requirements and ensure our integration would meet their standards.
FOR USER STORY 1
Connecting a Fireblocks workspace
The user should be communicated that they can bring in their custodial wallet providers like Fireblocks, and (other wallet providers that will be integrated by us) and the benefits of the custodial providers.
The root user can connect their Fireblocks workspace by sharing the Fireblocks API key and pasting it into our platform.
Once the FB workspace is connected, the user should set up a Transaction policy so that we will not have access to other vaults
Connecting a Fireblocks workspace
The user should be communicated that they can bring in their custodial wallet providers like Fireblocks, and (other wallet providers that will be integrated by us) and the benefits of the custodial providers.
The root user can connect their Fireblocks workspace by sharing the Fireblocks API key and pasting it into our platform.
Once the FB workspace is connected, the user should set up a Transaction policy so that we will not have access to other vaults
For new users, this flow is to be integrated be with existing onboarding flow in this way.
For new users, this flow is to be integrated be with existing onboarding flow in this way.
For existing users, this flow will start with a nudge to set up custodian from the home screen. The flow of setting up would be almost same.
For existing users, this flow will start with a nudge to set up custodian from the home screen. The flow of setting up would be almost same.
FOR USER STORY 2
Showing Custody Wallet and smart contract wallet association
As a user, I should be able to see the externally owned accounts of root user and organisation in the Wallets section of organisation console. If it is managed by the custody wallet like Fireblocks.
All smart contract wallet associations should be shown like who’s admin, who’s owner, and who’s co-signer.
Showing wallets corresponding to networks and users in organisation console
Showing Custody Wallet and smart contract wallet association
As a user, I should be able to see the externally owned accounts of root user and organisation in the Wallets section of organisation console. If it is managed by the custody wallet like Fireblocks.
All smart contract wallet associations should be shown like who’s admin, who’s owner, and who’s co-signer.
Showing wallets corresponding to networks and users in organisation console
Information Architecture for org console
Information Architecture for org console
Explorations and Wireframing
Explorations and Wireframing
After this I did some early exploration with sketching and made low fidelity wireframes at first to take feedback from the team early on in the process. After incorporating the feedbacks in the wireframes, I moved on to High Fid Designs. Click here
After this I did some early exploration with sketching and made low fidelity wireframes at first to take feedback from the team early on in the process. After incorporating the feedbacks in the wireframes, I moved on to High Fid Designs. Click here
Designing the solution
Designing the solution
I created designs that focused on two main areas as explained earlier.
I created designs that focused on two main areas as explained earlier.
USER STORY 1: CONNECTING FIREBLOCKS WORKSPACE
USER STORY 1: CONNECTING FIREBLOCKS WORKSPACE
Choosing Fireblocks as Custodian
It has to be integrated in existing onboarding so it should look consistent with the already built things. Since onboarding was complex, it was broken down into clear, manageable steps reducing cognitive load.
It has to be integrated in existing onboarding so it should look consistent with the already built things. Since onboarding was complex, it was broken down into clear, manageable steps reducing cognitive load.
Pasting API key from Fireblocks
I created two iterations: one with a video explaining how to fetch the API key and another with text. Although the video offers a better user experience, the evolving Fireblocks interface would require constant updates from a video editor, which we currently lack. Therefore, we opted for the text version for easier updates.
I created two iterations: one with a video explaining how to fetch the API key and another with text. Although the video offers a better user experience, the evolving Fireblocks interface would require constant updates from a video editor, which we currently lack. Therefore, we opted for the text version for easier updates.
Setting up TAP
The users are to be nudged here to set up transaction authorisation policies, following which the flow completes. The challenge here was that TAP is set up in Fireblocks, so we want to make sure users have set them there to avoid any security breach. The two iterations are shown below-
The users are to be nudged here to set up transaction authorisation policies, following which the flow completes. The challenge here was that TAP is set up in Fireblocks, so we want to make sure users have set them there to avoid any security breach. The two iterations are shown below-
Success screen
A success screen is crucial as it informs users about the current state, preventing confusion regarding task completion. Consistent success feedback also enhances the system's perceived reliability.
A success screen is crucial as it informs users about the current state, preventing confusion regarding task completion. Consistent success feedback also enhances the system's perceived reliability.
Final Prototype
This is the final prototype of how the flow looks like-
This is the final prototype of how the flow looks like-
For new users, refer to the file here: Click here
For new users, refer to the file here: Click here
USER STORY 2: DETAILS ON ORGANIZATION CONSOLE
USER STORY 2: DETAILS ON ORGANIZATION CONSOLE
Organisation Console
This screen was already built. A valuable addition I did, to do justice to this screen was to show the key numbers on the screen itself, so that when user comes at this screen they get to see the most critical important there itself.
This screen was already built. A valuable addition I did, to do justice to this screen was to show the key numbers on the screen itself, so that when user comes at this screen they get to see the most critical important there itself.
Organisation Console/ Wallets
The introduction of tabs for Primary Wallets, Org SCW and User SCW allows users to quickly access relevant information. We aimed for transparency and security by including a documentation link for transaction policies and revoking access. The API key is displayed as hidden, indicating that the connection is made via the API Key and is not stored here.
To assist users unfamiliar with wallet terminology, I included an info icon next to key terms for additional context.
The introduction of tabs for Primary Wallets, Org SCW and User SCW allows users to quickly access relevant information. We aimed for transparency and security by including a documentation link for transaction policies and revoking access. The API key is displayed as hidden, indicating that the connection is made via the API Key and is not stored here.
To assist users unfamiliar with wallet terminology, I included an info icon next to key terms for additional context.
For Organisation Smart Contract Wallets, I aimed to create a transparent layout that prioritises clarity by listing each wallet's platform, network, and address, along with administrative controls, enabling quick and efficient management.
I truncated wallet addresses to 20 letters, displaying only the first & last 10 characters while showing the full address on hover. This approach, also used by scanners like Etherscan and Polygonscan, creates a cleaner interface that provides necessary information without overwhelming the user.
For Organisation Smart Contract Wallets, I aimed to create a transparent layout that prioritises clarity by listing each wallet's platform, network, and address, along with administrative controls, enabling quick and efficient management.
I truncated wallet addresses to 20 letters, displaying only the first & last 10 characters while showing the full address on hover. This approach, also used by scanners like Etherscan and Polygonscan, creates a cleaner interface that provides necessary information without overwhelming the user.
Similarly for user smart contract wallets, I created simple layout, showcasing each data point very effectively. I introduced pagination since fetching these wallet addresses take some time and fetching them all at once makes the process slower.
Similarly for user smart contract wallets, I created simple layout, showcasing each data point very effectively. I introduced pagination since fetching these wallet addresses take some time and fetching them all at once makes the process slower.
Organisation Console/ Networks
Networks are displayed in a similar table format with chain ID, network name, and environment type for easy selection.
Networks are displayed in a similar table format with chain ID, network name, and environment type for easy selection.
Upon choosing a network, users can access "Info" and "Wallets" tabs. Info tab was already built, I additionally added the "Wallets" tab provides a clear view of the organisation’s and users' smart contract wallets.
Upon choosing a network, users can access "Info" and "Wallets" tabs. Info tab was already built, I additionally added the "Wallets" tab provides a clear view of the organisation’s and users' smart contract wallets.
Organisation Console/ Users
For viewing user details, the Users section displays a comprehensive table outlining each user's associated teams and status.
For viewing user details, the Users section displays a comprehensive table outlining each user's associated teams and status.
Clicking on a user expands their profile into three tabs: Info, Teams, & Wallets. The Wallets tab consolidates both the user's externally owned accounts & smart contract wallets, ensuring a clear view of essential wallets details.
Clicking on a user expands their profile into three tabs: Info, Teams, & Wallets. The Wallets tab consolidates both the user's externally owned accounts & smart contract wallets, ensuring a clear view of essential wallets details.
Technical Collaboration
Technical Collaboration
I worked closely with our developers to understand the technical aspects and ensure that the designs were feasible and met all security and compliance standards.
I worked closely with our developers to understand the technical aspects and ensure that the designs were feasible and met all security and compliance standards.
The Impact: Building Trust and Adoption
The Impact: Building Trust and Adoption
The integration of Fireblocks custody significantly improved the security and compliance of our platform. Institutions felt more confident knowing their digital assets were managed by a reputable external custodian. This paved the way to increased trust and greater adoption of our platform.
The integration of Fireblocks custody significantly improved the security and compliance of our platform. Institutions felt more confident knowing their digital assets were managed by a reputable external custodian. This paved the way to increased trust and greater adoption of our platform.
🔒
Enhanced Security and Compliance
📈
Better adoption of Digital Assets
⚠️
Less risks on Xalts Custodian
Mentorship and Guidance
Mentorship and Guidance
Great things are not done alone. I’m grateful to these mentors whose invaluable feedback and guidance played a key role in shaping this project.
Great things are not done alone. I’m grateful to these mentors whose invaluable feedback and guidance played a key role in shaping this project.
Sunil Nakka
Product Manager
Ashmita Roy
Product Designer
Jeet Parekh
Tech Lead
Looking Ahead: Lessons Learned and Reflections
Looking Ahead: Lessons Learned and Reflections
These insights will undoubtedly inform my future projects, ensuring a more user-focused, systematic, and collaborative approach to design challenges.
These insights will undoubtedly inform my future projects, ensuring a more user-focused, systematic, and collaborative approach to design challenges.
Step by Step Approach
The complexity of the project, with its numerous technical intricacies, initially seemed daunting. However, breaking down the project into manageable steps and systematically addressing each component made the process more approachable and efficient.
The complexity of the project, with its numerous technical intricacies, initially seemed daunting. However, breaking down the project into manageable steps and systematically addressing each component made the process more approachable and efficient.
Collaboration
Seeking and providing help whenever needed fostered a supportive environment that leveraged diverse expertise and perspectives.
Seeking and providing help whenever needed fostered a supportive environment that leveraged diverse expertise and perspectives.
If I had more time
If I had more time
🛠️
Enhanced User Education for Organisation Console
I would focus on improving onboarding by adding tooltips, guided tours, & educational content to help institutional users better understand the platform’s benefits.
I would focus on improving onboarding by adding tooltips, guided tours, & educational content to help institutional users better understand the platform’s benefits.
🙋♂️
Comprehensive user testing
To gather more nuanced insights about different workflows, potentially surfacing additional pain points or customisation needs that could improve the overall user experience and covering all edge cases
To gather more nuanced insights about different workflows, potentially surfacing additional pain points or customisation needs that could improve the overall user experience and covering all edge cases
🔮
Building for scalability
I would have invested time in anticipating future integration and establishing a scalable design framework to accommodate additional functionality without requiring extensive redesigns.
I would have invested time in anticipating future integration and establishing a scalable design framework to accommodate additional functionality without requiring extensive redesigns.
MY ROLE
Product Designer
MY RESPONSIBILITIES
Problem identification | Idea brainstorming | Empathising with user persona | Creating user stories | Defining scope of release/ sprint | Wireframes | UI Design and Prototypes | Add the Design system UI components
MY TEAM
1 Product Manager
1 Product Designer
1 Researcher
Few Developers
TIMELINE
3 weeks
PLATFORM
Web
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