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February 17, 2022

Fireblocks acquires payment technology platform First Digital for $100m

Crypto firm Fireblocks has bought stablecoin and digital asset payments technology platform First Digital, marking its first ever acquisition.

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Financial details of the deal were not disclosed by the companies. However, Fireblocks is said to have paid $100m for the purchase, according to a Reuters report, citing sources aware of the deal.

Founded in 2017, First Digital offers API-based stablecoin payment solutions, along with execution of transaction and treasury management, and compliance.

It enables merchants working with supported payment service providers (PSPs) to accept crypto payments with the option to settle the funds in both local currency and crypto.

The deal is expected to help Fireblocks expand its payment offerings by enabling PSPs and acquirers to receive payments and pay out in digital currencies.

Furthermore, it will help the firm bolster its stack of tools that integrates digital asset treasury operations with everyday financial activities.

Fireblocks said that it will integrate First Digital into the Fireblocks tech stack to enhance support for B2B, B2C, cross-border, and other payments through stablecoins and cryptocurrencies this year.

The deal follows a recent partnership between the two companies to facilitate peer-to-peer (P2P) and peer-to-merchant (P2M) transactions.

Fireblocks co-founder and CEO Michael Shaulov said: “We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments.”

As part of the deal, First Digital CEO Ran Goldi is named as vice president of Payments at Fireblocks.

First Digital team, who will join Fireblocks’s engineering staff, will lead the integration between First Digital payments platform and the Fireblocks direct custody platform.

Goldi said: “This is an exciting opportunity for the First Digital team based on a proven, successful partnership with Fireblocks.

“We believe that payments should be a core functionality for all fintech apps, and via Fireblocks’ platform, we will make it available to the world at scale.”

Last month, Fireblocks raised $550m through a Series E funding round, bringing its valuation to $8bn.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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