Thursday, September 29, 2022

Blockchain Infrastructure Unicorn Fireblocks Acquires Stablecoin Startup First Digital

First Digital, an automated stablecoin, and advanced remittance platform has been acquired by Fireblocks, a blockchain infrastructure service provider for an undisclosed amount of money.

Through the acquisition, Fireblocks will seek to expand its reach as a payment services firm, known to especially cater to the needs of both retail and institutional clients alike.

Merchants today are anxious to include crypto payments in their operations, but high integration costs and manual safeguards against anti-money laundering and Know Your Customer (KYC) breaches pose a barrier to adoption. Fireblocks notably shot to prominence for providing an easy way-out for companies, and with the First Digital acquisition, will extend its support for retail trading operations as well.

The deal is expected to close in the spring of this year, and as such, usher in Fireblocks to offer many more trading-to-investing, investing, and selling to the customer and cross-country transaction options via USDC, Celo, and other stablecoins.

“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,” said Michael Shaulov CEO and Co-Founder.

As a startup that is currently worth $8 billion after securing a $500 million investment from investors back in January, Fireblocks’ acquisition is its own way of stating how functional it is putting the funds to work. The First Digital team will join the Fireblocks engineering team, and both will work together to build on the registered momentum of growth across the board.

“It is amazing to see what the entire Fireblocks team has built and accomplished in such a short period of time. 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,” said Ran Goldi CEO of First Digital who himself will now take up a new role as Vice President of Payments at Fireblocks.

With funding, mergers, and acquisitions going on at a very fast pace, there is no doubt that this trend will dominate the crypto ecosystem this year, and beyond as cryptocurrencies journey unto mainstream adoption.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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