Quick take:
- TRES Finance helps crypto companies track their digital asset holdings and asset inflows and outflows from their portfolio.
- Its acquisition augments Fireblock’s crypto infrastructure business, which lacks a product to help crypto companies monitor and analyze their crypto holdings in detail.
- Fireblocks CEO Michael Shaulov invested in TRES Finance’s $7.6 million funding round in 2022.
Fireblocks, the crypto infrastructure company helping traditional finance and fintech companies integrate crypto payment rails, has struck a deal to acquire crypto accounting platform TRES Finance. The $130 million deal is structured as cash and equity, according to anonymous sources who spoke to Fortune on Wednesday.
This is Fireblock’s second acquisition in three months, following its reported $90 million purchase of crypto wallet startup Dynamic in October.
TRES Finance helps crypto companies track their digital asset holdings and asset inflows and outflows from their portfolio. While Fireblocks has established itself as a leading provider of blockchain infrastructure for integrating crypto payments, it lacks a product to help crypto companies monitor and analyze their crypto holdings in detail. The TRES acquisition will help augment that.
Fireblocks CEO Michael Shaulov, who invested in TRES Finance’s $7.6 million funding round in 2022, believes that given the rising number of crypto companies that are either going public or are seeking to operate within certain boundaries of traditional finance or fintech, TRES Finance can help CFOs and accountants track their assets better.
With TRES, the Fireblocks team believes it will be able to “create a much broader treasury management solution that is kind of full spectrum,” Shaulov said.
Fireblocks was last valued at $8 billion in a $550 million funding round announced in January 2022.
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