Fireblocks, a prominent digital asset custody platform, has acquired Dynamic, a crypto authentication startup, in a strategic deal valued at $90 million. This acquisition marks a significant expansion of Fireblocks' services from institutional custody to consumer-facing digital asset infrastructure, aiming to enhance on-chain user experiences for fintechs and enterprises.
The announcement was made by Michael Shaulov, CEO of Fireblocks, who emphasized the move's potential to scale digital asset adoption. He stated, "Dynamic will empower our clients to reach customers with digital assets at scale, expanding our solutions beyond institutional treasury and custody to full end-user onboarding and consumer wallet experiences." Shaulov further highlighted, "The acquisition of Dynamic will allow us to extend secure and scalable digital asset infrastructure to consumer apps at global scale."
Dynamic, co-founded by Itai Turbahn and Yoni Goldberg, brings expertise from companies like McKinsey and Facebook, specializing in on-chain authentication and wallet technology. The startup supports over 50 million on-chain accounts, including clients such as Kraken and Magic Eden, facilitating secure and scalable integration for enterprises.
This acquisition aligns with industry trends, reminiscent of Coinbase's BRD Wallet acquisition in 2021, and is expected to improve on/off-ramping capabilities, user onboarding, and dApp interactions. It could bolster support for Layer 1 blockchains and DeFi protocols, though immediate on-chain liquidity shifts have not been observed. The deal underscores Fireblocks' commitment to advancing digital asset infrastructure, with potential regulatory and technological considerations ahead.
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