Israeli cryptocurrency security company Fireblocks announced today that it is to acquire Israeli stablecoin and digital asset payments technology platform First Digital in a cash nd equity deal. No financial details were disclosed but two sources told "Reuters" that the purchase price is $100 million. All First Digital employees will join fireblocks.
Last month Fireblocks raised $550 million in a financing round at a valuation of $8 billion. The company, which was founded in 2018, helps banks and financial institutions set up independent activities for storing and transferring cryptocurrencies. "Reuters" reported that the First Digital acquisition will expand Fireblocks' existing payment capabilities allowing payment service providers (PSPs) to accept crypto payments.
Fireblocks CEO Michael Shaulov told "Reuters," "What First Digital brings is an awesome product and extensive leadership and know-how in the payments domain. Specifically the product they're bringing to the market, I think is very applicable to the mass market."
First Digital will also launch a business unit within Fireblocks that is "purely focused on payments and enabling our customers to accept and remit using several kinds of cryptocurrencies," Shaulov said.
First Digital CEO Ran Goldi told "Reuters" that the deal was a natural fit.
Published by Globes, Israel business news - en.globes.co.il - on February 16, 2022.
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