Fireblocks, an Israeli crypto custody provider, announced today that it will acquire First Digital, an Israeli stablecoin payments platform, in a cash and equity deal. The deal value was not announced by the companies, but two sources told that it was $100 million, Reuters reports.
As part of the deal, all First Digital employees will join fireblocks.
Last month, Fireblocks raised $550 million in a funding round at a valuation of $8 billion. The company, founded in 2018, helps banks and financial institutions establish independent activities to store and transfer cryptocurrencies.
According to Reuters, Fireblocks’ acquisition of First Digital will expand the company’s existing payment capabilities, allowing payment service providers (PSPs) to accept cryptocurrency payments.
Fireblocks CEO Michael Shaulov told Reuters:
“What First Digital offers is an incredible product and extensive leadership and expertise in the payments domain. Specifically, the product that they are bringing to 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 allows our customers to accept and remit using various types of cryptocurrencies,” states Shaulov.
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