Digital asset infrastructure company Fireblocks has spent $130 million to acquire crypto accounting platform TRES, tapping the company for its tax compliance infrastructure to support institutions.
Fireblocks said on Wednesday that with stablecoin settlements exceeding “hundreds of billions monthly” and enterprises running “entire treasury flows on-chain,” there is a strong need for sufficient blockchain accounting protocols to remain compliant.
“Both crypto-native firms and traditional institutions need clear, accurate accounting and auditability. By offering TRES and Fireblocks together, customers can now run both their digital asset operations and get the financial intelligence they need on one secure, compliant, scalable stack,” said Fireblocks CEO Michael Shaulov.
As part of the acquisition, TRES’ infrastructure will provide Fireblock clients with “audit-ready, tax-compliant financial records” of their financial operations.
Source: FireblocksFireblocks told Fortune on Wednesday that it paid $130 million for the acquisition, with the firm emphasizing the importance of acquiring TRES to help support its clients in maintaining compliance while utilizing blockchain tech.
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“We believe that we will be able to create a much broader treasury management solution that is kind of full spectrum,” Shaulov said.
TRES CEO and co-founder, Tal Zackon, said in a blog post that the platform “will continue as a stand alone product” and nothing would change for its customers and partners.
“Fireblocks will leverage their size and skill set to accelerate our growth, perfect our customer service, enhance our security and enterprise readiness and deepen our technological advantage,” he added.
Fireblocks provides crypto custody, transfer and settlement services to its clients, claiming to have partnered with 2,400 enterprises and supporting $10 trillion worth of transactions. The firm also provides stablecoin services to help enterprises launch and manage their own stablecoins.
This isn’t the only recent acquisition the firm has made to bolster its offerings, with Fireblocks acquiring and integrating the tech stack of enterprise-focused wallet provider Dynamic in late October.
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Source: https://cointelegraph.com/news/fireblocks-buys-crypto-accounting-platform-tres-for-130m?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
