First Digital Acquired by Crypto Custodian Fireblocks for $100 Million

Fireblocks, a regional digital asset company, has purchased Israeli crypto payments platform First Digital for approximately $100 million. Fireblocks, a company that previously provided blockchain infrastructure and crypto custody services will now be expanding its crypto-asset payment service offerings.

Payment Acceptance with Fireblocks

First Digital provides API-based, stablecoin-based payment solutions for institutional clients. It was founded by Yariv Gilat, Ran Goldi and has expanded its leadership to include COO Guy Hadar and CTO Daniel Prinz.

Fireblocks will now have 16 employees from that company, in addition to its 300-strong staff. This acquisition is believed to be the largest of the $100 million Fireblocks raised last month for secondary deals. This acquisition was part of a larger $550m raise that brought the company’s total value to $8 billion.

Calcanist reported that Fireblocks’ expansion will enable payment service providers (PSPs), to make and receive payments in cryptocurrency. Although many of these providers are interested in offering these payment options, there are often complications with wallet integration, KYC/AML screening and emerging blockchain tech that can be a barrier to entry.

Fireblocks is now planning to offer cross-border B2C,B2B and other payments using stablecoins, including Celo and USDC, by the Spring 2022.

Goldi, CEO of First Digital, explained that the company had to reduce its size by 90% due to the 2018 crypto winter. It survived by expanding beyond crypto trading and moving into payments. The company has raised over $20 million.

Michael Shaulov, CEO of Fireblocks, stated that First was a partner from the beginning. He said, “We worked closely with First since their change.” They don’t want their technology to be integrated with financial institutions, like us.

Shaulov stated that they are considering other acquisitions but do not have any immediate plans to acquire organizations. They are focusing on the integration of First Digital.

Fireblocks – Massive Growth

Since July last year, Fireblocks has raised billions of dollars and expanded its operations to new areas in crypto. It plans to invest in “the cross-section of DeFi and NFTs, gaming streaming, and entertainment” with the money it received from its last month’s raise.

Fireblocks now has over $2 trillion of digital assets and serves over 800 clients. Fireblocks is a regulatory advisory firm that Jay Clayton, the former chairman of the SEC.

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Marla Brooks

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