{"id":13952,"date":"2022-02-16T17:37:10","date_gmt":"2022-02-16T17:37:10","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/16\/fireblocks-acquires-stablecoin-payments-platform-first-digital\/"},"modified":"2022-02-16T17:37:10","modified_gmt":"2022-02-16T17:37:10","slug":"fireblocks-acquires-stablecoin-payments-platform-first-digital","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/16\/fireblocks-acquires-stablecoin-payments-platform-first-digital\/","title":{"rendered":"Fireblocks acquires stablecoin payments platform First Digital"},"content":{"rendered":"

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Cryptocurrency custodial firm Fireblocks Inc. today announced<\/a> that it has acquired First Digital, a payments technology company platform focused on stablecoins and other cryptocurrencies, in an effort to expand its services for the payments industry.<\/p>\n

The deal follows Fireblocks\u2019 $550 million Series E<\/a> funding round in January that brought the company\u2019s valuation up to $8 billion. Although the details of the deal have not been announced publicly, CoinTelegraph said<\/a> it learned that the company reportedly paid $100 million.<\/p>\n

Although retail payments are one of the growing categories of cryptocurrency payments globally, adoption has been slow for businesses because of high integration costs, cryptocurrency volatility and cumbersome regulations such as manual \u201cKnow Your Customer\u201d and anti-money-laundering regulations.<\/p>\n

Through this acquisition, Fireblocks will expand its suite of services to include support for payments business to business, business to customer and cross-border. It will also support the USDC stablecoin, Celo, as well as other cryptocurrencies by spring.<\/p>\n

Stablecoins are a type of cryptocurrency that peg their value to another currency, for example the U.S. dollar, to stabilize their price. As a result, they are much easier to exchange for merchants and customers without the worry of volatility and are thus seen as better for everyday use.<\/p>\n

\u201cWe\u2019re pushing \u2018fast forward\u2019 to give payment service providers the suite of tools they need to begin accepting crypto payments,\u201d said Michael Shalov, chief executive of Fireblocks.<\/p>\n

First Digital was founded in 2017 and provides developer-driven stablecoin payment solutions that are easily implemented by merchants, who can quickly gain control over transactions, treasury management and compliance, including anti-money-laundering and Know Your Customer. Using the platform, merchants can quickly get on board with cryptocurrency payments through payment processors and simply add the option to their systems and have payments settled for local currency or crypto.<\/p>\n

As part of the acquisition, First Digital\u2019s engineering team will join Fireblocks\u2019 engineering staff and add their own technical knowledge and expertise to the company\u2019s growing tech ecosystem. Ran Goldi, chief executive of First Digital, has also been appointed vice president payments at Fireblocks as part of the deal.<\/p>\n

\u201cWe believe that payments should be a core functionality for all fintech apps, and via Fireblocks\u2019 platform, we will make it available to the world at scale,\u201d Goldi said about the acquisition.<\/p>\n

Photo: Pixabay<\/h5>\n
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