Fireblocks – a blockchain infrastructure firm – has accomplished the acquisition of a digital asset and stablecoin payment venue called First Digital. The respective move is included in a wider endeavor of the company to broaden the payment capabilities thereof in the case of the crypto world. With this acquisition, Fireblocks is provided with more resources to offer the providers of payment services with the ability to adopt cryptocurrencies as well as digital asset payments, likely paving a way to expand the use cases thereof for the rapidly growing technology.
As per Fireblocks, at present, the merchants are enthusiastic to incorporate crypto payments, however the extreme wallet integration charges as well as the factors such as Anti-Money Laundering and Know Your Customer are hampering the adoption. Through the acquisition of First Digital, Fireblocks intends to magnify its support for cross-border payment, business-to-consumer, as well as business-to-business options with the utilization of USDC (USD Coin), Celo, and some other stablecoins by this spring.
Michael Shaulov – the CEO of Fireblocks – stated that the availability of the respective services will take place via a series of instruments through APIs responsible for the provision of a convenient method to perform transactions, compliance, as well as treasury management. Though the terms of the contract were not revealed openly, an amount of up to $100M was recompensed on the behalf of Fireblocks to obtain First Digital.
Even though Fireblocks was founded in 2017, the platform has grown significantly with a remarkable valuation of nearly $799M through many financial rounds. The company, in January, collected more than $550M in the funding of Series E, driving its valuation to approximately $8B. First Digital, having its foundation laid in the same year, has prominently been focusing on developing the infrastructure of stablecoin payments along with enabling merchants to accept crypto payments.
Moreover, Shaulov categorized First Digital as a frontrunner in offering the payments solutions through API-based stablecoins, commenting that First and Fireblocks have mutually worked on several payment projects thus an individual experience of the latter’s functionality has been gained by the former.
Currently, extensive endeavors are being carried out to regulate crypto payments, even though stringent regulatory issues have come in the way of progress. The social media company named Meta, previously named Facebook, has declared recently to have had quit its stablecoin project known as Diem. In the meantime, PayPal – a venue for online payments – recently asserted to be actively involved in stablecoins’ potential use cases.
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