Fireblocks acquired Dynamic, an enterprise-focused wallet provider, creating the industry’s first complete crypto custody-to-consumer stack.
Fireblocks, a leading digital asset infrastructure company, announced a major acquisition on Thursday. Specifically, the firm acquired an enterprise-focused wallet provider, Dynamic, right away. The integration of Dynamic’s technology stack will go a long way in strengthening the institutional-grade services of Fireblocks. Therefore, this move increases their offerings beyond custody and treasury management now.
Fireblocks Strengthens Developer Tools with Dynamic’s Technology
Dynamic gives a full-fledged developer platform now. This platform currently has 50 million+ on-chain accounts effectively powered. Among its customers are such industry leaders as Kraken and zerohash. Furthermore, Web3 leaders such as Magic Eden and Ondo Finance are based on their tools. Thus, Dynamic allows developers to easily add digital assets to any application in no time.
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The platform handles everything a developer needs at the present time. This includes user onboarding and secure authentication seamlessly. Moreover, it has embedded wallets, connection tools, and funding integrations. Therefore, customizable and intuitive user experiences can be delivered quickly by the product teams globally. Fireblocks has already helped to enable more than 2,400 businesses with secure infrastructure overall.
Now, together with Dynamic, Fireblocks comes with a singular stack. This is the first complete custody-to-consumer solution for the entire industry. Specifically, they get expanded from institutional treasury management to seamless user onboarding now. Consequently, this allows businesses to develop and grow their products on a chain in a faster, more secure manner.
Favorable regulation and rapid adoption of stablecoins are driving the growth now. Furthermore, fintechs, payment companies, and platforms incorporate blockchain rails. Therefore, integrating Dynamic enables the companies to get ahead of the competition at once. They can capture new revenue opportunities without added complexity or risk effectively.
Fireblocks Combines Enterprise Security with Consumer Wallet Tech
Michael Shaulov, CEO, Fireblocks, highlighted the strategic vision. He said his company took seven years to build the most trusted infrastructure. This includes custody, treasury, and settlement services for large institutions. On the other hand, Dynamic developed the most elegant wallet infrastructure for consumer apps. Therefore, joining forces is what it takes to get the full stack for on-chain finance now.
For example, institutional security and consumer experiences have been working apart for a long time. By merging, both these companies combine these domains. This one developer platform brings enterprise-level security and user-ready functionality together – instantly. Specifically, developers can now produce embedded wallets with high speed.
These wallets support important functionality such as passkey authentication and gasless transactions. Furthermore, they have pre-built UI components for integration. The platform also supports integrated yield options and fiat on/off ramps seamlessly. Therefore, it offers stablecoin support comprehensively for all the applications.
Itai Turbahn, former CEO of Dynamic, observed a historical pattern. He likened the move to the infrastructure simplifiers of the past, such as Twilio or Plaid. Consequently, the simplification of complicated infrastructure opens up huge developer activity in general. He surmises that the same principle is applicable to crypto. Thus, the combination entity will enable product teams worldwide.
As part of the acquisition, Dynamic’s 30-person team joins Fireblocks. This brings special expertise in consumer product design and Web3 authentication. The combined team will continue to serve Dynamic’s existing customers. Ultimately, they will bring a seamless custody-to-consumer infrastructure to the market.
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