A Fireblocks executive has suggested that crypto wallet technology may already be moving money between banks on one of the US financial system’s better-known payment networks. The catch: the network’s owner hasn’t said a word about it.
Itai Turbahn, VP of Embedded Wallets at Fireblocks, said in an interview that Dynamic wallets likely power some bank-to-bank transfers running through Fiserv infrastructure. Fiserv has not confirmed that Dynamic or Fireblocks is involved.
What Turbahn actually said
The interview was released around October 21, 2026. Turbahn is well placed to know what Dynamic’s wallets are doing, since he co-founded the company before Fireblocks bought it.
His claim was specific in one sense and vague in several others. He pointed to interbank transfers on Fiserv’s payment rails as a use case for Dynamic’s technology.
He did not name a product. He did not share transaction volumes. He did not offer a timeline for any wider integration.
He also stopped short of claiming a direct relationship between Fireblocks and Fiserv. That leaves open a few possibilities.
The technology could be in a trial phase. It could be connected to Fiserv indirectly, through a partner that builds on Dynamic and plugs into Fiserv. Or the arrangement could be something else entirely that neither company has chosen to describe.
The Dynamic deal and what its wallets do
Fireblocks acquired Dynamic in October 2025 for an estimated $90 million. The deal brought Turbahn and Dynamic’s embedded wallet product inside a company best known for serving institutional digital asset clients.
Dynamic’s wallets are non-custodial and embedded. Embedded means the wallet lives inside another company’s app, so the end user may never download a separate crypto wallet. Non-custodial means the provider doesn’t hold the user’s keys outright.
The wallets serve millions of onchain accounts. Clients include Kraken and Zerohash.
The security model relies on TSS-MPC, short for threshold signature scheme multi-party computation. The private key is split into pieces, and transactions get signed without the pieces ever being reassembled in one place.
The wallets are also programmable. That means rules and logic can be built into how they move funds, which is the kind of feature a bank would want before letting anything touch customer money.
Fiserv’s pending wallet decision
The timing of Turbahn’s comments is hard to ignore. Fiserv plans to disclose its digital wallet provider by the end of 2026.
If Fiserv names Fireblocks or Dynamic, Turbahn’s comments will look like an early preview. If Fiserv names someone else, they’ll read as a description of a narrower, indirect arrangement, or as optimism that got ahead of the paperwork.
Until Fiserv speaks, the relationship remains unconfirmed. Neither Fireblocks nor Fiserv has publicly confirmed a direct link.
What this means
For Fireblocks, the stakes are about positioning. A confirmed role in Fiserv’s wallet plans would put Dynamic’s technology inside core US payment infrastructure, not just inside crypto exchanges and fintech apps.
It would also help justify the estimated $90 million Fireblocks paid for Dynamic roughly a year earlier.
There are also risks worth flagging. Executive comments about unconfirmed partners can set expectations that the partner never agreed to meet. If Fiserv picks a different provider, Fireblocks will have spent some credibility on a hint that didn’t land.
The thing to watch is Fiserv’s announcement, expected by the end of 2026. That disclosure should settle whether Turbahn was describing a real foundation inside US payments, an indirect partner arrangement, or a pilot that has yet to prove itself.
