Crypto custody provider Fireblocks has completed the acquisition of digital asset payment platform First Digital in an effort to expand its payment capabilities, the company said in a press release on 16 February.
According to the announcement, the acquisition will enable Fireblocks to make it easier for payment service providers (PSPs) to accept payments and make payouts in digital currencies. The company cited a Mastercard research, which showed that 40% of consumers in the Americas, Asia-Pacific region, the Middle East, and Africa had plans to use crypto for purchases over the next year. The CEO and co-founder of Fireblocks, Michael Shaulov, said in a statement:
“We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments.”
Although Fireblocks has been institutional-focused so far, the new acquisition will allow it to expand its support for business-to-business, business-to-consumer, and cross-border payments through the use of USDC, CELO, and other stablecoins. The decision to acquire First Digital was easy, considering Fireblocks has been working on various payment-related use cases since 2019.