Fireblocks, a company that helps businesses safely store and move digital assets, announced in early January that it acquired the cryptocurrency accounting platform TRES Finance for $130 million.
As Fortune reported, Fireblocks, valued at $8 billion as of 2022, saw the purchase as a way to build a one-stop solution for companies to manage their digital currencies and access clear financial reports.
The company's CEO and cofounder, Michael Shaulov, said the move will help businesses feel more confident using crypto, especially as governments and regulators increasingly expect better record-keeping and transparency as the industry matures.
TRES Finance's tools give CFOs and accountants a clearer understanding of clients' digital assets by tracking profits, losses, and balances across multiple wallets and blockchains, providing an automated, streamlined system that replaces tedious data management.
"We want to get rid of the spreadsheets," Tal Zackon, TRES' cofounder and CEO, told Fortune.
TRES and Fireblocks have been working together since the beginning and became official partners after two years, Zackon said in a company blog post. The latter was founded in 2022 and quickly gained well-known clients in the crypto world, including venture capital firm CoinFund and analytics provider Nansen.
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According to CTech, the company has raised nearly $19 million to date and is looking forward to the next chapter in operations. The entire team will join Fireblocks and continue developing their product.
The acquisition marks Fireblocks' second in just three months, following its October purchase of the crypto wallet platform Dynamic for around $90 million, as Fortune reported.
It is the first digital asset infrastructure company to offer a "complete operating system" for online currencies, per a company news release.
While cryptocurrency and other digital assets offer plenty of benefits, including faster, cheaper transactions, decentralization, greater accessibility, and significant investment potential, they also pose significant climate concerns since they require massive amounts of energy and water.
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$200 or more 💰 However, there's a growing push for greener, more efficient alternatives, such as Proof-of-Stake platforms like Ethereum, which use much less electricity than Proof-of-Work models.
Some companies are co-locating their data centers near clean energy sites, helping to reduce environmental impacts.
"When you combine two market leaders in the infrastructure space for Digital Assets, you get an unstoppable machine, a one-of-a-kind operating system," Zackon said.
"The acquisition of TRES by Fireblocks is not a consolidation play, it's a paradigm shift for anyone interacting with Digital Assets on an institutional scale."
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