Stablecoin infrastructure company Fireblocks has agreed to acquire Tres Finance, a financial data and reporting platform for digital assets.
While the financial terms of the acquisition are undisclosed, Fortune reports that the deal is valued at $130 million in cash and equity, citing a source familiar with the matter.
Tres Finance helps businesses automate accounting, reporting, and compliance for Web3 assets, offering a platform to manage and track financial data across 280 different blockchain networks, exchanges, and banking sources.
The company was founded by CEO Tal Zackon and CTO Eilon Lotem four years ago, and has raised around $18.6 million in funding to date, most recently including an $11 million Series A led by Faction, Boldstart, and New Form in December 2023.
Tres Finance currently supports more than 230 clients, with its reporting tech already adopted by the likes of Alchemy, Bank Frick, Dune, Finoa, M2, and Wintermute.
In a statement, Fireblocks says the planned integration of Tres Finance’s tech will enable companies “to manage the full lifecycle of digital asset operations, from transaction execution to financial reporting”.
The company adds that the tech will provide users of Fireblocks’ infrastructure platform with “accurate, contextualised, and audit-ready records that meet enterprise standards”, such as the Genius Act in the US, or MiCA in the EU.
The deal comes just a couple of months after Fireblocks announced its acquisition of Dynamic, an a16z-backed start-up operating a platform for developing crypto wallets, in October.
Source: https://www.fintechfutures.com/m-a/fireblocks-to-acquire-tres-finance
