According to Cointelegraph, digital asset infrastructure company Fireblocks has invested $130 million to acquire the crypto accounting platform TRES. This acquisition aims to bolster Fireblocks' tax compliance infrastructure to better support institutional clients. The company highlighted the increasing need for robust blockchain accounting protocols, especially as stablecoin settlements surpass hundreds of billions monthly and enterprises manage entire treasury flows on-chain.
Fireblocks CEO Michael Shaulov emphasized the importance of providing both crypto-native firms and traditional institutions with clear and accurate accounting and auditability. By integrating TRES with Fireblocks, customers can manage their digital asset operations while gaining essential financial intelligence on a secure, compliant, and scalable platform. As part of the acquisition, TRES will offer Fireblocks clients audit-ready, tax-compliant financial records for their operations.
Fireblocks communicated to Fortune that the $130 million acquisition underscores its commitment to helping clients maintain compliance while leveraging blockchain technology. Shaulov expressed confidence in creating a comprehensive treasury management solution through this acquisition. TRES CEO and co-founder Tal Zackon assured in a blog post that TRES will continue as a standalone product, with no changes for its customers and partners. Zackon added that Fireblocks' resources would accelerate TRES' growth, enhance customer service, improve security, and deepen technological advantages.
Fireblocks, known for providing crypto custody, transfer, and settlement services, claims partnerships with 2,400 enterprises and supports $10 trillion in transactions. The firm also offers stablecoin services to assist enterprises in launching and managing their own stablecoins. This acquisition follows Fireblocks' recent integration of the tech stack from enterprise-focused wallet provider Dynamic in late October, further expanding its service offerings.
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