Fireblocks Acquires TRES to Enhance Crypto Accounting Capabilities

By: Eva Baxter

Digital asset infrastructure provider Fireblocks has made a significant move to bolster its service offerings by acquiring TRES, a well-regarded crypto accounting and tax compliance platform, for a hefty sum of $130 million. This strategic acquisition allows Fireblocks to integrate robust tax compliance infrastructure within its suite of digital asset management solutions.

The acquisition comes in response to the growing reliance on stablecoins and the increasing complexity of digital asset treasury flows, with Fireblocks noting that stablecoin settlements currently exceed hundreds of billions on a monthly basis. Financial institutions and enterprises are running their treasury operations on-chain, necessitating comprehensive blockchain accounting protocols to remain compliant amidst evolving regulatory landscapes.

Michael Shaulov, CEO of Fireblocks, emphasized the importance of offering integrated solutions to meet the needs of both crypto-native firms and traditional institutions. With the acquisition of TRES, Fireblocks clients can utilize a singular platform that supports both digital asset operations and delivers the necessary financial insights and compliance tools suitable for scalable, secure management.

This move positions Fireblocks to address the dual pressures of regulatory demand and market expectations for audit-ready reporting. As digital currencies and blockchain technologies continue to proliferate and disrupt traditional financial systems, such strategic acquisitions underline the imperative for comprehensive, compliant financial operations infrastructures that cater to modern-day capital market requirements. Interested stakeholders can explore the range of solutions Fireblocks offers by visiting Fireblocks' website.