Fireblocks buys crypto accounting platform TRES for $130M

Fireblocks has expanded its institutional offering by buying TRES, a crypto accounting and tax compliance platform, as it looks to keep up with the use of stablecoins.

Digital asset infrastructure company Fireblocks has spent $130 million to acquire crypto accounting platform TRES, tapping the company for its tax compliance infrastructure to support institutions. 

Fireblocks said on Wednesday that with stablecoin settlements exceeding “hundreds of billions monthly” and enterprises running “entire treasury flows on-chain,” there is a strong need for sufficient blockchain accounting protocols to remain compliant. 

"Both crypto-native firms and traditional institutions need clear, accurate accounting and auditability. By offering TRES and Fireblocks together, customers can now run both their digital asset operations and get the financial intelligence they need on one secure, compliant, scalable stack," said Fireblocks CEO Michael Shaulov. 

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