Fireblocks, a prominent digital asset infrastructure provider, has acquired Dynamic, a developer platform specializing in on-chain account and wallet infrastructure. The acquisition aims to create a comprehensive platform, bridging the gap between institutional-grade security and user-friendly consumer applications for digital assets. The financial terms of the deal were not officially disclosed, but unofficial estimates place the value around $90 million.
This acquisition marks a significant step for Fireblocks as it expands its reach beyond its traditional client base of banks, exchanges, and institutional payment providers into the consumer-facing realm. Dynamic's technology simplifies wallet creation, user authentication, and onboarding, which complements Fireblocks' existing Wallet-as-a-Service (WaaS) platform built on Multi-Party Computation (MPC) cryptography. The combined offering will enable developers and enterprises to integrate crypto payments, stablecoins, and tokenization more seamlessly.
According to Fireblocks CEO Michael Shaulov, the acquisition creates "something the industry has never had: the complete stack for onchain finance, from custody to consumer, all on one secure, scalable platform". He lauded Dynamic's user-friendly wallet infrastructure and its intuitive Web3 onboarding and multi-chain support. Yoni Goldberg, co-founder and CTO of Dynamic, echoed this sentiment, expressing admiration for Fireblocks' commitment to security and their shared vision for the future of digital assets.
Dynamic, founded in 2022 by Israeli-born MIT graduates Itai Turbahn and Yoni Goldberg, has established itself as a key player in simplifying Web3 integration for developers. The platform provides tools to embed crypto tech into various applications, streamlining user onboarding, authentication, wallet connections, and asset bridging. Dynamic's offerings are described as "Auth0 for web3," providing developers with the necessary tools to build user-friendly crypto experiences. The company’s platform supports over 50 million on-chain accounts for industry leaders, including Kraken, Magic Eden, Lighter, Ondo Finance, and zerohash. For example, Kraken's Inky uses Dynamic's embedded wallet to provide a user-friendly trading experience, while zerohash utilizes Dynamic to enable businesses to send and receive payments in crypto or stablecoins.
Dynamic's 30-person team, bringing expertise in consumer product design, developer experience, Web3 authentication, and wallet technology, will join Fireblocks. This integration will allow Fireblocks to support Dynamic's existing customer base while integrating the platforms to deliver a seamless custody-to-consumer infrastructure.
The acquisition comes at a time of increasing institutional interest in digital assets, driven by favorable regulation and the growing adoption of stablecoins. Fireblocks has facilitated over $4 trillion in digital asset transfers annually and has enabled over 2,400 businesses and institutions with secure digital asset infrastructure. By adding Dynamic's capabilities, Fireblocks aims to empower businesses to capture new revenue opportunities in the digital asset space without added complexity or risk.
The integration of Dynamic's technology into Fireblocks' suite of services will provide enterprises with embedded wallets featuring passkey authentication, gasless transactions, and pre-built UI components. Furthermore, it will offer integrated yield options, fiat on/off ramps, and stablecoin support, enabling businesses to launch new offerings, expand their user base, and unlock new revenue streams. With this acquisition, Fireblocks seeks to solidify its position as a leading provider of infrastructure for the on-chain future, empowering businesses to reach every customer with secure and scalable digital asset experiences.
