Digital asset infrastructure company Fireblocks has acquired Dynamic, a development platform used by companies including Kraken, Magic Eden and Ondo Finance, to accelerate enterprise adoption of blockchain applications.
The deal creates what Fireblocks calls the first complete consumer custody stack, combining its security infrastructure with Dynamic’s wallet, authentication and user onboarding tools, according to an emailed announcement Thursday.
Financial details of the acquisition were not disclosed. Fireblocks declined to share them when contacted by CoinDesk.
Fireblocks, which secures over $4 trillion in digital asset transfers each year, specializes in secure custody, using MPC technology and a settlement network for institutions.
Its main competitors in the institutional custody and infrastructure space include BitGo, Copper, Anchorage Digital, and traditional financial companies (TradFi) like BNY Mellon and Fidelity Digital Assets.
Fireblocks said its acquisition of Dynamic will help fintechs, payment providers and Web3 startups integrate digital assets into their products – from stablecoin accounts to DeFi trading – without building complex infrastructure.
“Together, we now offer something the industry has never had: the full stack for on-chain finance, from custody to consumer,” Michael Shaulov, CEO of Fireblocks, said in a statement.
Dynamic provides developer integrations and password-based wallets. Its co-founders, Itai Turbahn and Yoni Goldberg, said the merger provides developers with a faster and more secure route to market.
