The Web3 Wavefronts Podcast presented by www.theWeb3.News, brings you straight to the point of Web3, blockchain, crypto, and AI news. We deliver the essential updates and insights, stripping away the complexity to give you news that's easy to digest.
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The Web3 Wavefronts Podcast presented by www.theWeb3.News, brings you straight to the point of Web3, blockchain, crypto, and AI news. We deliver the essential updates and insights, stripping away the complexity to give you news that's easy to digest.
What You Get:
Our Promise: To keep you informed with news that cuts to the chase. "Web3 Wavefronts" ensures you're updated on the latest in technology without the overload. Whether you’re deeply invested in these fields or just getting started, we make sure you get the news in a way that makes sense to you.
Stay Informed: With "Web3 Wavefronts," you stay ahead of the curve with news that matters, explained in a way that’s straightforward and quick to grasp.
Hosted on Acast. See acast.com/privacy for more information.
Fireblocks agreed to acquire TRES Finance for roughly $130 million in a mix of cash and equity. The deal follows Fireblocks' October purchase of Dynamic for about $90 million. TRES provides accounting, reconciliation and audit-ready reporting for digital assets and connects to more than 280 blockchains, exchanges, banks and custodians. TRES serves over 200 organizations, including Alchemy, Bank Frick, Dune, Finoa, M2 and Wintermute. TRES was founded by Tal Zackon and Eilon Lotem, has raised about $18.6 million and employs roughly 58 people across Israel, Europe and the United States. Fireblocks will bring the TRES team into its organization. The purchase price represents a premium to TRES' last private valuation and is structured as a cash and equity split. Fireblocks raised a $550 million Series E at an $8 billion valuation in 2022 and processes trillions in annual digital asset transfers. Fireblocks' integration plan centers on connecting TRES' data models to existing policy controls and transaction routing so activity can be tagged, classified and reconciled as it happens. TRES' features include real-time treasury and position visibility across wallets and venues; automated reconciliation between on-chain activity and off-chain ledgers and bank accounts; cost basis and revenue recognition data; and audit trails and attestations for auditors and regulators. The combined stack aims to deliver custody through reporting in a single platform and to align records with ERPs and general ledgers. MiCA rules in Europe and evolving U.S. agency guidance increase expectations for record keeping and disclosures, and TRES standardizes records and ties transactions to wallets, venues and fiat rails to support auditor and controller validation. Adoption and competitive outcomes will depend on integration speed, depth of reconciliation and ERP connectors, customer migration from multi-vendor setups, and regulatory developments.
Source: https://web3businessnews.com/crypto/fireblocks-tres-acquisition-130m/
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