Fireblocks: The Digital Asset Infrastructure Leader Built on MPC ― $10 Trillion+ in Secured Transactions and the "Onchain Financial OS" Strategy
Business Overview and Value Proposition
Fireblocks was founded in 2018 by Check Point alumni Michael Shaulov (CEO), Idan Ofrat (CPO), and Pavel Berengoltz (CTO). Drawing on their work investigating North Korea's Lazarus Group cryptocurrency hacks, they built MPC-CMP, a proprietary multi-party computation protocol delivering an 800% transaction speed improvement over conventional MPC, paired with patent-pending chip isolation technology for layered defense.
The business spans six pillars: (1) custody and treasury management, (2) Wallet-as-a-Service (strengthened by the ~$90 million Dynamic acquisition in October 2025), (3) a tokenization engine supporting 35+ blockchains, (4) a global stablecoin payments network covering 100+ countries and 60+ currencies, (5) the "Earn" yield product integrated with Aave and Morpho, and (6) audit-ready accounting via the $130 million TRES Finance acquisition completed January 2026.
Scale and Positioning in the Blockchain Industry
As of 2026, Fireblocks serves over 2,400 institutional clients including BNY Mellon, Revolut, Worldpay, ABN AMRO, Crypto.com, and GMO Trust, securing $10 trillion cumulatively and over $4 trillion annually. Monthly stablecoin throughput exceeds $200 billion, a 3x year-over-year increase. The platform supports 150+ blockchains — more than double BitGo's 69 — while the Fireblocks Network's 2,400+ counterparties dwarf BitGo's Go Network (~450) by more than 5x.
The competitive landscape splits clearly into two camps. BitGo (which IPO'd on NYSE in January 2026 at ~$2B), Anchorage Digital (the only OCC-chartered crypto bank), and Coinbase Prime differentiate as regulated qualified custodians offering insurance and fiduciary status. Fireblocks instead pursues a self-custody MPC infrastructure strategy, leaving regulatory licenses to bank and trust partners while dominating the technology layer. This neutrality allows deployment across any regulatory environment while maintaining the industry's broadest chain and currency coverage.
Recent Strategic Moves
In April 2026, Fireblocks was selected as the infrastructure partner for Qivalis, a consortium of 12 major European banks (BBVA, BNP Paribas, ING, UniCredit, and others) launching a MiCA-compliant euro stablecoin. The platform also powers bank-issued stablecoins from ANZ and ABN AMRO. Combined with the AI-assistant "Fireblocks Genie," MCP integration for AI agents, and TRES-driven audit automation, the company is pivoting into its next growth phase along three axes: regulatory readiness, AI, and tokenization.
[Business Development Insights]
- Industry structure crystallizing around "regulation by banks, technology by SaaS monopolies": That Fireblocks — without regulatory licenses — was chosen as the infrastructure backbone for 12 European banks' euro stablecoin demonstrates that the institutional digital asset market is converging on a division of labor where banks and trusts absorb regulatory liability while neutral SaaS providers monopolize the technology stack. For Japanese entrants, investing in the application layer atop Fireblocks (compliance, tax, AI analytics) is more pragmatic than competing for licenses.
- Race for the "onchain ERP" through adjacent-market M&A: The horizontal-integration sequence of Dynamic (B2C wallets) → TRES (accounting/audit) reveals Fireblocks' ambition to evolve from a custody vendor into the operating system for digital assets. Single-feature SaaS competitors face a binary outcome: become acquisition targets, or operate as embedded apps on Fireblocks' platform.
- Value migration from custody to payment rails: With 2025 stablecoin volumes reaching $33 trillion — surpassing Visa and Mastercard combined — and Fireblocks processing $200B+ monthly, the economic prize lies in transaction-fee revenue rather than custody subscriptions. The latent transition from a SaaS model to a "Shopify-style" transaction-fee model represents substantial upside justifying further multiple expansion above the current $8B valuation.
Sources: Fireblocks official website (fireblocks.com) / Fortune (January 7, 2026) / CoinDesk / PR Newswire / Sacra / CB Insights / PitchBook / Crypto.news / The Paypers / FintechFutures / Contrary Research
Akihisa Ishida
Cabinet Inc. Founder CEO
Disclaimer
This report has been prepared solely for informational purposes regarding crypto assets and related markets, and is not intended to recommend, solicit, or offer the purchase, sale, holding, or any other transaction of any specific crypto asset. It does not constitute investment advice, investment solicitation, or the sale or intermediation of financial products as defined under the Financial Instruments and Exchange Act or any other applicable laws and regulations, nor does it constitute tax, legal, or accounting advice.
The information contained in this report is based on sources believed to be reliable at the time of preparation; however, we make no representation or warranty, express or implied, as to its accuracy, completeness, timeliness, or usefulness. Crypto assets are subject to significant price volatility and may result in the loss of principal or other financial losses. Any investment decision shall be made solely at the user's own discretion and responsibility, and we accept no liability whatsoever for any damages arising out of or in connection with the use of this report.
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