Fireblocks denied an Axios report that Visa is in late-stage talks to buy it for about $2.5 billion.
Axios reported earlier today that Visa and Fireblocks, a crypto infrastructure firm, are in late-stage discussions over a potential takeover worth roughly $2.5 billion. Fireblocks has pushed back on that report.
“We are aware of the rumors about a possible acquisition of Fireblocks by Visa. This is news to us, and not true at present time,” a Fireblocks spokesperson told BeInCrypto.
The figure in the report invites scrutiny. Back in January 2022, Fireblocks raised $550 million, a round that valued the company at $8 billion.
Selling for $2.5 billion would put the deal nearly 70% lower than that valuation, even though private-market fundraising numbers and acquisition prices do not map neatly onto one another.
Fireblocks builds software used by banks, crypto exchanges and payment firms to store and transfer digital assets safely. The platform guards crypto wallets, restricts which users can authorize transfers, and links companies to blockchain networks.
A payments firm, for instance, could rely on Fireblocks to move stablecoins across borders instead of constructing its own blockchain security setup.
Fireblocks reports that an average of more than $300 billion in stablecoins traversed its systems monthly over the last year. That figure represents transaction flow rather than revenue for the company.
Visa operates a well-established worldwide payments network. Buying Fireblocks could hand it off-the-shelf technology and existing ties to companies building stablecoin payment offerings.
Such a move would land at a notable moment. Visa debuted its own stablecoin platform in July, and a Visa Direct funding service powered by stablecoins entered commercial production this month.
In August, competitor Mastercard wrapped up its purchase of BVNK, a stablecoin infrastructure provider.
Should the reported transaction actually come to pass, it might speed up the move to blockchain-based payments and intensify rivalry between card networks for institutional stablecoin activity.
The deal would also pose a delicate question for Fireblocks users, some of whom are Visa rivals: could a Visa-owned Fireblocks still be viewed as a neutral technology vendor?
For the moment, Fireblocks maintains that the negotiations described in the report are not underway.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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