Fireblocks has officially denied reports regarding a potential acquisition by Visa. The rumors suggested that the payment giant was in late-stage negotiations to purchase the infrastructure firm for approximately $2.5 billion. A company spokesperson stated that the information is inaccurate and came as news to the firm.
The valuation mentioned in the reports is significantly lower than the company's last funding round. In January 2022, Fireblocks raised $550 million at a valuation of $8 billion. While private market valuations and acquisition prices are distinct metrics, a sale at the rumored price would represent a decline of nearly 70 percent from the 2022 figure.
Fireblocks provides software solutions for banks, exchanges, and payment companies to manage digital assets. The platform facilitates secure transfers and connects businesses to blockchain networks. According to the company, its systems processed an average of more than $300 billion in stablecoin transactions monthly over the past year.
Visa has been expanding its presence in the stablecoin sector, launching its own platform in July and moving a stablecoin-powered funding service into commercial production this month. Meanwhile, competitor Mastercard acquired the stablecoin infrastructure firm BVNK in August. These moves highlight the growing focus of major card networks on institutional blockchain payments.
