Blockchain infrastructure company Fireblocks has acquired TRES Finance, a crypto accounting and financial reporting platform.
The purchase, announced on the Fireblocks blog Wednesday (Jan. 7), is designed to address the growing demand for companies doing business on the blockchain to have “audit-ready, tax-compliant” financial records.
“Digital asset regulation is quickly falling into place across jurisdictions, making operational agility and financial reporting non-negotiable,” the blog post said. “Whether under MiCA in the EU, the GENIUS Act in the U.S., or elsewhere across the globe, crypto-native and traditional finance need financial records that meet the standards set out in local regulations.”
As companies prepare to go public or integrate crypto into their traditional accounting systems, regulations call for accurate reconciliation, audit-ready reporting, and full tax compliance, the release added, saying that “audit-ready financial data is no longer a nice-to-have.”
The company did not disclose the price of the acquisition, though sources quoted by Fortune put the number at $130 million.
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Source: CRYPTO WORLD NETWORK NEWS
