Visa has reportedly entered late-stage negotiations to acquire cryptocurrency custody and stablecoin infrastructure provider Fireblocks for approximately $2.5 billion, potentially adding institutional digital asset technology to the global payments company’s operations.
Summary
- Visa is reportedly negotiating a roughly $2.5 billion acquisition of digital asset infrastructure provider Fireblocks.
- The reported purchase price is approximately 69% below Fireblocks’ $8 billion valuation in January 2022.
- Fireblocks provides institutional custody, stablecoin settlement and tokenization infrastructure to banks and payment companies.
- Visa and Fireblocks already participate in Open Standard, an initiative supporting stablecoin infrastructure.
- Neither company has announced a definitive agreement, and the proposed transaction remains subject to negotiation.
According to an October 22 Axios report, multiple sources familiar with the discussions confirmed that the companies were negotiating a possible acquisition, with one source indicating that talks had reached their final stages.
The proposed $2.5 billion purchase price represents a considerable reduction from the valuation Fireblocks received during the previous cryptocurrency investment boom.
In January 2022, Fireblocks announced a $550 million Series E financing round that valued the company at approximately $8 billion.
Investors in that round included D1 Capital Partners, Spark Capital, General Atlantic, Index Ventures and Alphabet’s CapitalG, alongside several other institutional backers.
Comparing the two figures shows a $5.5 billion difference, equivalent to a 68.75% reduction from Fireblocks’ previous reported valuation.
However, the 2022 figure came from a private fundraising transaction, while the latest amount represents a potential acquisition price. The comparison does not establish the value of individual investor holdings or the proceeds shareholders might receive.
Fireblocks was founded in 2018 and initially concentrated on helping financial institutions secure and transfer cryptocurrencies. Its business subsequently expanded into stablecoin payments, digital asset settlement and tokenization.
The company’s technology supports institutions that need to manage blockchain transactions while maintaining internal approval procedures, custody arrangements and compliance controls.
Fireblocks provides custody and stablecoin infrastructure to institutions
Fireblocks operates technology used by banks, fintech companies, cryptocurrency exchanges and payment processors to manage digital assets across supported blockchain networks.
Its infrastructure allows institutions to control transaction approvals, administer wallets and manage the movement of assets without developing every component internally.
The company says its payment network processes more than $200 billion in stablecoin transactions each month, covering activity across participating payment providers, fintech businesses and banks.
In July, crypto.news reported Fireblocks’ Circle integration, which brought Circle’s USDC Gateway and Payments Network into its institutional platform.
That arrangement enables participating businesses to manage USDC across supported blockchains and access payment routes that deliver local currency to recipients in supported markets.
Fireblocks said stablecoins accounted for 69% of digital asset transaction volume on its platform during the second quarter of 2026.
Another September development connected Bitpace with Fireblocks infrastructure, allowing the payments company to use the network for stablecoin settlement operations.
Fireblocks’ custody and transaction-processing services are separate from the business of issuing stablecoins, which involves maintaining reserves and managing redemption obligations.
Visa already works with Fireblocks through Open Standard
The companies have existing connections through Open Standard, an industry initiative developing infrastructure for stablecoin payments.
In June, Fireblocks identified Visa among the financial institutions and payment companies involved in the initiative, with Fireblocks participating as an infrastructure partner.
Visa subsequently introduced its Stablecoin Platform in July, beginning with Open USD, a stablecoin associated with Open Standard.
The platform provides financial institutions and fintech companies with tools for accessing, storing and redeeming stablecoins. Visa has described those capabilities as part of its efforts to connect blockchain settlement with existing payment systems.
Recently, the company partnered with Mesh to support cryptocurrency and stablecoin spending at more than 175 million merchant locations.
Under that arrangement, Mesh handles payment funding and conversion while merchants receive payments through Visa’s established network.
Visa expands stablecoin payments through existing services
Visa has been developing stablecoin payment services independently of the reported acquisition discussions.
On October 15, the company introduced commercial USDC funding through Visa Direct, naming Inyo Global as the first participating payment processor.
The service allows eligible businesses to fund cross-border payout obligations using USDC through existing payment infrastructure.
In September, Visa reported that more than 160 stablecoin-linked card programs were operating internationally during its fiscal second quarter.
Separately, the payments company has expanded blockchain settlement trials to multiple networks and worked with banking partners on stablecoin transactions.
Fireblocks has continued developing its institutional business, including its appointment of former acting SEC Chairman Elad Roisman to lead policy work in August.
The company said that appointment would support customers navigating regulatory requirements involving custody, stablecoin payments and tokenized assets.
