Blockdaemon, an infrastructure company that provides web3 services, has bought the Danish crypto wallet security firm Sepior for its fourth acquisition within two years.
According to a press release, Blockcdaemon plans to offer institutional customers both custodial and uncustodial wallets. These services include managing transactions and funding crypto accounts with fiat.
“We are thrilled to bring Sepior into the Blockdaemon family,” said Blockdaemon founder and CEO Konstantin Richter. “The ability to properly secure private keys is a cornerstone of the multi-billion dollar institutional crypto finance industry. With this acquisition we are now able to foster the distribution of trust, identity, and privacy of keys at scale.”
While the terms of the deal were not disclosed, it is likely that Blockdaemon reaped the benefits of making an acquisition in a market environment where the price of bitcoin is below $20,000 — a key indicator of activity in the crypto market – and corresponding valuations across the board are down. The Block reported last month that BlockFi, a crypto financial services company, had lost $1 billion in value. It was previously trying to raise funds at the height investor intrigue into crypto startup valuations of $5 billion.
As it seeks to expand its capabilities, the acquisition follows Blockdaemon’s similar ones. The company acquired Lunie, a staking platform and governance platform, in February 2013. Anyblock was purchased in November. Gem, a startup that creates APIs via a fiat-tocrypto on-ramp, was acquired by the company following a $207 million fundraise in February.