Blockdaemon, a web3 infrastructure company, has acquired Danish crypto wallet security firm Sepior in its fourth acquisition in two years.
According to a release today, Blockcdaemon is looking to add the ability to offer its institutional customers custodial and non-custodial wallets along with its existing services. These include funding crypto accounts via fiat, managing transactions, staking and liquid staking services via one integration for institutional clients.
"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. For instance, last month The Block reported that the valuation of crypto financial services firm BlockFi had sunk to $1 billion. It previously was attempting to raise funds at the height of investor intrigue into crypto startups at a $5 billion valuation.
It also follows similar acquisitions by Blockdaemon as it looks to add to its war chest of capabilities. In February of last year, the company made its first acquisition, snapping up staking and governance platform Lunie and analytics platform Anyblock in November. Following a $207 million fundraise in February this year, the company acquired Gem, a startup that creates APIs with a fiat-to-crypto on-ramp.