Blockchain infrastructure firm Fireblocks has acquired on-chain accounting platform TRES Finance for $130 million, The Block reported on Tuesday, citing Fortune.

The deal is Fireblocks' fourth acquisition. Founded in 2022, TRES provides accounting and reporting tools focused on on-chain activity, and more than 230 institutions use them, including Phantom and Dune.

Fireblocks CEO Michael Shaulov explained the background to the acquisition, saying that as blockchain-based businesses grow, they need financial systems that can meet tax and audit requirements. He added that in regulatory environments such as the EU's MiCA and the U.S. GENIUS bill, the accuracy of accounting records and the level of compliance are emerging as key tasks.

Fireblocks stressed that the acquisition completes an "Operating System" that spans the broader digital asset ecosystem.

Fireblocks provides a secure transfer network between institutions such as exchanges and banks, as well as a policy engine that allows automated compliance rules to be set, based on MPC-based non-custodial wallet technology. The acquisition is part of a strategy to strengthen financial infrastructure needed as corporate clients integrate on-chain assets into traditional accounting systems or prepare for listings.