Blockdaemon, a crypto infrastructure startup, has purchased Sepior, a wallet security company. Although the terms of the deal weren’t disclosed, it marks the fourth acquisition for the company.
Blockdaemon has purchased Danish crypto wallet security company Sepior, which is a web3 infrastructure firm. This is its fourth acquisition in as many years.
Today’s release from Blockcdaemon states that it is planning to allow institutional customers to have custodial and uncustodial wallets in addition to its existing services.
This includes managing transactions, funding crypto accounts with fiat and managing crypto accounts using liquid stake services through one integration for institutional customers.
Konstantin Richter, founder of Blockdaemon and CEO, said that Sepior is a joy to welcome into the Blockdaemon clan. “The multi-billion-dollar institutional crypto finance industry is built on the ability to securely secure private keys. This acquisition will allow us to promote the sharing of trust, identity and privacy of keys on a large scale.
Although the terms of the deal are not known, it’s likely that Blockdaemon realized the benefits of making an acquisition when the price of bitcoin was below $20,000 — which is a key indicator of crypto market activity – and the corresponding valuations across all boards are down.
The Block reported last month that BlockFi’s valuation had fallen to $1 billion. At a valuation of $5 billion, it was previously trying to raise funds during the heights of investor interest in crypto startups.
As it seeks to expand its capabilities, this acquisition follows other Blockdaemon acquisitions. The company’s first acquisition was made in February last year. It purchased the staking and governance platform Lunie as well as the analytics platform Anyblock. After a $207million fundraise in February, the company purchased Gem . Gem is a startup that creates APIs using a fiat to-crypto on ramp.
