Dynamic
Wallet and login infrastructure for web3 apps, now a product line inside Fireblocks.
On the record
Checkpoint: Fireblocks Flow live demo, which shows whether Dynamic stays a distinct brand or gets absorbed
The call
Dynamic no longer stands or falls on its own, it now lives or dies as a line item inside Fireblocks' bigger institutional bet.
Dynamic makes wallet software that apps embed directly into their products, so users don't need separate wallet apps. Coinbase and Circle offer competing versions, and the entire category shifted in 2025 when Stripe, Consensys, and Fireblocks bought up the independent wallet companies, proving wallets work better as built-in features rather than standalone businesses. Whether Dynamic stays a recognizable product line inside Fireblocks or gets absorbed into the parent company's infrastructure over the next 18 months will determine if it survives as anything investors can track.
Why
01
AI pressure: None apparent. Wallet infrastructure is plumbing for AI agents to hold keys and pay, not something AI models replace directly. Could AI do the core job? Unlikely.
02
Bigger players: Coinbase (CDP Embedded Wallets) and Circle (Programmable Wallets, Gateway). Coinbase and Circle both ship free or bundled wallet SDKs, squeezing the standalone pricing Dynamic once relied on. Could a giant copy it? Yes, easily.
03
What protects it. Fireblocks' institutional custody relationships and compliance depth keep Coinbase locked out of that channel, and Dynamic now rides on that.
What would change this call
Fireblocks Flow launches July 2026; check if Dynamic branding persists or is absorbed into Flow. Shows whether Dynamic survives as a distinct product or becomes an internal component.
Track whether Itai Turbahn and Yoni Goldberg remain in leadership roles through 2027. Founder departure would signal the team is being wound down inside Fireblocks.
Watch for new customer announcements in 2026-2027 branded 'Dynamic' versus generic 'Fireblocks'. Indicates whether Dynamic keeps independent market presence or loses identity to its parent.
Track whether Itai Turbahn and Yoni Goldberg remain in leadership roles through 2027. Founder departure would signal the team is being wound down inside Fireblocks.
Watch for new customer announcements in 2026-2027 branded 'Dynamic' versus generic 'Fireblocks'. Indicates whether Dynamic keeps independent market presence or loses identity to its parent.
Key numbers
- Fireblocks paid about $90M for Dynamic
- Only ~30 Dynamic employees joined Fireblocks
- Dynamic has created 50M+ onchain accounts
Named risks
- Dynamic brand could be absorbed into Fireblocks Flow as an internal component rather than remaining distinct.
- Founders Itai Turbahn and Yoni Goldberg could leave post-acquisition, eroding product direction.
- Coinbase CDP or Circle could visibly capture SDK market share given overlapping products and greater distribution.
- No independent post-acquisition headcount or revenue data published, limiting ability to verify standalone health.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Coinbase CDP Embedded Wallets | contesting | Overlapping embedded-wallet product with large distribution, noted as of May 2026 |
| Circle Programmable Wallets/Gateway | contesting | Circle Gateway integrated by Fireblocks itself, reported July 16, 2026 |
| Privy (Stripe) | losing to | Stripe acquired Privy in 2025, part of sector-wide consolidation absorbing independents |
| Web3Auth (Consensys) | losing to | Consensys acquired Web3Auth in June 2025, same consolidation wave as Dynamic-Fireblocks |
| Turnkey | gaining on | Dynamic moved away from reliance on Turnkey for signing, migrating to own TSS-MPC by Sept 2025 |
Questions people ask
- Is Dynamic still an independent company?
- No. Fireblocks acquired Dynamic on October 23, 2025 in a deal reported at roughly $90 million, and all approximately 30 Dynamic employees joined Fireblocks. Dynamic now operates as a branded product line, 'Dynamic, a Fireblocks company,' rather than a standalone financed startup.
- Is Dynamic profitable?
- No standalone revenue or profitability figures are publicly disclosed. Dynamic is a wholly-owned subsidiary of Fireblocks since October 23, 2025, and does not report financials independently; PitchBook and CB Insights profiles show revenue fields redacted or unavailable.
- Could AI replace Dynamic's wallet infrastructure?
- Unlikely for core functions. Wallet key management, authentication, and blockchain signing are cryptographic tasks not directly substitutable by generative AI. Dynamic has instead adapted the developer-docs layer, shipping a documentation MCP server (dated July 6, 2026) so AI coding agents like Cursor and Claude Code can query its docs directly.
- Who is Dynamic's biggest competitor?
- Direct rivals include Privy (acquired by Stripe, 2025), Web3Auth (acquired by Consensys, June 2025), Turnkey, Magic, Crossmint, and Coinbase's CDP Embedded Wallets. The whole embedded-wallet sector consolidated in 2025, with Dynamic itself being absorbed by Fireblocks on October 23, 2025.
- Who owns Dynamic now?
- Fireblocks, an Israeli digital-asset infrastructure company, owns Dynamic outright following an acquisition announced October 23, 2025 and reported at approximately $90 million. Dynamic's prior investors, including a16z crypto and Founders Fund, no longer hold direct equity in a standalone Dynamic entity.
- How many users does Dynamic have?
- Dynamic's marketing site claims 50 million-plus onboarded users and 800-plus supported external wallets as of an April 24, 2026 snapshot. This grew from 1.6 million unique users reported in December 2023 and 40 million-plus users reported by mid-2025, per company and third-party blog figures.
Timeline
- 2026-07-21Fireblocks Flow stablecoin acceptance SDK live demo scheduled
- 2026-07-06Dynamic docs MCP server for AI coding agents documented
- 2025-11-03Dynamic profiled launching Stablecoin Accounts v2 in Paytech Magazine
- 2025-10-23Fireblocks acquires Dynamic for reported ~$90 million, ~30 staff join
- 2025-09-17Dynamic reported migrating customers to proprietary TSS-MPC architecture
- 2025-07-14Dynamic reported at 40 million-plus users per Gelato blog
- 2023-12-13Dynamic closes $13.5M Series A led by a16z crypto and Founders Fund
- 2022-06Dynamic closes $7.5M seed round led by a16z crypto
Revision history
21 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Yoni Goldberg, Dynamic in 'The Paytech Magazine' (2025-11-03)
- Clip: Fortune a16z and Founders Fund lead $13.5 million round (2023-12-13)
- Fireblocks buys Israeli crypto wallet co Dynamic (2025-10-23)
- Accelerating Onchain Adoption for Fintechs and Enterprises (2025-10-23)
- Fireblocks acquires Dynamic, a16z-backed wallet platform, for $90 million (2025-10-23)
- Dynamic secures $13.5M in Series A funding (2026-03-23)
- Fireblocks buys crypto authentication startup Dynamic (2025-10-23)
- Choosing the Right Embedded Wallet for Your Web3 Application (2025-07-14)
- Wallet Infrastructure for Fintech, Crypto, and Stablecoins (2026-04-24)
- Wallet Infrastructure for Backend Systems (2025-07-18)
- Wallet Infrastructure for Web3
- Pricing