Turnkey competes from both directions
Turnkey
This merger changes Fireblocks from a back end custody vendor into a full stack wallet platform, which means Turnkey is no longer just fighting point products. Before the deal, Fireblocks usually entered through treasury, custody, or compliance teams. Dynamic adds the developer facing layer, login, wallet creation, and embedded onboarding, so Fireblocks can now sell down from an enterprise security budget or up from a product team building wallets.
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Fireblocks now pairs Dynamic’s embedded wallets and onboarding with its existing custody, settlement, tokenization, and compliance stack. That lets one vendor cover both the user interface where wallets are created and the regulated infrastructure where assets are stored and moved.
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Stripe is running the same play from the payments side. By 2026 it was explicitly positioning Stripe, Bridge, and Privy together for crypto and stablecoin workflows, with Privy as the wallet layer inside a broader money movement stack. That raises bundling pressure on standalone wallet infrastructure vendors.
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The practical buying change is procurement. A bank, fintech, or global payments company that already trusts Fireblocks for security can add embedded wallets without introducing a new core vendor. A Stripe customer building stablecoin checkout or agent payments can do the same with Privy inside the Stripe stack.
The market is heading toward fewer standalone wallet decisions and more bundled infrastructure purchases. Turnkey’s path is to win where developers want the best key management and control layer, while larger platforms keep pulling wallet infrastructure into broader payments, custody, and compliance suites.