- Fireblocks has joined the tokenization market with a new acquisition.
- The multi-million acquisition is seen as a strategic move.
- The company is targeting tier-1 financial institutions in its new business strategy.
Blockchain unicorn Fireblocks has officially announced the acquisition of BlockFold, a smart contract development and consulting firm based in Australia.
In 2021, BlockFold specializes in advanced tokenization projects customized for financial institutions and is synonymous with tokenizing assets, such as real estate, investment funds, carbon credits, and decentralized market infrastructure.
Tapping into the Tokenization Market
In a press release dated September 29, Fireblocks noted that the acquisition would enrich its tokenization capabilities to provide clients with a full suite of services that extend to advisory, orchestration, token customization, and distribution via the Fireblocks Network.
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Fireblocks CEO and Co-Founder Michael Shaulov applauded the acquisition, stating that BlockFold’s expertise fills an important gap in the tokenization market, which experts forecast to reach $16 trillion by 2030 and account for 10% of all financial assets.
“Bringing BlockFold's expertise in-house means that we can better serve tier-1 financial institutions to quickly and seamlessly bring tokenization projects into production and new assets onto the blockchain. In addition, we can continue to innovate and expand our offerings and tailor our approaches as the market continues to mature and evolve.” Shaulov said.
The acquisition deal brings together two firms with a stellar track record of delivering disruptive projects.
A Rich History of Innovation
Per the press release, BlockFold has undertaken global-level tokenization projects on behalf of major institutions, such as the Bank of International Settlements Innovation Hub, National Australia Bank, Banque de France, Tel Aviv Stock Exchange, and Singapore’s Ministry of Finance.
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Likewise, in addition to launching its first bank-issued stablecoin in March 2022, Fireblocks has been credited for enabling the Tel Aviv Stock Exchange and helping the Israeli Ministry of Finance to tokenize and settle a government bond after five domestic and seven global banks were auctioned live.
According to the announcement, BlockFold’s engineering team will integrate with Fireblocks’s Web3 engineering team, while the business consulting department will join the Financial Markets group.
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