Fireblocks acquires BlockFold to boost tokenization capabilities

Rick Steves

Between 2022 and 2023, Fireblocks experienced a 350% increase in tokenization projects, with 75% of tier-1 financial institutions exploring tokenization through its platform.

Fireblocks has announced its acquisition of BlockFold, a smart contract development and consulting firm that specializes in advanced tokenization projects tailored for financial institutions.

The acquisition is set to enhance Fireblocks’ tokenization capabilities, providing a comprehensive service layer that includes advisory services, customized token solutions, orchestration, and distribution via the Fireblocks Network.

Tokenization of financial assets to become a $16 trillion market by 2030

Tokenization has breathed new life into the financial sector, transforming age-old processes and fostering competition. As the tokenization of financial assets on the blockchain is projected to become a $16 trillion market by 2030, accounting for 10% of all financial assets, Fireblocks has witnessed a remarkable surge in demand.

Between 2022 and 2023, the company experienced a 350% increase in tokenization projects, with 75% of tier-1 financial institutions exploring tokenization through its platform.

BlockFold’s expertise comes into play as it caters to some of the most sophisticated customers in the banking and financial institutions arena. The acquisition strengthens Fireblocks’ ability to seamlessly and quickly bring tokenization projects to fruition for tier-1 financial institutions. By incorporating BlockFold’s expertise, Fireblocks aims to innovate and expand its offerings, staying ahead in a market that continues to evolve.

Since launching its first bank-issued stablecoin in March 2022, Fireblocks has been at the forefront of the tokenization revolution. The company has completed over 10 stablecoin projects and is actively engaged with more than 25 banks worldwide, exploring the creation of bank-issued stablecoins and tokenized deposits. Within the next three years, Fireblocks anticipates that the value of tokenized money on the blockchain will soar to $450 billion.

Furthermore, Fireblocks’ accomplishments extend to tokenizing and settling a government bond for the Tel Aviv Stock Exchange and the Israeli Ministry of Finance. This achievement has opened doors to tokenizing Israel’s government debt market, valued at $15 billion annually. The company predicts that the value of tokenized bonds on the blockchain will reach $400 billion within the next three years, aiming for a staggering $1 trillion by 2028.

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