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<div class="intro-text"> 
 Fireblocks, a US-based cryptocurrency custody firm, has acquired BlockFold, an Australian startup specializing in smart contract development for tokenization projects, in a deal valued at an estimated $10 million. The acquisition represents a significant move by Fireblocks to expand its capabilities in the rapidly evolving <a style="color: #0000ff;" href="https://defi-planet.com/2023/07/asset-tokenization-in-practice-a-review-of-its-impact-on-financial-markets/">asset tokenization</a> market. 
</div> 
BlockFold has a track record of providing tailored solutions for tokenization projects to major financial institutions, including esteemed organizations like the Bank of International Settlements, Swiss National Bank, Banque de France, Singapore’s Ministry of Finance, Tel Aviv Stock Exchange, National Australia Bank, and ANZ Bank. Significantly, many of these institutions are also existing clients of Fireblocks. 
Fireblocks CEO Michel Shaulov <a style="color: #0000ff;" href="https://www.calcalistech.com/ctechnews/article/hjn14e7gt">reportedly said</a>: 
<blockquote class="pullquote align-center">
 “BlockFold’s expertise fills an important gap in the market, tailoring bespoke solutions for some of our most sophisticated customers and prospects in the banking and financial institutions space.”&nbsp;
</blockquote> 
Shaulov explained that BlockFold’s expertise helps Fireblocks better serve their tier-1 financial institution clients and bring more tokenization projects into the limelight. 
The acquisition is also a move by Fireblocks to position itself to tap into a rapidly growing market. According to Fireblocks, 75% of its tier-1 financial institution customers are exploring tokenization.&nbsp; 
Fireblocks anticipates substantial growth in the value of tokenized assets on the blockchain in the coming years, estimating that “the value of tokenized money on the blockchain will reach $350 billion” within the next three years. The firm also cited a Boston Consulting Group <a style="color: #0000ff;" href="https://web-assets.bcg.com/1e/a2/5b5f2b7e42dfad2cb3113a291222/on-chain-asset-tokenization.pdf">report</a> that projected the tokenized asset market to reach a staggering $16 trillion by 2030 and account for 10% of all financial assets. 
These developments align with the broader trend in the financial industry, with organizations like the<a style="color: #0000ff;" href="https://defi-planet.com/2023/06/bank-for-international-settlements-endorses-tokenization-as-future-of-monetary-systems-proposes-unified-ledger-for-cbdcs-and-tokenized-assets/"> Bank for International Settlements (BIS) advocating for the integration of blockchain technolog</a>y, particularly asset tokenization, into the global financial system. In a study released in June 2023, the BIS predicted that regulated tokenization platforms overseen by central banks will be pivotal components of future monetary systems. 
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The post <a rel="nofollow" href="https://defi-planet.com/2023/09/fireblocks-set-to-expand-its-tokenization-capabilities-with-10m-acquisition-of-blockfold/">Fireblocks Set to Expand its Tokenization Capabilities With $10M Acquisition of BlockFold</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Fireblocks Set to Expand its Tokenization Capabilities With $10M Acquisition of BlockFold

DeFi Planet

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