Fireblocks Announces The Acquisition Of BlockFold For $10M
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Fireblocks has announced the acquisition of smart contract development and consulting firm BlockFold. The acquisition boosts the tokenization capabilities of FireBlocks to give clients access to a complete service layer.
The services to be made available with the improved capabilities include token customization, advisory, orchestration, and distribution using the Fireblocks Network.
Fireblocks Acquires BlockFold
Tokenization has transformed the banking and financial market sector by promoting healthy competition. Fireblocks plans to continue partnering with tokenization partners such as Bitbond, Securrency, Securitize, Tokeny, and others for an open tokenization marketplace for customers.
Fireblocks has posted a significant growth in customer demand, with tokenization projects increasing by 350% between 2022 and 2023. 75% of tier-1 financial firms are also exploring tokenization through the platform.
The co-founder and CEO of Fireblocks, Michael Shaulov, opined that the expertise offered by BlockFold filled a crucial gap in the market. BlockFold also provided customized solutions for sophisticated customers and prospects for banks and financial institutions.
“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 expertise offered by BlockFold guarantees that the company will better cater to the needs of tier-1 financial institutions and bring tokenization projects into the production phase. It will also support the release of new blockchain assets while enabling BlockFold to innovate and expand its offerings.
Fireblocks Is Bridging The Gap Between Blockchain And Traditional Finance
Fireblocks released its first bank-issued stablecoin in March last year. Since this launch, Fireblocks has created over ten stablecoin projects, and it is also holding discussions with 25 other banks globally that are exploring creating bank-issued stablecoins and tokenized deposits.
In May 2023, Fireblocks helped the Tel Aviv Stock Exchange and the Israeli Ministry of Finance tokenize and settle a government bond after a live auction with five domestic and seven global banks. Over the next three years, Fireblocks plans for the value of tokenized money on the blockchain to hit $450 billion.
Through this partnership, the two parties are now the sole issuers of Israeli government bonds. They will also work to tokenize the debt market of the Israeli government. This bond market is currently valued at $15 billion annually.
