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Fireblocks Acquires Tokenization Firm BlockFold for $10M
The acquisition will expand Fireblocks' capabilities in tokenization including token customization, orchestration, distribution and advisory
Updated Oct 27, 2023, 2:44 p.m. Published Sep 29, 2023, 9:09 a.m.
Crypto custody tech company Fireblocks has acquired tokenization firm BlockFold to service the financial industry's largest institutions.
The acquisition will expand Fireblocks' capabilities in tokenization - allowing traditional assets to be traded on the blockchain - including token customization, orchestration, distribution and advisory, the firm announced via email on Friday.
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The market for tokenized assets could spike to $16 trillion by 2030, according to a report by consultancy firm Boston Consulting Group.
Financial terms of the deal weren't disclosed, though a person familiar with the matter told CoinDesk that the acquisition figure is $10 million.
Read More: Banking Powerhouse HSBC Working With Crypto Custody Firm Fireblocks: Sources
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