Fireblocks acquires tokenization firm BlockFold

Fireblocks said its goal is to expand its tokenization capabilities

article-image

Avi Rozen/Shutterstock modified by Blockworks

share

Digital asset infrastructure platform Fireblocks is acquiring smart contract firm BlockFold.

Details on the acquisition were not disclosed, though Fireblocks noted it would be integrating the BlockFold team. Co-founder Terence Signakis will also stay on as head of Tokenization Products.

The deal will expand Fireblocks’ tokenization abilities, allowing it to offer advisory services, customization, and distribution to clients.

Additionally, the company said that tokenization project demand rose 350% between 2022 and 2023. The goal is for BlockFold to allow Fireblocks to expand the tokenization opportunity, which it believes could grow into a multi-billion dollar market.

BlockFold most recently was involved with National Australia Bank’s first cross-border intra-bank stablecoin transfer. BlockFold assisted with the smart contracts and direct custody of the tokens.  

 “We already speak a common language in understanding these customers’ requirements at an architectural level. 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,” Michael Shaulov, Fireblocks CEO, said in a statement. 

“In addition, we can continue to innovate and expand our offerings and tailor our approaches as the market continues to mature and evolve.”

The company has been involved in stablecoin projects, including a tokenization project with the Israeli Ministry of Finance and the Tel Aviv Stock Exchange which plans to tokenize the Israeli debt market over the next few years.

“Fireblocks’ acquisition of BlockFold stands to strengthen its tokenization capabilities and bridge the gap between [centralized finance] and DeFi by allowing financial institutions like TASE to build robust and scalable infrastructures and support well-governed digital asset ecosystems,” said Orly Grinfeld, EVP, head of clearing at the Tel Aviv Stock Exchange.

At the Permissionless conference, Shaulov said that institutions are focusing on an audience that has not interacted with crypto or Web3, which adds a complicated layer for any company looking to launch a Web3 venture.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

A new Reuters report claims that applicants and the SEC continue to work out spot bitcoin ETF details

article-image

Tensor has overtaken Magic Eden as the most popular NFT platform on Solana with a monthly trading volume of roughly $1 million

article-image

Babylon’s raise may indicate a growing appetite for bitcoin use cases among investors

article-image

Exclusive: German sensor maker Bosch and Web3 firms peaq and Fetch.ai showcase hardware running AI Agents, incentivized with crypto

article-image

The DOJ announced charges against the founder of the Hong Kong-based exchange in January

article-image

The collection has not previously been available to the public