Blockchain
unicorn Fireblocks has made a strategic move by acquiring Australia-based
BlockFold, a smart contract development and consulting firm specializing in
advanced tokenization projects for financial institutions.
This
acquisition is estimated to be valued at $10 million. It is poised to enhance
Fireblocks’ ability to offer clients a comprehensive service layer that
encompasses advisory services, token customization, orchestration, and
distribution through the Fireblocks Network.
The
decision to acquire BlockFold comes on the heels of rapid growth in demand for
tokenization projects witnessed by Fireblocks. The company reported an
impressive 350% increase in tokenization projects between 2022 and 2023.
Moreover, an astounding 75% of tier-1 financial institutions have been
exploring tokenization through Fireblocks’ platform.
Commenting
on this development, Michael Shaulov, Co-founder and CEO at Fireblocks, noted,
“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.”
He
added: “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.”
Fireblocks
has taken the initiative to tokenize various financial assets. Since
introducing the first bank-issued stablecoin for ANZ in March 2022, Fireblocks
has successfully delivered over 10 stablecoin projects.
Moreover,
it is actively engaged with more than 25 global banks exploring the creation of
bank-issued stablecoins or tokenized deposits. Within the next three years,
Fireblocks envisions the value of tokenized money on the blockchain to reach an
impressive $450 billion.
Fireblocks Sets Ambitious
Targets for Tokenized Bond Values
From
May 2023, Fireblocks enabled the Tel Aviv Stock Exchange and the Israeli Ministry of
Finance to tokenize and settle a government bond after a live auction involving
five domestic and seven global banks. As the sole issuers of Israeli government
bonds, both parties now have a credible path to tokenize Israel’s government
debt market, valued at $15 billion annually.
Fireblocks
has set ambitious goals. It targets the value of tokenized bonds on…
