Fireblocks acquires tokenization firm BlockFold – Crypto News – Crypto News
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Fireblocks acquires tokenization firm BlockFold Fireblocks acquires tokenization firm BlockFold

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Fireblocks acquires tokenization firm BlockFold – Crypto News

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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.

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