Fireblocks Expands Portfolio with $10 Million Acquisition of Tokenization Firm BlockFold
Fireblocks, known for its expertise in crypto custody technology, has strategically acquired BlockFold, a tokenization company. This move is strategically geared towards meeting the requirements of the largest establishments within the financial sector.
With the integration of BlockFold, Fireblocks intends to bolster its proficiency in tokenization, a process that facilitates the exchange of traditional assets on the blockchain. This augmentation encompasses a spectrum of services including customizing tokens, orchestrating transactions, managing distribution, and providing advisory assistance. These details were outlined in the official announcement circulated via email on Friday.
According to a report from the esteemed consultancy firm Boston Consulting Group, the market for tokenized assets is projected to witness substantial growth, potentially surging to $16 trillion by the year 2030.
While the precise financial particulars of the transaction remain undisclosed, an individual with knowledge of the matter has conveyed to Bitsday that the acquisition is valued at an estimated $10 million.
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