Crypto custodial service provider Fireblocks gained control of the tokenization platform BlockFold for $10 million. Bloomberg writes about this, citing informed sources.
Founded in 2021, BlockFold specializes in working with TradFi on issues of tokenization and development of smart contracts.
Representatives of the companies declined to comment.
The acquisition will expand Fireblocks’ tokenization capabilities, including configuration, orchestration, distribution and consulting.
The company has already worked with the startup on a number of projects, including National Australia Bank’s pilot program for cross-border transfer of stablecoins.
The publication emphasized that the deal took place against the backdrop of increased interest among major Wall Street participants in issuing and trading traditional financial assets in the form of tokens to simplify processes and reduce costs.
In March, Citi analysts predicted an increase in the capitalization of security tokens to $5 trillion by 2030. According to Boston Consulting Group, by this time the market for such assets could grow to $16 trillion.
Ripple previously acquired Switzerland-based crypto custodian Metaco.
Let us recall that in June, the Ethereum company ConsenSys announced the integration of the institutional version of the MetaMask wallet with Fireblocks.
In August, the latter became a participant in Mastercard’s CBDC Innovation Research Partnership Program.
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