Fireblocks has acquired tokenization business BlockFold, aiming to enhance its capabilities in tokenization, which allows traditional assets to be exchanged on blockchain. The acquisition is expected to cost $10 million, with the market for tokenized assets potentially growing to $16 trillion by 2030.
To better serve the largest institutions in the financial sector, tokenization business BlockFold has been purchased by crypto custody technology company Fireblocks.
The company said via email on Friday that the acquisition will increase Fireblocks' capabilities in tokenization, which enables traditional assets to be exchanged on the blockchain, including token customization, orchestration, distribution, and advising.
According to a report by the consulting company Boston Consulting Group, the market for tokenized assets might grow to $16 trillion by 2030.
The deal's financial details were not made public, but a source close to the situation informed CoinDesk that the acquisition cost would be $10 million.
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