Fireblocks acquires BlockFold to expand tokenization capabilities

Quick Take

  • Fireblocks expands tokenization capabilities with $10 million acquisition of BlockFold.

Fireblocks has acquired BlockFold, a smart contract development and consulting firm that specializes in tokenization projects for financial institutions.

"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," Fireblocks CEO Michel Shaulov said.

The $10 million acquisition will expand Fireblocks' capabilities in tokenization including token customization, orchestration, and distribution, the firm said in an email sent to The Block on Friday.

"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," Shaulov added.

Demand for tokenization rises

Fireblocks said tokenization is reinvigorating the legacy processes used in banking and financial markets infrastructure. The digital asset technology firm said they've seen demand in tokenization projects increase by 350% between 2022 and 2023.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro