To better serve the largest institutions in the financial sector, tokenization business BlockFold has been purchased by crypto custody technology company Fireblocks.
The acquisition would increase Fireblocks’ tokenization capabilities, which enable traditional assets to be exchanged on the blockchain. These capabilities will include customised token orchestration, distribution, and advisory services, the company said via email on Friday.
According to a report by the consulting company Boston Consulting Group, the market for tokenized assets might grow to $16 trillion by 2030.
Although the deal’s financial details were not made public, a person with knowledge of the situation stated the transaction amount is $10 million.