A digital asset company, Fireblocks, announced it has entered into a deal worth $10 million to acquire BlockFold, an expert in designing digital tokens for banks and financial institutions.
Fireblocks CEO Michel Shaulov said, “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.”
This acquisition will further bolster Fireblocks’ ability to tailor, manage, and disburse tokenized digital assets to its clients. The demand for digital tokens in the finance sector sky-rocketed by 350% between 2022 and 2023.
Among Fireblocks’ first-tier bank customers, 75% are exploring the use of cryptographic tokens. As per the report, by the year 2030, the blockchain-based digital asset market could touch $16 trillion.
Michel Shaulov said, “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.”
Fireblocks is collaborating with 25 banks worldwide to help them build their own digital currencies or integrate blockchain into financial operations. The blockchain is expected to have around $450 billion worth of digital assets in the next three years.
With the acquisition of Blackfold, the engineering team will become part of the Web3 engineering staff, and the business consulting team will join the Financial Markets group. Alongside co-founder Francois Schonken, co-founder Terence Siganakis has taken on the role of Senior Director, Head of Tokenization Products.
Also Read: Fireblocks & TASE Paves Way for Innovative Crypto Offering
