Digital asset custody firm Fireblocks announced it acquired Australian smart contract developer BlockFold. The two blockchain firms have previously worked together, particularly on Project Eden, the Israeli government bond trial with the Tel Aviv Stock Exchange (TASE). Of particular interest is BlockFold’s skills in tokenization.
Fireblocks is well known for raising $1 billion in funding and numerous high profile clients. These include BNY Mellon, BNP Paribas Securities Services, ANZ and the SIX Digital Exchange.
It says it has seen a 350% increase in tokenization projects between 2022 and 2023. Fireblocks claims that three quarters of tier-1 financial institutions are exploring tokenization via its platform and that it’s talking to 25 banks globally who are looking to issue stablecoins or tokenized deposits. Hence it needs the in-house tech expertise that BlockFold brings.
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