Crypto custody tech company Fireblocks has acquired tokenization firm BlockFold to service the financial industry’s largest institutions.
The acquisition will expand Fireblocks’ capabilities in tokenization – allowing traditional assets to be traded on the blockchain – including token customization, orchestration, distribution and advisory, the firm announced via email on Friday.
The market for tokenized assets could spike to $16 trillion by 2030, according to a report by consultancy firm Boston Consulting Group.
Financial terms of the deal were not disclosed by, though a person familiar with the matter told CoinDesk that the acquisition figure is $10 million.
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