Iota and Fireblocks Collaborate to Enhance Asset Tokenization
The Iota Foundation has recently announced a strategic partnership with Fireblocks. This collaboration aims to streamline the process of asset tokenization, addressing the growing institutional interest in this domain. The move integrates Iota’s Shimmer Ethereum Virtual Machine (EVM), a chain compatible with Fireblocks’ robust infrastructure.Escalating Demand in TokenizationThe market for tokenized real-world assets (RWA) has grown substantially, with a reported valuation of $342 billion in September, per VanEck Research data. This surge comes despite the overarching bear market conditions in the crypto industry. Under co-founder Dominik Schiener’s leadership, Iota has been actively developing solutions and infrastructure to cater to this burgeoning demand for RWA tokenization.Tokenization, a process that brings various assets like real estate, commodities, and financial instruments onto the blockchain, enhances the liquidity of these assets. ShimmerEVM, designed as an Ethereum-compliant smart contract on the Shimmer blockchain, is a critical testing and development environment. This network validates new features before integrating into Iota’s mainnet. Fireblocks IntegrationThe integration with Fireblocks is set to offer a substantial advantage to its customers. It allows them to custody tokenized assets on ShimmerEVM seamlessly. Additionally, they can initiate transactions on the chain directly through the Fireblocks console and API. Fireblocks, known for its direct crypto custody solutions, caters to a clientele of prominent financial institutions like BNY Mellon and BNP Paribas.Regional Expansion and Future Prospects In November, the Iota Foundation established its distributed ledger technology (DLT) foundation in the Middle East. This strategic move aims to accelerate the region’s growth of decentralized technologies and asset tokenization. Schiener highlights the organization’s commitment to tokenize RWA assets on Iota and Shimmer, enhancing the foundation’s global footprint. The partnership between Iota Foundation and Fireblocks marks a significant stride in the blockchain and asset tokenization space. This collaboration enhances the capabilities of Iota’s ShimmerEVM and positions the foundation to effectively meet the growing institutional demand for asset tokenization.Read Also: Blockchain.com to Grow Headcount as it Eyes Global Expansion Kelvin Munene Murithi Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor's degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.