The Open Source Blockchain of Iota Partners with Fireblocks for Crypto Custody
Iota, an open-source blockchain platform, is expanding its presence in the Real World Asset (RWA) industry by integrating its ShimmerEVM network with crypto custody service provider Fireblocks. This move follows successful tests and the release of the first smart contract on ShimmerEVM two months ago. The RWA market, which involves tokenizing assets such as stocks, bonds, and treasuries, is gaining popularity among investors and companies. Iota’s partnership with Fireblocks will enhance its position in this competitive market by leveraging Fireblocks’ secure custody services that support asset tokenization. Fireblocks serves over 1,800 clients, including major financial institutions like BNY Mellon and BNP Paribas.
Improving Iota’s Tokenization Offering with Fireblocks Integration
The integration between Iota and Fireblocks enables customers to hold crypto assets on the ShimmerEVM network and initiate transactions directly from the Fireblocks console and API without additional infrastructure requirements. This integration enhances Iota’s capabilities in tokenizing real-world resources, focusing on security and simplicity. While Ethereum remains dominant in the RWA sector, Iota is making progress with initiatives like this partnership. The market for tokenization of Treasury Products alone is currently valued at $770 million, with Ethereum managing more than half of these assets. However, Iota’s organic growth and strategic partnerships position it well among the top RWA solution providers.
Expanding Market for Tokenization of Real Assets
Iota recognizes the strong demand for tokenization of real assets globally and aims to build an infrastructure that addresses this growing market. According to VanEck, a renowned asset manager, the RWA niche is expanding rapidly despite the complexity of the cryptocurrency market. The industry is already worth over $342 billion, and significant capital inflows are expected in the coming years. 21.co, a digital asset manager, predicts that the market could reach a record valuation of $10 billion by 2030. Even in a conservative scenario, expectations are high with a forecast of at least $3.5 billion. This positive sentiment is driven by the combination of disruptive technologies and established financial assets in a global environment.
Hot Take: Iota Expands Presence in RWA Industry with Fireblocks Partnership
Iota’s integration with Fireblocks marks a significant step towards establishing its presence in the Real World Asset sector. By leveraging Fireblocks’ secure custody services, Iota can offer enhanced tokenization capabilities for real-world assets on its ShimmerEVM network. While Ethereum remains dominant in this niche market, Iota’s organic growth and strategic partnerships position it as a strong contender. The tokenization of real assets is a rapidly expanding industry with the potential for substantial valuations in the coming years. With growing institutional support and increasing demand for resource tokenization worldwide, Iota is well-positioned to become one of the top solution providers in the RWA space.
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