Open-source blockchain developer Iota integrates with Fireblocks
Iota has integrated its Shimmer Ethereum Virtual Machine (EVM)-compatible chain with Fireblocks, in response to the increasing demand for asset tokenization. Tokenized real-world assets (RWA) reached a market capitalization of $342 billion in September, indicating a growing interest in this sector. Iota co-founder Dominik Schiener believes that by 2024, institutional investors and financial institutions will publicly support digital assets, making them dominant in the market.
What is asset tokenization?
Asset tokenization refers to the process of bringing traditional tangible or intangible assets onto the blockchain. This includes assets such as real estate, commodities, company shares, and financial instruments like bonds and invoices. Tokenization offers increased liquidity for these assets.
The integration with Fireblocks
The integration allows Fireblocks customers to custody tokenized assets on ShimmerEVM and conduct transactions directly from the Fireblocks console and API. Fireblocks is a platform that offers crypto custody services to institutional investors, with clients including BNY Mellon and BNP Paribas.
Iota’s focus on asset tokenization
In November, Iota established its distributed ledger technology (DLT) foundation in the Middle East to drive the growth of decentralized technologies and asset tokenization in the region. The registration and approval of the first DLT Foundation in the UAE paves the way for tokenizing RWA assets on Iota and Shimmer.
Hot Take: Institutional support for digital assets on the rise
The integration between Iota and Fireblocks is a significant step towards meeting institutional demand for asset tokenization. As more large investors and financial institutions publicly support digital assets, it is clear that the market is shifting towards institutional dominance. With clear regulations and the emergence of ETFs, the future looks promising for institutional investors in the crypto industry.
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