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.
The 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.
The 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.
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
Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…
Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…
While the ASTER token has crashed 20% in the last 24 hours, to test the…
The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…
The official X account BNB Chain has been compromised, with recent posts promoting a meme…
Trump-backed Thumzup Media has invested $2.5 million in DogeHash Technologies. This is in a bid…