June 24, 2024
Iota's ShimmerEVM and Fireblocks Collaboration
Latest Cryptocurrency News

Iota’s Strides in Institutional Asset Tokenization: The Fireblocks Integration

Iota, an open-source blockchain developer, has moved forward in meeting institutional demand for asset tokenization by integrating its Shimmer Ethereum Virtual Machine (EVM)-compatible chain with Fireblocks. VanEck Research data indicates that despite market challenges, the total market capitalization for tokenized real-world assets (RWA) reached $342 billion in September within the crypto industry. According to Dominik Schiener, Iota’s co-founder, the network is actively constructing infrastructure and solutions to cater to the rising demand for real-world asset (RWA) tokenization.

Schiener stated, “We anticipate substantial public support for digital assets from numerous major institutional investors and financial institutions by 2024. Clear regulations, coupled with increased backing from these institutions and the imminent ETFs, signal a trajectory where institutional investors will become the dominant market participants.” Asset tokenization involves transferring tangible or intangible assets from traditional finance to the blockchain, encompassing real estate, commodities, company shares, and financial instruments like bonds and invoices. Enhancing asset liquidity stands as a key advantage of this process.

ShimmerEVM functions as an Ethereum-compliant smart contract atop the Shimmer blockchain, serving as a developmental space for IoTa. It allows for the validation of new features and applications before integration into the IoTa mainnet.

Through this integration, Fireblocks customers gain the ability to custody tokenized assets on ShimmerEVM and execute transactions directly from the Fireblocks console and API. Fireblocks specializes in crypto custody and related solutions for institutional investors, boasting 1,800 clients including major financial institutions like BNY Mellon and BNP Paribas.

In November, IoTa revealed its distributed ledger technology (DLT) foundation in the Middle East, aiming to drive accelerated growth of decentralized technologies and asset tokenization in the region. Schiener further added, “With the recent establishment and approval of the initial DLT Foundation in the UAE, we’re advancing toward tokenizing RWA assets on IoTa and the Shimmer platform.”

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

$19 Billion Lost to Crypto Hacks in 13 Years

Ashley Wilson

New Jersey Assembly Contemplates Digital Asset Classification in Securities Bill

Christian Green

Phishing Scam Costs Victim $4.5M in USDT

Kevin Wilson

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.