Iota Foundation partners with Fireblocks to integrate ShimmerEVM, an Ethereum-compatible smart contract platform, to facilitate asset tokenization and meet institutional demand.
The Iota Foundation, the non-profit organization behind the Iota blockchain, has teamed up with Fireblocks, a leading provider of crypto custody and infrastructure solutions, to enhance the process of asset tokenization. The partnership leverages Iota’s Shimmer Ethereum Virtual Machine (EVM), a smart contract platform that is compatible with Fireblocks’ secure and scalable infrastructure.
Asset tokenization is the process of converting real-world assets (RWA) into digital tokens that can be traded and transferred on a blockchain. This enables greater liquidity, transparency, and efficiency for asset owners and investors. Asset tokenization is attracting increasing attention from institutional players who seek to access new markets and opportunities in the crypto space.
ShimmerEVM is a smart contract platform that runs on the Shimmer blockchain, a testnet and innovation hub for the Iota network. ShimmerEVM is designed to be fully compatible with Ethereum, the world’s most popular smart contract platform. This means that developers and users can easily deploy and interact with Ethereum-based applications and tokens on ShimmerEVM using the same tools and standards they are familiar with.
The integration of ShimmerEVM with Fireblocks’ infrastructure brings several advantages to both parties and their customers. Fireblocks’ customers can now easily custody and manage their tokenized assets on ShimmerEVM, as well as initiate transactions on the chain directly from the Fireblocks console and API.
Fireblocks, which serves over 500 institutional clients, including BNY Mellon and BNP Paribas, can also offer its customers access to new and innovative features being tested and validated on ShimmerEVM before they are integrated into Iota’s mainnet.
On the other hand, the Iota Foundation can leverage Fireblocks’ expertise and reputation in the crypto industry to attract more institutional interest and adoption for its tokenization solutions. The partnership also showcases the potential and versatility of ShimmerEVM, which aims to bridge the gap between Iota and Ethereum ecosystems.
The partnership between Iota and Fireblocks is part of Iota’s broader vision to become a leading platform for asset tokenization and decentralized technologies.
In November, the Iota Foundation established its distributed ledger technology (DLT) foundation in the Middle East with the goal of accelerating the region’s adoption of blockchain and tokenization.
Dominik Schiener, the co-founder and chairman of the Iota Foundation, said:
“We are excited to partner with Fireblocks to streamline the process of asset tokenization and meet the growing institutional demand in this field. This partnership demonstrates our commitment to tokenize RWA assets on Iota and Shimmer and expand our global footprint in the crypto and blockchain space.”
