Fireblocks Inc., the crypto company backed by Sequoia Capital and Coatue Management, has acquired BlockFold, a Melbourne-based startup that helps financial institutions build blockchain-based systems, people with knowledge of the matter said. Fireblocks paid about $10 million for BlockFold, said one of the people. While Fireblocks already works with large financial institutions including Bank of New York Mellon Corp., BNP Paribas SA and the Tel Aviv Stock Exchange. The deal comes as large Wall Street firms ramp up efforts to issue and trade traditional financial assets like bonds and private-equity investments over blockchain networks, seeking to simplify processes and cut costs.
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