Crypto custody tech company Fireblocks has acquired tokenization firm BlockFold to service the financial industry's largest institutions.

The acquisition will expand Fireblocks' capabilities in tokenization - allowing traditional assets to be traded on the blockchain - including token customization, orchestration, distribution and advisory, the firm announced via email on Friday.

The market for tokenized assets could spike to $16 trillion by 2030, according to a report by consultancy firm Boston Consulting Group.

Financial terms of the deal weren't disclosed, though a person familiar with the matter told CoinDesk that the acquisition figure is $10 million.

Read More: Banking Powerhouse HSBC Working With Crypto Custody Firm Fireblocks: Sources