FIS Partners with Fireblocks to Enable Capital Market Clients to Access Crypto Products

US-based fintech firm FIS Inc announced on Wednesday that it has partnered with Crypto custody firm Fireblocks to accelerate crypto adoption within the capital markets industry.

The partnership will see the two firms working to enable companies of all types to access the largest crypto trading venues, lending desks, liquidity providers, and decentralized finance (DeFi) applications.

FIS, which provides infrastructure technology services to financial companies, will leverage the Fireblocks platform to enable its capital market clients to move, store, and issue digital assets. It will also allow them access to an asset transfer network, self-custody digital asset wallet technology and tools to access DeFi, staking, and exposure to other major digital assets.

Nasser Khodri, Head of Capital Markets at FIS, talked about the development and said: “As digital currencies become more mainstream, capital markets firms will greatly benefit from a single destination that helps them manage many classes of digital assets. This exciting new agreement is a proof point of our commitment to investing in growing our digital asset capabilities for our global client base.”

Michael Shaulov, Chief Executive Officer at Fireblocks, also commented on the development and stated: “The strategic partnership with FIS will bring the Fireblocks technology to nearly every type of buy-side, sell-side and corporate institution in traditional assets. Together, we will enable a quick way for existing and prospective FIS clients to onboard their digital asset operations and begin tapping into these fast-growing markets.”

Reducing Barriers to Crypto Adoption

FIS remains committed to reducing the barriers to entry into the cryptocurrency market. In July last year, Worldpay, a wholly-owned subsidiary of FIS, partnered with crypto firm MoonPay to enable easier purchasing and selling of crypto coins.

MoonPay leverages Worldpay’s technology to allow users to buy crypto assets and NFTs using credit and debit cards.

Meanwhile, Worldpay provides merchant acquiring services to MoonPay, which enables it to offer card-to-crypto functionality for merchants in more than 160 countries and support 80 digital currencies.

In March, Worldpay from FIS partnered with the Shyft Network to enable its clients (merchants, businesses, companies) to easily comply with current and evolving regulatory requirements.

Worldpay partnered with Shyft Network to continue helping merchants easily comply with cryptocurrency's evolving regulatory landscape. The partnership enables Worldpay merchants to use Shyft’s Veriscope solution to meet multi-jurisdictional requirements set out by the FATF (Financial Action Task Force) Travel Rule.

The FATF Travel Rule has set strict targets for the anonymity of crypto transfers and aims to fight money laundering and other financial crime in the crypto ecosystem.