Fireblocks Partners with FIS to Increase the Adoption of Cryptocurrencies

FIS announced on Wednesday that it has partnered with Fireblocks. The aim of the partnership is to increase the adoption of cryptocurrencies by capital markets institutions. FIS has over 6,000 clients at the time of writing.

Financial firms can access crypto trading venues, liquidity providers Liquidity Providers A liquidity provider (LP) constitutes either individual and/or institution that functions as a market maker in a given asset class. Broadly speaking, liquidity providers will act as the both the buyer and seller of a particular asset, thus making a market. In the equities space, many stock exchanges rely on liquidity providers who make the commitment to provide liquidity in a given equity. These liquidity providers commit to providing liquidity in the hopes that they will be able to make a profi A liquidity provider (LP) constitutes either individual and/or institution that functions as a market maker in a given asset class. Broadly speaking, liquidity providers will act as the both the buyer and seller of a particular asset, thus making a market. In the equities space, many stock exchanges rely on liquidity providers who make the commitment to provide liquidity in a given equity. These liquidity providers commit to providing liquidity in the hopes that they will be able to make a profi Read this Term, lending services and decentralized finance (DeFi) apps.

A recent survey shows that 69% of US institutional investors are seeking to add digital assets to their portfolios. FIS customers now have the ability to store as well as issue crypto-related products in a self-custody environment.

Staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term and DeFi are just some of the digital assets investors may gain exposure to.

Officials Remarks

Nasser Khodri, the Head of Capital Markets at FIS, 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 invest in growing our digital asset capabilities for our global client base.”

Michael Shaulov, the Chief Executive Officer at Fireblocks, added, "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.”

John Avery, the Head of Product for digital assets at FIS, said, "There are investors who will seek out synthetic exposure as their only means of access to crypto and digital asset investing. But for the market makers and the brokers, they will need access to the underlying physical assets.

“The appetite of traditional clients to control their own wallet technology and get exposure to different types of these assets will grow over time, either for their own portfolios or to support their structured products or derivatives businesses on top.”

Worldpay from FIS has recently partnered (in March) with Shyft Network. The fruits of the partnership are to assist merchants in complying with crypto regulations, particularly rules that are determined by the Financial Action Task Force (FATF) such as the Travel Rule.