Fireblocks teams up with FIS in capital markets crypto push

Custody platform Fireblocks and payments giant FIS have inked a partnership to accelerate crypto adoption in capital markets.

FIS said in a press release that the deal will enable firms of all types to access the largest crypto trading venues, liquidity providers, lending desks and decentralized finance (DeFi) applications. 

“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,” said Nasser Khodri, head of capital markets at FIS.

In practice, FIS capital markets clients will be able to move, store and issue digital assets. They'll gain access to self-custody digital asset wallet technology, an asset transfer network and tools to access staking, DeFi and other more advanced forms of crypto investing.

The company's capital markets segment has more than 6,000 clients globally, including 80% of the capital markets industry’s biggest players, it said. 

“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,” said Michael Shaulov, CEO at Fireblocks. 

It's a partnership of two heavyweights in the digital payments space. Fireblocks has been on a growth spurt in recent months, having secured an $8 billion valuation via its $550 million Series E funding round. Its recent hire of Bank of England fintech chief Varun Paul signals that it is set for an institutional push in crypto partnerships. 

FIS has also been racking up crypto partnerships. Only last week, it said it would offer merchants the ability to receive settlement directly in the stablecoin USDC. It currently works with four of the top five crypto exchanges to provide card-to-crypto and other money movement services. 

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Lucy is the NFT, gaming and metaverse editor at The Block. Prior to joining, she worked as a freelancer, with bylines in Wired, Newsweek and The Wall Street Journal, among other publications.