Custody platform Fireblocks and payments giant FIS have partnered to increase the use of crypto in capital markets by offering a comprehensive set of crypto trading and lending services.
firewall joined forces with FIS
According to a press release from FIS, the partnership will give companies access to the largest crypto trading platforms, liquidity providers, lending bureaus and decentralized finance (DeFi) applications. Fireblocks solutions will be available to all of FIS’s more than 6,000 financial markets customers, starting with its more than 1,000 network partners. These clients include a buy-side assortment of asset managers and hedge funds, banks and brokers.
FIS financial markets clients will be able to move, store and issue digital assets. They will have access to self-custodial digital asset wallet technology, an asset transfer network, and tools for staking, DeFi, and other advanced types of crypto investing.
Or are both companies now?
Fireblocks has raised $550 million in Series E funding, backed by Spark Capital, Mammoth, General Atlantic and other investors. The funding increased the organization’s valuation to $8 billion. It also recently acquired First Digital, a technology platform for stablecoins and digital assets, and hopes to acquire more startups as it grows.
FIS, a $62 billion publicly traded fintech company, finds itself in a different situation as it transitions from traditional finance to more crypto partnerships. Only last week he announcement that traders could get direct settlement in the USDC stablecoin. In May 2021, another FIS division collaborated with NYDIG, which provides crypto custody and trading, to enable banks to offer crypto services to their customers.