Israeli crypto custodian Fireblocks has partnered with FIS – the largest processing and payments company in the world – to bring crypto adoption to capital markets. FIS clients have now access to all aspects of crypto investment solutions, including storage and trading.
According to a press release from the company, FIS is granting firms of all types “access to the largest crypto trading venues, liquidity providers, lending desks, and Defi applications.”
An announcement refers to a statistic that suggests that more than two-thirds (or more) of institutional investors would like to include digital assets within their portfolios. A recent survey of financial advisors revealed similar sentiment with 72% of respondents expressing interest in crypto investments if a US spot ETF was approved.
Investors like Kevin O’Leary and Michael Saylor have repeatedly highlighted the regulatory hurdle institutions need to overcome to access crypto markets. These issues range from the opaqueness of government policy to internal company rules that restrict investment in this space.
FIS will utilize the Fireblocks platform for its corporate clients to store, issue, move and manage their crypto assets. A network for asset transfer and crypto staking will also be available.
“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. “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, Chief Executive Officer at Fireblocks, explained that the partnership brings their product to “nearly every type” of corporate institution in traditional assets.
A massive partnership
According to FIS’s website, the company manages half of the world’s wealth on its systems. FIS already provides money movement services like card to crypto for four out of the five most popular cryptocurrency exchanges.
Fireblocks’ platform has seen incredible growth. In January, the company was valued at $8Billion and First Digital was purchased for $100M.
Remarkably, the institution is also popular with former financial officials. Previous SEC Chairman Jay Clayton joined the company last year as a regulatory advisor, while the Bank of England’s top executive joined Fireblocks just days ago.