Crypto and digital asset company Fireblocks has teamed up with FIS, an NYSE-listed Fortune 500 fintech company, to accelerate the adoption of DeFi applications in the capital market.
The partnership will allow Fireblocks to serve more than 6,000 FIS capital market clients.
The clients, which include asset managers, hedge funds, banks, and brokers, will have access to the largest crypto trading venues, liquidity providers, lending desks, and decentralized finance (DeFi) applications.
They will gain access to self-custody digital wallet technology, a network for assets transfer, a platform for staking and other forms of crypto investing.
The deal shows cryptos are becoming mainstream. The cryptocurrency industry would benefit from the participation of more institutional investors in the industry.
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FireBlocks:
FireBlocks was founded in 2018. It raised US$550 million in a Series E funding round in January this year, co-led by D1 Capital Partners and Spark Capital. The company was valued at around US$8 billion after the funding. Its customers rose from 150 to more than 800 in 2021 and conducted over US$2 trillion worth of transactions, as per its official website.
Fireblocks has recently entered into agreements with Compound Treasury, a DeFi service provider, and AAVE Arc, a permissioned liquidity pool.
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About FIS
FIS provides payment processing and wealth management services. Its market capitalization is US$62 billion. Earlier this month, FIS’ WorldPay partnered with Circle, a peer-to-peer payments technology company, to enable merchant settlements in USDC, a stablecoin.
In May 2021, it partnered with NYDIG, a technology and financial services firm, to offer banks crypto custody and trading services.
Banks are exploring structured crypto derivative products instead of direct exposure to these assets. FIS can be instrumental in this area with its expertise in the market.
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Bottom line:
The FIS-Fireblocks partnership will help capital market investors to enter the crypto market with ease. The Fireblocks deal will enable FIS clients to gain exposure to the crypto market.
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