Fireblocks Eyes Major Capital Market DeFi Expansion, Partners with FIS

Crypto and digital asset company Fireblocks has partnered 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 customers.

Clients, which include asset managers, hedge funds, banks, and brokers, will have access to the largest crypto trading sites, liquidity providers, lending bureaus, and decentralized finance (DeFi) apps.

They will have access to self-custodial digital wallet technology, an asset transfer network, a staking platform, and other forms of crypto investing.

The deal shows cryptos going mainstream. The cryptocurrency industry would benefit from the participation of more institutional investors in the industry.

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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 financing. Its customers have grown from 150 to over 800 in 2021 and have completed over $2 trillion in transactions, according to its official website.

Fireblocks recently struck deals with Compound Treasury, a DeFi service provider, and AAVE Arc, a licensed 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’s 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 company, to offer banks crypto custody and trading services.

Banks are exploring structured crypto derivatives instead of direct exposure to these assets. FIS can play a decisive role in this area thanks to its market expertise.

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At the end of the line :

The FIS-Fireblocks partnership will help capital market investors easily enter the crypto market. The Fireblocks deal will allow FIS customers to gain exposure to the crypto market.

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