Institutional Asset Manager Enlists Fireblocks To Help With Crypto Security

FIS’ interest in expanding its digital asset offerings comes as institutional investors and asset managers are taking a closer look at crypto

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FIREBLOCKS LEADERSHIP TEAM (FROM LEFT): PAVEL BERENGOLTZ, MICHAEL SHAULOV AND IDAN OFRAT | SOURCE: FIREBLOCKS

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key takeaways

  • FIS clients will now use Fireblocks’ platform for crypto trading and investment exposure
  • Fireblocks hit a valuation of $8 billion earlier this year

Payment giant Fidelity National Information Services (FIS) Wednesday partnered with cryptocurrency custody firm Fireblocks to provide an institutional solution for safeguarding digital assets.

FIS’ capital markets clients will now move, store and issue digital assets through Fireblocks’ services and wallet platform. FIS clients will also be able to access stacking and lending tools, DeFi assets and “other more advanced forms of digital asset exposure,” the companies said in a statement.

“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,” Nasser Khodri, head of capital markets at FIS, said. “This exciting new agreement is a proof point of our commitment to invest in growing our digital asset capabilities for our global client base.”

The move comes shortly after Fireblocks hit a valuation of more than $8 billion, following a $550 million Series E funding round in January. Fireblocks’ investors include Fidelity-backed venture capital firms Eight Roads and MState. 

It is “inevitable that every business will need to work with crypto or digital assets,” Fireblocks CEO Michael Shaulov told Blockworks at the time.

FIS’ interest in expanding its digital asset offerings comes as more institutional investors and asset managers are starting to take a closer look at the industry. The vast majority — 84% — of American and European big-money investors are interested in investment vehicles with exposure to digital assets, according to Fidelity Digital Assets’ 2021 Institutional Investor Digital Assets Study.

“Data continues to show institutional investors expect the digital assets industry to more closely mirror that of other asset classes – whether that’s multiple product types covering a variety of investment strategies or the ability to access digital asset investments through traditional financial firms,” Peter Jubber, a managing director at Fidelity Digital Funds, said.


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