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10 sats \ 2 replies \ @k00b 13 Apr 2022 \ on: FIS (World's Largest Processing & Payments Provider) To Enable Institutional Bitcoin Trading bitcoin
In an effort to understand this announcement I went and tried to figure out what Fireblocks is. It looks like a custody and multi-asset management system - like a "crypto" wallet built for institutions that integrates directly with a lot of other institutions like exchanges.
FIS has even more gobbledygook on their site. Both have that corporate style site that creates an impenetrable layer of confusion about what their product is and how you might use it: "we do everything, look at all the people we do everything for, don't you want us to do everything for you?"
kr's title says why FIS is important but I'm not sure what this announcement amounts to, e.g. how are FIS's users going to be using Bitcoin? Are they hodling, transferring, or trading?
I'm by no means an expert on the institutional space, but this line from the Bitcoin Magazine article was the most useful bit of info for me:
This partnership allows FIS clients to move and store bitcoin and other cryptocurrencies, gain access to self-custodied wallets, a transfer network, and other advanced forms of digital asset management.
I think the gist of it is that more institutions will now have more options for self-custody and crypto transferring/trading.
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The organization is known as WorldPay FIS to many, or even just WorldPay (which FIS acquired in 2019).
The last line of the article tells their significance in the space (as the organization that enables payment cards to be used for depositing to these top exchanges, from retail, in many markets around the world).
Worldpay provides services to four of the top five cryptocurrency exchanges, FIS said.
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