FinTech platform FIS and cryptocurrency tax and accounting service Ledgible have joined forces in a partnership that the companies say is designed to “bridge the gap between crypto and traditional finance.”
According to a Tuesday (July 5) Press releasethe partnership aims to give capital market firms a space to aggregate, standardize and integrate digital asset data into their systems.
“With dozens of middle and back-office systems across buy-side and sell-side businesses, FIS is acutely aware of the importance of this data in supporting an asset,” the companies said in the statement.
“Most of the APIs and tools in the crypto space were designed for mainstream markets – this partnership and the resulting technology applications mark a paradigm shift in institutions’ ability to manage crypto in their portfolios. Essentially , crypto is becoming just another asset class for businesses through their existing trading tools.
See also: FIS plans expansions into new markets and locations in 2022
John Avery, Head of Digital Assets for FIS Capital Markets, said one of the hurdles traditional businesses face when entering these crypto markets is that it often forces them to use point solutions or manual processes to be operational.
“What we’ve learned from our customers is that most want to operate at scale from ‘day one’ of operation, not 12 months later,” he said.
In an earnings call earlier this year, FIS said it was working on its cryptocurrency capabilities in e-commerce, saying it hoped to “expand into new attractive verticals like crypto to conquer fast-growing and emerging new markets”.
Also on Tuesday, June 5, payment platform Wirex launched Wirex Credit for cryptocurrency-backed loans, allowing users to borrow up to $100,000 in stablecoins.
Read more: Wirex Credit Intros Crypto Loans
“This is a landmark in Wirex providing more ways for everyday users to use crypto, and we’ve made it as convenient and easy as possible for our customers to take out a crypto-backed loan,” said Pavel Matveev, CEO of the company and co-founder.
“Wirex’s vast ecosystem of products means there are huge opportunities for using Wirex Credit, from HODLing to debit card purchases, or using the Wirex wallet to earn in DeFi protocols.”