Payments processor Fidelity National Information Services (FIS) has partnered with Crypto.com, and its Worldpay unit is handling card-based cryptocurrency sales and purchases for the cryptocurrency exchange, the company said in a press release this week.
Worldpay also provides global merchant acquiring services to support Crypto.com’s continued growth and global expansion, FIS said in the Feb. 8 release. In addition, FIS acts as a "global validator and operator" for the Crypto.com-related public blockchain Crypto.org Chain, which enables transactions worldwide. Financial terms of the pact were not disclosed.
A spokesperson for FIS said the arrangement was finalized in November and services have been available since then.
Based in Jacksonville, Florida, FIS provides payment software services globally for merchants and financial institutions. The company says it processes about $2 trillion in transactions annually in some 100 countries in many currencies and provides card-to-crypto services for four of the five biggest crypto exchanges. Last year, FIS forged a similar arrangement with the crypto exchange OKCoin.
The price of the most widely traded cryptocurrency, Bitcoin, soared last year, but it has lost about a third of its value this year as regulators worldwide — including the Securities and Exchange Commission in the U.S. — increasingly discuss more safeguards to protect consumers from risks associated with the digital currencies.
Singapore-based Crypto.com sought a partner with "extensive experience" in working with crypto exchanges to support its continued growth, according to FIS.
"We’re delighted to have been selected by Crypto.com to help them take cryptocurrencies to a wider global market," Nabil Manji, Worldpay's head of crypto and emerging business, said in the release.
Added Kris Marszalek, co-founder and CEO of Crypto.com: "Worldpay will greatly contribute to our vision of making cryptocurrency accessible to everyone." Marszalek is based in Hong Kong, according to his LinkedIn profile.
Crypto.com has about 10 million customers. Through its exchange, its app and its Visa card, customers can purchase and spend in some 250 different cryptocurrencies.
