Worldpay from FIS and Shyft Network have united in a bid to increase security for crypto traders amid a shifting legislative environment.
Both companies will look to provide Worldpay merchants with the tools needed to fully comply with the multi-jurisdictional requirements set out by the Financial Action Task Force (FATF).
The Force particularly targets the anonymous nature of crypto traders, implementing measures to try and bring money laundering and other criminal financial practices to a halt.
Nabil Manji, Head of Crypto and Emerging Business at Worldpay from FIS, said: “Worldpay from FIS is thrilled to join the Shyft Network as a federation member. Our partnership with Shyft reflects our ongoing work to support growth in the cryptocurrency sector and our commitment to connecting the world to the digital asset economy, all in a safe and secure manner.
“We share Shyft’s view that effective management of, and adherence to, regulation is key to accelerating retail and institutional adoption of digital assets. We’re excited to embark on this journey with Shyft and enable our clients to safely accelerate their pace of innovation in this space,” Manji concluded.
Co-Founder of Shyft Network Joseph Weinberg also commented on the partnership, stating that compliance is “crucial to accelerating adoption” of the digital finance infrastructure.
He said: “We are very excited to work alongside Worldpay from FIS to accelerate the adoption of cryptocurrencies. Regulation and compliance are critical to continued institutional growth, and infrastructure that can enable institutions and merchants to mitigate risks while reaping the benefits these technologies have to offer is crucial to accelerating adoption.”
Shyft is a blockchain-based digital identity ecosystem that can aid WorldPay by providing expertise on data collection and compliance for virtual asset service providers (VASPs) such as crypto exchanges, custodial wallets, and brokerage firms.
Worldpay on the other hand will provide a well-known brand with a global cryptocurrency client base. With a proven experience in the Card-to-Crypto space, providing services to cryptocurrency exchanges, Worldpay holds a clear vision of what comes next for the world of payments, banking, and investments.