Crypto exchange Okcoin taps FIS subsidiary Worldpay to lead global expansion

Cryptocurrency exchange Okcoin has selected merchant service provider Worldpay to aid in its expansion efforts, which includes bringing crypto-to-crypto payments to a global audience. 

Okcoin will leverage Worldpay’s foreign exchange services, allowing customers to purchase cryptocurrency with credit and debit cards. Jason Lau, Okcoin’s chief operating officer, said his firm selected Worldpay for its extensive experience working with cryptocurrency exchanges. He further explained:

“As we activate new markets and local currencies, opening up new channels of payments will play a key part in our growth, as well as the overall cryptocurrency industry.”

Related: 40% intend to use crypto for payments in the next year: Mastercard survey

Jason Pavona, the general manager for North America at Worldpay Merchant Solutions, described his company’s experience working with crypto exchanges:

“For the past eight years, we have worked with some of the world’s biggest crypto exchanges, building solutions to open up card payments and payouts to consumers using crypto exchanges.”

Pavona also indicated that “interest in [cryptocurrencies] has never been greater.”

Related: BlackRock CEO signals low demand for crypto from long-term investors

Worldpay is wholly owned by FIS, a publicly-traded technology and merchant service provider. FIS is both a Fortune 500 company and a member of the large-cap S&P 500 Index. The company processes more than $2 trillion in annual transactions.

Cryptocurrency exchanges have seen a large increase in new users over the past year, with several joining the coveted unicorn category – a term that describes startups with a valuation of at least $1 billion. As Cointelegraph reported, derivatives exchange FTX recently smashed a new crypto funding record, bringing its total valuation to $18 billion. Meanwhile, a pair of Latin American exchanges – Bitso and Mercado Bitcoin – have seen their valuations grow beyond $2 billion.