FIS continues to grow market share in cryptocurrency vertical

Fidelity National Information Services Inc. will continue to expand market share as a merchant acquirer processing cryptocurrency transactions, President Stephanie Ferris said during the first-quarter earnings call May 3.

"So this is a really exciting vertical for us in our global e-commerce business. It continues to demonstrate the strength and differentiation of our e-commerce business," Ferris said.

During the first quarter, FIS added cryptocurrency exchange Currency.com as a new client. It has processed transactions for four out of the five largest cryptocurrency exchanges, Ferris noted.

On April 6, FIS announced its payment processing business Worldpay will receive settlement of transactions directly in USDC, a stablecoin redeemable to U.S. dollar 1-to-1 issued by financial technology firm Circle.

Cryptocurrency still accounts for a small portion of its total merchant acquiring volume, Ferris said.

Total revenue was up 9% year over year in the first quarter to $3.49 billion, driven by a 15% organic growth in the merchant solution business.