Hundreds of banks in the United States allow customers to buy and sell Bitcoin

Hundreds of banks in the US are reportedly set to start offering access to Bitcoin to their customers this year, thanks to a partnership between Fidelity National Information Services and the New York Digital Investment Group. Hundreds of banks signed up to join the program as they watched money move from bank accounts to crypto exchanges.

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NYDIG has partnered with Fidelity National Information Services, allowing US banks to offer Bitcoin by 2021.

Bitcoin is poised to take another big step towards global acceptance and use. This is the first time that the customers of hundreds of US banks will soon be able to buy, hold and sell Bitcoin through their existing accounts.

In support of this project, NYDIG, a subsidiary of NYC-based property manager Stone Ridge, announced its partnership with fintech firm Fidelity National Information Services (FIS).

The head of banking solutions at NYDIG, Patrick Sells, announced that hundreds of banks have signed up for the program. The majority of these registered banks are smaller institutions, but NYDIG is in talks with some of the largest banks in North America, hoping to put them on the board.

“What we are doing is making it simple for Americans and corporations to buy and sell Bitcoin every day through their existing banking relationships. If I am using a mobile application to manipulate the features needed when accessing internet banking, now I also have the ability to buy, sell and store Bitcoin. ”

Until this point, new Bitcoin traders were forced to look to third-party payment applications and solutions. Now, instead of having to learn to control an entirely new system, customers can simply access cryptocurrency through their existing bank.

US banks are finally ready to combine cryptocurrencies

Traditional banks and cryptocurrencies often don’t get along with each other. Until now, most banks have overcome the temptation of not plunging into the cryptocurrency market. It seems that US banks have now changed their views and adopted the mentality of “if you can’t beat them, join them”.

Banks are seeing customers withdraw more and more money to send to crypto exchanges. These exchanges are taking money from the pockets of traditional banking, at a rate that has not slowed down.

Yan Zhao, president of NYDIG said:

“It’s not just that banks think their customers want Bitcoin, they’re saying we need to do this because we see numbers don’t lie. They are seeing deposits to Coinbase, Galaxies and Krakens. “

As more and more smaller banks jump in, industry giants like Bank of America may face pressure from their customers to follow a similar path and launch money services. electronic. So far, these institutions have not really ignored cryptocurrency, but they have not fully embraced it yet.

Morgan Stanley was the first bank to offer Bitcoin funds to clients when it announced in March. Goldman Sachs later said it would offer full Bitcoin investments. Even companies like JPMorgan, when chief executive Jamie Dimon called Bitcoin a dangerous scam in 2017, are still exploring crypto options, reportedly looking at products of their own. in conjunction with NYDIG.

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