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NYDIG set to bring Bitcoin adoption to 650 US banks and credit unions

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Investment management trust New York Digital Investment Group (NYDIG) will partner with corporate payments giant NCR and 650 US banks and credit unions. As part of the agreement, the bank customers will be offered cryptocurrency, and in particular Bitcoin. Millions of users will be able to buy digital coins and store them in NYDIG custody wallets.

New York Digital Investment Group (NYDIG) announced back in May that “hundreds of American banks are ready to offer their clients direct purchase of Bitcoin“, but only now, thanks to an agreement with NCR, there was a technical opportunity to implement the declared.

The agreement concluded between the New York Digital Investment Group and NCR implies the gradual introduction of cryptocurrency into the public. About 24 million customers of 650 US banks will be able to purchase digital assets. It is worth noting that financial institutions will not only be able to invest in cryptocurrency, but also trade it. This will be possible thanks to a mobile application that NCR has specially developed for this purpose.

At the same time, the responsibility for storing cryptocurrency for clients will not lie on the shoulders of financial institutions. The implementation of the plan will take place through the custodian services of NYDIG. The New York-based trust company itself will generate income by charging a transaction fee. Also, users will be offered additional investment services.

NYDIG estimates that its banking partnerships enable 70% of US banks to provide new services. For example, the firm’s partners include FIS, Fiserv (Fortune 500), as well as Q2 Holdings and Alkami Technology.

Why will NYDIG and NCR invite bank users to buy Bitcoin?

The NCR Corporation founded in 1884 and has 34,000 employees. The company represented in 160 countries. Last year, it generated $ 6.2 billion in revenue from non-cryptocurrency transactions.

NCR is a provider of computing solutions to the retail, banking, finance, travel and healthcare industries. The original products of the company, which ensured its success and reputation, were cash registers. The company’s penetration into the digital asset industry came after a partnership with cryptocurrency firm Flexa.

Now NCR has decided to grab a good chunk of profit on the desire of banks and credit unions to prevent their customers from buying cryptocurrency on external exchanges, and to offer cryptocurrency investments themselves. Thus, the new service is a response to the demand from NCR customers who bought digital assets on crypto exchanges.

NCR plans to provide financial institutions with the ability to buy Bitcoin and other popular cryptocurrencies. Further trading in them will take place through existing bank accounts. Financial institutions will thus be able to compete directly with digital exchanges such as Coinbase. NYDIG Director Yan Zhao noted that now a huge number of users are transferring their funds from bank accounts to cryptocurrency exchanges. Banks, on the other hand, want to become part of the cryptocurrency business, as they can generate colossal income from the emerging digital asset industry.

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