650 US banks and credit unions in the US will be able to offer Bitcoin buying services to their millions of customers

650 US banks and credit unions in the US will be able to offer Bitcoin buying services to their millions of customers.

NYDIG provides Bitcoin solutions to 650 US banks and credit unions in the US

On June 30, New York Digital Investment Group (NYDIG) reached a cooperation agreement with enterprise payments corporation National Cash Register (NCR), a 130-year-old corporation in the field of corporate payments.

NCR is a payments company founded in 1884 as the National Cash Register. In 2021, the group partnered with Flexa, a cryptocurrency payment company, to allow customers at 600 stores to use BTC, DOGE, ETH… to buy gas and other goods.

Accordingly, this partnership will support 650 banks and credit institutions in the US that can provide services to buy Bitcoin and many other cryptocurrencies to more than 24 million customers.

Banks and credit unions will not store customers’ crypto assets. This responsibility rests with the custody services of NYDIG. In addition, NYDIG will also charge a fee on each cryptocurrency transaction. In the future, the group will continue to add more investment services to the cryptocurrency market.

“We’re firm believers in the benefits of crypto and the strategic application,” says NCR president of digital banking Douglas Brown. “And that’s true for our banking relationships, as evidenced by Nydig, and across retailers as well as restaurants and the like.”

NCR president of digital banking Douglas Brown

Doug Brown,  president and general manager of digital banking at NCR

NCR is doing this because they see the profit potential of cryptocurrencies. The organization wants to work with banks and credit institutions to provide crypto investment services. This is seen as a move to compete directly with cryptocurrency exchanges, such as Coinbase.

“A lot of these banks have seen that one of the biggest outflows from their depositors is moving money from the bank to exchanges like Coinbase,” says Stone Ridge cofounder Yan Zhao, who joined Nydig as president in December 2020. “And so that’s part of why banks are so excited to have this capability for themselves and for their consumers.”

Since March 2020, NCR’s stock has jumped 238%, with the onset of the pandemic and quarantine rules, which forced numerous banks to shut down their physical branches, while boosting the expansion of financial technology service providers. Recently, the enterprise payments behemoth partnered up with crypto payment company Flexa, enabling clients in 600 shops to start using Bitcoin, ETH, LTC, DOGE, and other cryptos for buying gas and other goods.

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