Hundreds of banks in the U.S. will reportedly start offering access to Bitcoin to their customers this year
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.
Hundreds of U.S. banks will soon allow customers to buy, hold and sell #bitcoin through their existing accounts, says NYDIG.
— Documenting Bitcoin 🟩 (@DocumentingBTC) May 5, 2021
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’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell, and hold 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 “if you can’t beat them, join them” mentality.
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:
“This is not just the banks thinking that their clients want bitcoin, they’re saying, `We need to do this because we see the data. They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”
As smaller and 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 was 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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