NYDIG plans to bring Bitcoin to 650 US banks and credit unions
New York Digital Investment Group (NYDIG) has partnered with Atlanta-based payment giant NCR to enable Bitcoin (BTC) services for banks and credit unions in the United States.
According to Forbes on Wednesday, 650 banks and credit unions in the US will be able to offer Bitcoin trading services to their more than 24 million customers.
In addition to trading Bitcoin for customers of banks and credit unions, NCR is also reportedly looking to BTC payment services for its nearly 200,000 retail customers.
According to reports, NYDIG will offer its in-house Bitcoin custody solution, which removes a major regulatory hurdle for community banks and other financial institutions looking to trade cryptocurrencies.
The news follows NYDIG’s partnership with digital banking provider Q2 as well as global payment channel Fiserv and cloud-based e-banking website Alkami, which enables banks to offer Bitcoin transactions to approximately 18 million customers.
As previously reported by Cointelegraph, Patrick Sells, Head of Banking Solutions at NYDIG, stated in May 2021 that U.S. banks wanted to offer Bitcoin trading by 2021 – investigate their anti-BTC stance so far.
Connected: NYDIG and Q2 Partner to Bring Bitcoin Trading to 18 Million U.S. Bank Customers
According to Douglas Brown, director of digital banking at NCR, the company’s banking customers regularly report large savings flows from customers to crypto exchanges. For Brown, the offer of BTC trading methods will help NCR and its customers break a portion of the $ 1.4 trillion market.
The move also extends to enhancing NCR’s digital financial infrastructure available to its credit unions and banking customers. Earlier this year, the 137-year-old corporate payments company acquired software company Terafina to improve customer reach across physical, call center and digital account opening channels.
According to reports, NCR plans to hold Bitcoin in custody for its customers while also investigating use cases for non-crypto blockchain applications.