300 Community Banks in The United States To Begin Offering Bitcoin Trading in 2022.

In response to increased consumer demand, an estimated 300 community banks in the United States are apparently planning to launch Bitcoin trading via mobile apps.

According to an American Banker article, over 300 community banks in the United States are planning to offer Bitcoin trading to clients in the first or second quarter of 2022, with the assistance of Bitcoin business NYDIG. According to the study, as part of the endeavor, the American Bankers Association and the Independent Community Bankers of America have committed investments in NYDIG.

NYDIG is a division of Stone Ridge, a holding corporation that has spearheaded the establishment of forward-thinking enterprises in technology and finance, including a $12 billion+ alternatives asset manager. It provides “Bitcoin products in a variety of industries, ranging from banking and insurance to fintech and nonprofits.”

Harold Reynolds, CEO of BankSouth, a Georgia-based bank with over $1.3 billion in assets, stated:

“We have seen significant activity in cryptocurrency transactions from our customer accounts, and a few investments have been rather large, so that is obviously getting our attention.“

As Oklahoma-based Vast Bank published on 4 February 2021, it “successfully executed” a “end-to-end cryptocurrency transaction” on 27 January 2021 through a partnership with Coinbase, becoming the first nationalized financial institution to both buy as well as provide custody services for a digital asset on behalf of a customer and directly from their bank account.

Flushing Financial Corporation, the main holding company of Flushing Bank, also released a press statement on January 25 to announce that it has signed into a partnership with NYDIG to provide Bitcoin services to its clients.

According to the bank‘s press announcement, John Buran, President and CEO, stated:

“Using NYDIG’s innovative technology to provide seamless access through our relationship with Q2, our online banking provider, we will be able to offer our customers the ability to buy, sell, and hold bitcoin. This partnership provides our customers with a fully integrated solution to conduct bitcoin transactions in a safe and secure environment.“

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Patrick

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