Crypto Firm Says Hundreds of U.S. Banks Will Offer Bitcoin Trading Later This Year
Hundreds of banks in the United States will soon provide Bitcoin trading.
According to a new report from CNBC, the Stone Ridge-owned cryptocurrency custody firm NYDIG is partnering up with fintech expert Fidelity National Information Services to support American banks in their movie into the Bitcoin market. NYDIG’s head of bank solutions Patrick Sells says that “hundreds of banks” have already joined the program, including smaller institutions like Suncrest, which only has seven branches.
“What we’re doing is making it simple for everyday Americans and corporations to be able to buy Bitcoin through their existing bank relationships,” said Sells. “If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”
The move comes as many banks begin to realize the demand for cryptocurrencies, seeing many of their customers putting money into crypto platforms such as Coinbase and Kraken. “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,’” said NYDIG president Yan Zhao. “They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”
As for the new arrangement, Fidelity National Information Services will be handling the link to its banking partners, which combined hold nearly 300 million checking accounts, while NYDIG will be responsible for Bitcoin custody and trading.