Investment services firm NYDIG and Enterprise Payment Giant NCR Corporation have a partnership that allows 650 U.S banks to offer bitcoin purchases to an estimated 24 million total customers.
North Carolina-based First Citizens Bank and Credit Union, including Bay Federal Credit Union in California, will also benefit from this partnership.
The financial institution that opts to use the new services will not take responsibility of holding crypto assets for customers. Instead, they can use NYDIG custody services. Moreover, to providing custody services, NYDIG will charge cryptocurrency fees and provide additional investment services.
“We’re firm believers in the benefit of crypto and the strategic application. And that’s true for our banking relationship as evidenced by NYDIG and across retailers and restaurants and the like. Says NCR President of digital banking Douglas Brown.
In 2017 Nydig founded as New Digital Digital investment group way for its sister company $11 billion Stone Ridge Asset management to store crypto. Nydig was a custodian of $4 billion in crypto assets, including at least 30,000 bitcoin valued at $1 billion owned by its Stone Ridge. A month later, assets under management have grown to more than $6 billion.
Brown also expects the banks will likely follow PayPal increasing the opportunity to sell/buy crypto as a payment option. Brown also says future projects are also expected to including bitcoin purchases available via NCR 800,000 ATMs and More.
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The firm has already announced other banking partners with FIS, Fiserv, Q2 holding, and Alkami. All of which are financial services providers and work with various local banks and credit unions.
“A lot of these banks have seen that one of the biggest outflows from their depositor is moving money from the bank to exchange like Coinbase.” Said Stone Ridge Cofounder Yan Zhao.
