The cryptocurrency fever continues to gain momentum, and the mass of crypto-curious individuals is growing day by day. U.S. banks feel the cryptocurrency growth through the increased transfer of funds from traditional bank accounts to cryptocurrency exchange platforms. Thus, the U.S. conventional financial institutions are keen on ways not to be left out of this expanding ecosystem.
With this desire of U.S. banks to access cryptocurrency, Fidelity National Information Services (FIS) and New York Digital Investment Group (NYDIG) entered into a partnership. Financial technology firm FIS is collaborating with crypto custody firm NYDIG to enable Bitcoin access for banks in the U.S.
Customers to Manage Their Bitcoin and Fiat Holdings on a Single Platform
FIS and crypto custody firm NYDIG will be joining hands to develop a solution that will allow banks to offer their customers the option of buying, holding, and selling Bitcoin (BTC) via their bank accounts. According to the announcement, the program will leverage the FIS Digital One Mobile solution to let banks access Bitcoin without a third-party integration.
The accessibility and credibility gap between cryptocurrency and conventional financial institutions is about to be bridged with this new partnership. Robert Guttmann, the crypto custody firm’s CEO confirmed this in an interview. The advantage for customers will be seamless management of their BTC holdings alongside their fiat holdings in a single platform.
As much as the principal goal of financial technology firm FIS and crypto custody firm NYDIG partnership is to enable banks to tap into the crypto-curious mass, NYDIG’s president also confirmed the benefits the crypto ecosystem will reap from this venture.
Yao Zhao stated that banks’ accessibility to Bitcoin solution would help level the field for both institutional and retail investors. When U.S. banks integrate this solution, retail customers will be able to buy Bitcoin with as little as a dollar. Thus, economic empowerment is added to the benefits of local banks’ accessibility to Bitcoin solution.
Hundreds of Small Banks Have Already Enrolled to Accessibility to Bitcoin Solution
The solution has already seen hundreds of banks signing up. Patrick Sells, the Head of Bank Solution at crypto custody firm NYDIG added that these were primarily small banks. However, NYDIG and financial technology firm FIS are in talks with leading banks over joining the program.