Customers of hundreds of banks in the U.S. will soon be allowed to purchase, store and sell Bitcoin (BTC) using their existing accounts.
This, after FinTech giant Fidelity National Information Services (FIS) and the New York Digital Investment Group (NYDIG) entered into a collaborative partnership “to enable U.S. banks to offer Bitcoin in the coming months.”
NYDG is the BTC investment arm of Stone Ride Asset Management in New York, while FIS is a vendor to banks with almost 300 million checking accounts.
According to Patrick Sells, head of bank solutions at NYDG, there are already hundreds of banks that are enrolled in the program, with most of them being the smaller ones.
Making it simple to buy Bitcoin
In a report by news.bitcoin.com, Sells said what they are doing is “making it simple for everyday Americans and corporations to be able to buy Bitcoin (BTC) through their existing bank relationships.”
He noted that if these people are using a mobile application for their banking, then they can now have the ability to buy, sell and hold Bitcoin.
Meanwhile, NYDIG President Yan Zhao said that banks are now asking about providing crypto investments because they noticed that their customers are taking their money out of bank accounts and putting them into crypto exchanges.
Pressure to the bigger banks
FIS Digital Banking Head Rob Lee believes that if smaller banks provide a crypto service, major banks such as JPMorgan Chase and Bank of America will be pressured into offering crypto investments to retail banking customers.
Bitcoin investments are already being provided by major investment lenders. Last March, Morgan Stanley announced that it would offer BTC funds to its wealthy clients, while a full spectrum of Bitcoin investments will also be offered by Goldman Sachs.
NYDIG’s Zhao, meanwhile, believes that having an asset that can be owned by anyone in any amount is huge for economic empowerment.
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