Posted 11 months ago | by Catoshi Nakamoto

650 U.S. banks will soon be able to offer Bitcoin to an estimated 24 million total customers through NCR and NYDIG. However, the bigger story lies in a partnership deal made earlier this month which enables Financial institutions of all sizes to buy and sell Bitcoin through their bank accounts through NYDIG and another service called Fiserv.

KuCoin

As part of a deal between industry-leading payments giant NCR (National Cash Register) and digital-asset management firm NYDIG, community banks, and credit unions will soon be able to offer their customers cryptocurrency trading through mobile applications that are built by NCR. National Cash Register was founded in 1884 and resides right here in Atlanta, Georgia. NCR is also the largest point-of-sale application provider to grocery and other retail stores globally, with a 45% market share, according to research firm RBR. In total, NCR serves 180,000 restaurants, retail chains, and other businesses.

According to Forbes, who broke the story, NCR employs 34,000 people and does business ranging from digital banking services to ATMs and restaurant point-of-sale kiosks in 160 countries.

NCR is allowing NYDIG, owned by Stone Ridge Asset Management to be the custodian of customers’ crypto assets, instead of having to deal with regulatory requirements related to actually holding the cryptocurrency for their customers. For the customers, they will see their digital assets inside of their mobile application and be able to freely trade.

“We’re firm believers in the benefits of crypto and the strategic application,” NCR president of digital banking Douglas Brown told Forbes. “And that’s true for our banking relationships, as evidenced by Nydig, and across retailers as well as restaurants and the like.”

In addition to NCR, NYDIG is also working with Texas fintech firm Q2 another banking software provider to provide Bitcoin to Q2’s 18.3 million users. Q2 develops online banking software for over 450 small and medium-sized banks and credit unions, including Texas Security Bank, Mercantile Bank, and Scotiabank.

Other partners of NYDIG include — FIS, Fiserve, Q2 Holdings, and Alkami Technology. In February, NYDIG owned by Stone Ridge Asset Management was the custodian of $6 billion in crypto-assets according to Coindesk.

This news also follows a recent partnership with NYDIG, and Fiserv another leading global provider of payments and financial services. According to Business Wire, this will allow consumers to manage bitcoin transactions directly within their financial institution’s online and mobile banking portals, providing users an easy way to buy, sell and hold the number one digital asset through their banks, skipping cryptocurrency exchanges like Coinbase.

“Interest in cryptocurrency, and particularly bitcoin, has skyrocketed over the past several years, to the point that bitcoin investing is now a commonplace activity,” Byron Vielehr, chief digital and data officer at Fiserv said. “People continue to turn to financial institutions as a central place to manage their financial activity, and being able to offer this capability will help position banks and credit unions at the forefront of their customers’ financial lives.”

That same press, release expresses that Fiserv and NYDIG are working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs. It’s also worth mentioning that NYDIG was tapped by Anthony Scaramucci’s SkyBridge to custody its pending Bitcoin exchange-traded fund (ETF).

Last year, former U.S. Office of the Comptroller of the Currency (OCC) Brian Brooks who is now the head of Binance U.S. gave the ability for banks to custody cryptocurrency for their clients. However, many banks are choosing to use NYDIG for this process rather than go through the requirements to do so safely. Brooks on his way out also gave approval to crypto custodian Anchorage to receive a national trust charter making it the first digital asset bank in the country, as Bitboy Crypto reported.

Combined the number of banks that can now offer Bitcoin to their customers’ thanks to NYDIG’s partnerships and infrastructure is 70% according to estimates by the firm.

Although the market has been in a downtrend the past few weeks, we are right now trading sideways in the 30-40K channel. The hash rate of the Bitcoin network plunging has driven prices lower thanks in part to China banning miners and cryptocurrency businesses from cashing out to their Chinese bank accounts. But the market seems to be in an early recovery stage, as fundamentals for Bitcoin haven’t changed and now almost every U.S. bank and credit union in the U.S. can offer if they choose the ability to buy BTC for their customers. However, always remember, NOT YOUR KEYS, NOT YOUR CRYPTO, and these dinosaur institutions will not let you send your Bitcoin off their platforms to a non-custodial wallet.

This may be bullish for the price, but this is the old financial system grasping on to be a part of the new one by making themselves a middleman, which will allow them to accept fees for their “services.”

Bitcoin is currently trading at [FIAT: $34,350.10] DOWN -3.4% in the last 24 hours according to Coingecko at the time of this report.

About Catoshi Nakamoto

c6ea0c3794492f30883e516d39b2597a?s=90&d=blank&r=g BULLISH: 70% Of U.S. Banks And Credit Unions Can Now Purchase Bitcoin For Customers Through NYDIG And FiservActivist/Journalist, former writer - We Are Change, The Mind Unleashed, Coinivore, others. Currently writing for - Activist Post and Bitboy Crypto. Not Right or Left Apolitical. I Care About Truths (CATS.) Cryptocurrency enthusiast, I mined and lost 100+ BTC in 2010-2011. I work with - Bitboy, SoMee, CEEK, Presearch, and W3BT aka FMW Media Group. Friend of mostly everyone who isn't a dick. Just A Cool Cat.