Crypto Custodian NYDIG Is Confident That U.S. Banks Will Facilitate Bitcoin Trading and Storage

Bitcoin is all set for mainstream adoption going ahead this year! Recently, popular cryptocurrency custody firm NYDIG said that the U.S. banks will facilitate users to buy, sell, and hold digital currencies just through their existing accounts.

The traditional banking firms have always been anti-crypto so far. However, the magnanimous rise of the crypto market over the last two years has forced some of the oldest banking institutions to offer crypto-related services citing strong demand from institutional players.

NYDIG has recently partnered with fintech firm Fidelity National Information Services (FIS) to allow U.S. banks in offering Bitcoin services to its users. Head of banking solutions at NYDIG - Patrick Sells - said that hundreds of U.S. banks have already enrolled to the program.

For this FIS shall be using its native FIS Digital One™ Mobile solution that makes it easy and seamless for banks to provide Bitcoin services. It will offers users a seamless digital experience. On the other hand, NYDIG will focus on offering secure custodial and trading platform to provide Bitcoin transactions.

Speaking to CNBC, Patrick Sells said: “What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”

With big private financial firms like PayPal, Robinhood, Square, and Coinbase offering top-end crypto services, banks are really feeling the heat in the market. Also, many institutional players have flocked to Bitcoin and other cryptocurrencies due to global economic uncertainty and fear of inflation.

Thus, banking institutions have already understood the mood of their clients and giants like Goldman Sachs and Morgan Stanley have now jumped into this game.

Rob Lee, head of Global Core Banking and Channels, FIS said: “As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers. Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”

NYDIG President Yan Zhao also said that the banks are clearly seeing losing the competition to big crypto solution providers like Coinbase, Kraken, and Galaxy digital. Zhao added: “They (banks) are seeing deposits going to the Coinbases and Galaxies and Krakens of the world. With bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that’s available to be owned by anyone in any amount. We think that’s huge for economic empowerment.”

Besides, NYDIG is also planning on introducing new services like debit card rewards paid in Bitcoin along with bank accounts that are FDIC insured and pays interest in Bitcoin.