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Milestone: Bitcoin could reach hundreds of US banks this year

Forcing the banks to act

NYDIG, a subsidiary of New York-based asset management firm Stone Ridge, recently entered into a partnership with fintech giant Fidelity National Information Services (FIS). They will allow US banks to apply for the program to offer Bitcoin to their customers.

According to Patrick Sales, Head of Banking Solutions at NYDIG Hundreds of banks have already joined For the program. While the company is in talks with America’s largest banks, many lenders have agreed to participate in smaller institutions such as Suncrest, a California-based community bank with only seven branches.

What we do is make it easier for ordinary Americans and corporations to purchase bitcoins through their existing banking relationships

He sells.

If I used my mobile app for all of my banking services, I now have the option to buy, sell and hold Bitcoin as well.

Until now, bitcoin traders had mostly had to rely on apps from various fintech companies, such as the online brokerage firm Robinhood, or PayPal And Square, or were able to perform transactions on cryptocurrencies such as Coinbase. On the other hand, banks have distanced themselves from Bitcoin in terms of retail clients, and it was only recently that the first reports were received that they were allowing wealthier customers to hold and trade various cryptocurrencies.

However, according to NYDIG’s head, Lian Chao The cube rotates slowly, Banks are becoming more open to Bitcoin because they see a lot of their customers’ money moving towards Coinbase and other cryptocurrencies.

Not only do banks think their customers want bitcoins, but they say, “We have to do it because we see the data.”

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Zhao said.

Would Bitcoin not just be a “game of the rich”?

According to Rob Lee, Head of Digital Banking at FIS, with hundreds of smaller banks joining the program,

Giants like JPMorgan Chase and Bank of America may also come under intense pressure to offer their customers cryptocurrency from retail banking.

In March, Prof. Morgan Stanley It was the first bank to offer Bitcoin money to its clients, Goldman Sachs quickly Follow Advertised separately and JPMorgan in association with NYDIG Achieves Your potential product.

In these cases, however, banks Bitcoin is for individuals who have tens of millions of dollars in enormous wealth It is restricted to family offices. Thinking about this, Chow formulated it this way:

Most people cannot invest in things that institutional investors can invest in. With Bitcoin available to buy for only a dollar through the bank, you now have attractive assets that anyone can own in any amount. We think this is of great importance for economic participation.

Bitcoin exchange rate Serves as a good foundation Otherwise, Zhao optimistic, along the parameters of the prevailing acceptance A surprising rise in note is observed This year, an increase of only 91 percent for encrypted TV, while

Looking at it from a general point of view, we’re talking about a 524 percent increase.

Cover photo: Getty Images