Crypto Firm Says Hundreds of U.S. Banks Will Offer Bitcoin Trading Later This Year

After seeing increased demand in the cryptocurrency.

Tech
5,132 Hypes 0 Comments

Hundreds of banks in the United States will soon provide Bitcoin trading.

According to a new report from CNBC, the Stone Ridge-owned cryptocurrency custody firm NYDIG is partnering up with fintech expert Fidelity National Information Services to support American banks in their movie into the Bitcoin market. NYDIG’s head of bank solutions Patrick Sells says that “hundreds of banks” have already joined the program, including smaller institutions like Suncrest, which only has seven branches.

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

The move comes as many banks begin to realize the demand for cryptocurrencies, seeing many of their customers putting money into crypto platforms such as Coinbase and Kraken. “This is not just the banks thinking that their clients want Bitcoin, they’re saying `We need to do this, because we see the data,’”  said NYDIG president Yan Zhao. “They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”

As for the new arrangement, Fidelity National Information Services will be handling the link to its banking partners, which combined hold nearly 300 million checking accounts, while NYDIG will be responsible for Bitcoin custody and trading.

In other related news, SpaceX will be launching a Moon satellite funded by Dogecoin.

Read Full Article

What to Read Next

Crypto Expert Predicts That Bitcoin Will Eventually Hit $1 Million USD per Coin
Tech 

Crypto Expert Predicts That Bitcoin Will Eventually Hit $1 Million USD per Coin

The prediction has to do with a Bitcoin event called halving.

El Salvador Embraces Bitcoin in This Week’s Business and Crypto Roundup
Tech 

El Salvador Embraces Bitcoin in This Week’s Business and Crypto Roundup

While Snoop Dogg joined Def Jam and Gap is reportedly shutting stores in the U.K. and Ireland.

Bitcoin Soars Past $15,000 USD During U.S. Elections
Tech

Bitcoin Soars Past $15,000 USD During U.S. Elections

A price we haven’t seen since 2018.


Vaccinated U.S. Travelers Will Soon be Able to Visit Europe
Tech

Vaccinated U.S. Travelers Will Soon be Able to Visit Europe

As soon as this summer.

Marvel Comics' Newest 'Captain America' Is Joe Gomez of the Kickapoo Tribe
Entertainment

Marvel Comics' Newest 'Captain America' Is Joe Gomez of the Kickapoo Tribe

Created by Lipan Apache writer Darcie Little Badger and Qalipu Mi’kmaq First Nation artist David Cutler.

MBL Architectes and Bureau David Apheceix Pair up To Develop 'Skatepark Continua'
Design

MBL Architectes and Bureau David Apheceix Pair up To Develop 'Skatepark Continua'

As part of Galleria Continua in Boissy-le-Châtel, France.

Dogecoin Drops From Record Value After Elon Musk's 'SNL' Appearance
Tech

Dogecoin Drops From Record Value After Elon Musk's 'SNL' Appearance

Not quite the “Dogefather” yet.


Dave Bautista Reveals 'Guardians of the Galaxy Vol. 3' Might "Be the End of Drax"
Entertainment

Dave Bautista Reveals 'Guardians of the Galaxy Vol. 3' Might "Be the End of Drax"

Adding that Marvel didn’t seem “very interested” in a film about Drax and Mantis.

Nintendo Records Most Profitable Year Yet
Gaming

Nintendo Records Most Profitable Year Yet

Also naming ‘Animal Crossing: New Horizons’ as its highest-selling game of FY2020.

James Gunn Confirms Multiple 'Suicide Squad' Post-Credit Scenes
Entertainment

James Gunn Confirms Multiple 'Suicide Squad' Post-Credit Scenes

How long will the movie be?

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.