BUSINESS | May 06, 2021 | WOZINGA NEWS
NYDIG confirmed US banks soon allow clients to trade bitcoin in 2021
- NYDIG and FIS confirmed bitcoin trading adoption of US banks.
- NYDIG would manage the bitcoin custody, not the banks. FIS would cater and provide access to clients.
By Marielle Petere Wozinga Journalist
US banks will soon allow clients to hold and trade bitcoin in 2021 based on the NYDIG executives statement, CNBC reported.
Crypto and financial services firm NYDIG announced bitcoin trading adoption of US banks. The expectation is there when implementing the project with clients’ existing accounts in 2021.
Also, the fintech leader Fidelity National Information Services (FIS: NYSE) confirmed the partnership with NYDIG to offer bitcoin trading services in the coming months.
NYDIG, FIS, and US banks
Moreover, the head of bank solutions at NYDIG Patrick Sells said numerous US banks signed up for the program. Not only major US banks would participate.
Also, these are some of the major firms, JPMorgan and Bank of America. He added that even smaller lenders or community banks, such as Suncrest, agreed to join.
Sells explained that the well-known banks would receive incentives for crypto adoption. However, the smaller firms would firstly celebrate the rewards.
The US firms are eager to add bitcoin as part of wealth management. It occurs due to fintech players. Then, bank customers invest in crypto exchanges like Coinbase, Kraken, and Binance.
At the same point, NYDIG President Yan Zhao explained that banks’ reason is not just bitcoin. Financial firms would pursue the program because they can see the data.
Besides, Zhao discussed the roles of each firm. NYDIG would manage the bitcoin custody, not the banks. FIS would cater and provide access to clients such as chatbots or Apple Pay.
In the case of banks, they would set regulations for the charge for bitcoin trades. Sells continued his explanation.
Now, NYDIG executives pointed out the other plans after successfully exposing the initial bitcoin. They mentioned other services such as debit card rewards paid via bitcoin.
Based on the survey commissioned by NYDIG, several people are willing to own bitcoin as they use their current bank accounts.