NYDIG milestone for adoption! 650 banks in the US will be able to buy and sell Bitcoin directly

Digital asset management firm NYDIG has partnered with payment giant NCR to allow access to Bitcoin and other cryptocurrencies for the 25 million users of 650 banks and credit unions across the United States.

NYDIG

New York Digital Investment Group (NYDIG), a subsidiary of the prominent U.S. asset management firm Stone Ridge, offers services in investment management and crypto custody.

NYDIG provides bitcoin investment and technology solutions for insurance companies, banks, corporations, institutions, and high-net-worth clients, holding approximately $6 billion in custody assets.

NCR

National Cash Register (NCR), an American enterprise payment company established in 1884, initially focused on manufacturing cash registers and ATMs. It serves 180,000 restaurants and retailers, and with plans in place, many businesses will be able to accept bitcoin payments in the future.

Similar to financial institutions like PayPal, NCR's stock price surged by 238% after the COVID-19 pandemic outbreak in March last year, generating $6.2 billion in revenue solely from non-cryptocurrency transactions.

Providing Cryptocurrency Trading to Banks

Following the collaboration between NCR and NYDIG, 650 U.S. banks will be able to offer bitcoin trading services to approximately 24 million customers. This includes banks like First Citizens Bank, Bay Federal Credit Union, and local banks.

This service streamlines the process for users to buy and sell bitcoin directly through their bank accounts via NCR's payment app, with custody services managed by NYDIG.

Yan Zhao, co-founder of Stone Ridge, NYDIG's parent company, stated in an interview:

Banks are tired of seeing users transfer funds from their bank accounts to exchanges. This approach preserves the banking infrastructure while offering cryptocurrency trading, directly competing with exchanges.

NYDIG CEO Robby Gutmann previously hinted in March about forthcoming beneficial announcements regarding institutional strategic partnerships that will significantly alter the traditional financial landscape.

In May, NYDIG directly stated that U.S. banks will soon allow users to buy, sell, or hold bitcoin in their accounts. Patrick Sells, the head of this solution, emphasized:

What we're doing is making it easy for Americans and businesses to buy bitcoin through their existing bank services.