NYDIG has partnered with Fidelity National Information Services to create a system that allows US banks to offer cryptocurrency trading services to customers.
Patrick Sells, head of banking solutions at New Digital Investment Group (NYDIG), said the companies will join forces to create a dedicated infrastructure. With its help, clients of American banks will be able to trade cryptocurrencies directly using their existing bank accounts. Several banks and financial institutions have already expressed their readiness to take part in the program. NYDIG is also in talks with major banks willing to support this initiative.
Sells believes that financial giants such as Bank of America and JPMorgan may also be interested in cryptocurrency trading when smaller banks begin to “reap the benefits” of crypto-asset retailing. Note that Bank of America is one of those banks that never tire of challenging the value of Bitcoin and other cryptocurrencies.
NYDIG President Yan Zhao said that strong competition from financial institutions with Robinhood, Coinbase and Square platforms was the incentive to create such a system. So, in the first quarter of 2021, about 9.5 million people were already trading digital assets on the Robinhood platform.
“It’s not that bank customers just want to work with bitcoins. Banks are forced to implement cryptoassets because they see statistics: their clients are pouring huge funds into cryptocurrency exchanges and companies such as Coinbase, Kraken, Galaxy Digital and so on, ”Zhao said.
The major investment bank Goldman Sachs plans to provide its clients with the opportunity to invest in bitcoin in the coming months. Morgan Stanley also said it is offering institutional clients access to bitcoin through cryptocurrency funds.
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