By
Bena Ilyas
April 25th, 2024
The linkup between Allied Payment Network and NYDIG is expected to help meet the growing demand for crypto and BTC-related services.
Allied Payment Network, a provider of emerging digital payments technologies to the financial services industries has announced its partnership with Bitcoin (BTC) technology provider, NYDIG to bring avenues for institutions to embrace and offer crypto services to their customers. According to the official update, the partnership will let a broad range of financial institutions offer their clients access to trade and HODL Bitcoin.
Allied and NYDIG Partnership to Broaden Access to Crypto
The embrace of Bitcoin and cryptocurrencies, in general, has continued to grow in the past decade, and more so, in the year-ago period. Per a 2021 Mercator Advisory Group study, the cryptocurrency industry has witnessed as much as 207% growth in the past decade beginning in July 2010. While this figure may be a conservative one, in reality, both the institutional and retail demand for cryptocurrencies have skyrocketed.
The linkup between Allied Payment Network and NYDIG is expected to help meet this growing demand. The former outfit will extend its influence as a pioneer in providing bill payments by offering the ability to buy, sell and gain other forms of exposure to the premier digital currency.
“Allied’s primary focus is to make it easier for financial institutions to provide value-based technology that differentiates them in the marketplace, attracts new depositors, retains through high engagement, and generates revenue,” said Ralph Marcuccilli, Founder and CEO of Allied. “Providing access to bitcoin does just that, and is a game-changer for many community institutions that are struggling to compete.”
NYDIG is one of the few regulated crypto entities with a robust infrastructure to act as a reliable partner for many other firms. The partnership will also see Allied Payment Network stack up Bitcoin on its balance sheet through NYDIG.
Patrick Sells, Head of Bank Solutions at NYDIG, also commented on the newly forged relationship, “Our partnership with Allied will enable financial institutions to bring bitcoin to their customers in a secure, compliant way. Together with Allied, we are excited to help financial institutions compete and to help consumers get seamless access to Bitcoin via their existing trusted relationships.”
Industry Composability Is Key to Mainstream Adoption
Industry composability or the ability for one or several firms in the broader cryptocurrency industry to function together is key towards the long-sought mainstream adoption. For Bitcoin and other altcoins to attain maturity, startups must join hands to cushion one another, in a complimentary way.
While the entire industry is still developing, so also are the products that are being hurled at consumers. The offerings one platform offers may not necessarily be what a broader niche of consumer wants, and functional partnerships can notably help achieve this.
In a bid to push out new tokens to the global audience, projects like Casper Network (CSPR), and more recently Efinity (EFI) have partnered with CoinList to raise funds through public token sales. While these are typically not the only forms of partnership around, their obvious success rates are indicative of how many interpersonal relationships amongst crypto projects can help boost the growth of the ecosystem.