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Robby Gutmann, CEO of NYDIG, said that banks have shown great interest to incorporate Bitcoin as an asset.
In one of the latest and largest institutional moves towards the cryptocurrency market, NYDIG has announced a strategic partnership with Fidelity National Information Services (FIS) Inc (NYSE: FIS) to bring Bitcoin (BTC) to over 300 million United States banks in the coming months.
“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 Patrick Sells, head of bank solutions at NYDIG. “If I’m using my mobile application to do all of my banking, now I buy, sell and hold bitcoin.”
Over the past few weeks, there was a growing concern over whether more institutional investors will onboard the cryptocurrency market due to regulatory restrictions. However, with the announcement made, the Bitcoin market has received a new sense of rejuvenation that could spur a new bull market stronger than the prior one.
NYDIG and FIS Partnership on Onboarding US Banks
Reportedly, US banks are seeking to provide Bitcoin services after they observed most of their customers are using their savings and checking accounts to purchase Bitcoin from fintech companies like Coinbase, Kraken, and the likes according to Yan Zhao, president of NYDIG.
“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,’” Zhao said. “They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”
According to Robby Gutmann, CEO of NYDIG during a Coindesk Podcast Network interview with Nathaniel Whittemore the host, Bitcoin is ready to be adopted by the next level of mass. Gutmann noted that the partnership between NYDIG and FIS, which acquired Worldpay for $35 billion in Q3 of 2019, will first bring small United States banks as they negotiate with the larger banks.
He further pointed out that banks have shown great interest to incorporate Bitcoin as an asset. According to him, it is fascinating how fast the banks are responding to the cryptocurrency industry.
According to the metric provided by CoinGecko, Bitcoin was trading around $57,539.33 at the time of reporting, up approximately 7.1%. The asset strongly rebounded from yesterday’s dip of approximately 6.78% after closing the day trading at $53,333.54.
Binance-backed Coinmarketcap indicated the asset had a market capitalization of $1,076,380,684,379.85, while its fully diluted market cap stood at$1,208,736,657,690.27.
Financial institutions are working with reputable crypto-related startups to ensure they meet regulatory requirements and safety standards for their customers. Over the past decade, Bitcoin has proved to be a better alternative investment asset. Besides, more institutional investors are already exposed to the digital assets industry including Tesla and MicroStrategy.