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NYDIG has been carrying out integration efforts to bring Bitcoin to US bank accounts for some time now which reflects their confidence in the future of Bitcoin.
The growing popularity of cryptocurrencies in the USA and the subsequent use of crypto exchange platforms have made banks move towards offering BTC services. The New York Digital Investment Group recently announced its collaboration with Q2, the digital banking platform to make bitcoin trading through bank accounts a reality. The partnership would enable 18.3 million US banking customers to engage in BTC trading and access custody channels.
NYDIG offers superior technology and financial services for Bitcoin trading and is a subsidiary firm of Stone Ridge, a $10 billion alternative asset manager. It has been on a mission to unlock the power of Bitcoin through strategic fintech services in a secure manner. Q2, a digital banking platform that was established in 2004, provides its services to nearly 30% of the top 100 banks in the US, according to the issue released. Q2 is also responsible for enabling 1 in every 10 digital banking customers to carry transactions on the cloud.
The Growing Interest in Bitcoin Trading
Jonathan Price, EVP at Q2, in the statement, stressed legal routes to be provided for Bitcoin transactions referencing a study done by Cornerstone Advisors, an investment advisory firm in 2020. The study revealed that almost fifteen percent of all Americans own cryptocurrencies amongst which a large number would choose to invest via banks.
Similarly, President of NYDIG Yan Zhao believes that banks are looking to offer bitcoin services as they witness more and more customers sending money to crypto exchanges such as Coinbase, Kraken and the likes. To enter the growing cryptocurrency market while also providing banking customers with a safe and secure platform would enable these financial institutions to benefit from the developing trend.
NYDIG Strategic Partnerships Enabling Bitcoin Transactions
NYDIG has been carrying out integration efforts to bring Bitcoin to US bank accounts for some time now which reflects their confidence in the future of Bitcoin. As reported last month, NYDIG in its partnership with Fidelity National Information Services or FIS enabled crypto offerings to 300M US Bank Accounts. In addition, NYDIG collaborated with cloud-based digital banking service provider Alkami and is now part of their Gold Partner Program. Its arrangement with Fiserv, the global payment services firm will eventually give Bitcoin access to more and more financial institutions. All these deals will significantly help credit unions and formal financial institutions like banks to provide BTC and custody products to their customers.
Several financial institutions are now collaborating with crypto-based enterprises and putting in place a system that meets all regulatory requirements and safety standards. The fact that Bitcoin has proved to be a better alternative investment asset and its popularity is growing leaps and bounds has made formal financial institutions realize the market worth these cryptocurrencies will hold in the future.