By Ibukun Ogundare
Updated
3 min read
NYDIG’s chief innovation officer Patrick Sells noted that the “market momentum is building around Bitcoin.”
Software company Q2 Holdings (NYSE: QTWO) and Bitcoin company New York Digital Investment Group LLC (NYDIG) have jointly announced the first financial institutions in the US to allow their clients to buy, hold, and sell BTC. On the 22nd of October, Q2 Holdings and NYDIG announced Five Star Bank (NY) and UNIFY Financial Credit Union as the first among other financial institutions that support their banking clients and members to buy, hold, and sell Bitcoin.
According to the announcement, the newly-launched Bitcoin trading solution is powered by NYDIG. As NYDIG and Q2 partners, banks and credit unions will now provide Bitcoin services to their clients. Q2’s Innovation Studio will aid the availability of the Bitcoin service. At the same time, Q2 will help the financial institutions to tackle challenges like wallets and key management.
More importantly, Q2 Holdings and NYDIG will ensure that these financial institutions consider the regulatory and security requirements needed to help the financial institutions offer the Bitcoin service.
The executive vice president, Emerging Businesses, Corporate & Business Development at Q2, Jonathan Price, referred to the development as a “game-changer for financial institutions in the US.”
NYDIG’s chief innovation officer Patrick Sells noted that the “market momentum is building around Bitcoin.”
Speaking further, he said that the Bitcoin company focuses on helping financial institutions take advantage of the buzz around BTC. He shed more light on the recent happening, saying:
“We know that the opportunity for financial institutions is real and that is why we’re so excited to have our first financial institutions live on the Q2 Digital Banking Platform. Working together with the Q2 team and their technology has been exhilarating – we went from concept to the first production transaction in less than 120 days. Our partnership with Q2 is simply groundbreaking for Bitcoin + Banking, and together we will work towards creating a more prosperous financial future for customers.”
Q2 Holdings and UNIFY are excited to be the first financial institutions in the US to offer Bitcoin services. Also, EVP, chief information officer at UNIFY Greg Glawson said:
“This is an exciting partnership with Q2 and NYDIG and a huge opportunity for UNIFY and our members.”
Furthermore, NYDIG research revealed that over 20% of American adults have Bitcoin. Also, 80% of them would rather keep their coins with their primary financial institutions if they offered the service. In addition, over 71% of BTC holders stated that they would switch to a financial institution that supports Bitcoin.
In a statement, Five Star Bank CEO Martine K. Birmingham said that the bank has fundamental responsibilities to keep up. According to the CEO, part of the responsibilities is to quickly adapt to meet clients’ needs and demands. Birmingham said the announcement is a “testament” to the company’s commitment to adjust to market changes.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
