The first ever Cryptocurrency Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG. When this happens, US banks customers will be able to buy, sell or hold bitcoin through their existing accounts.
It’s not longer news that several bank customers in the US who wish to buy bitcoin send dollars to US based Cryptocurrency exchange Coinbase in order to do this as such banks do not want to be left and they are all gearing to tap into this innovation
If this news is anything to go by then it’s about to push Bitcoin towards another level of mainstream adoption which is ofcourse very encouraging for the overall Cryptocurrency market.
Cryptocurrency custody firm NYDIG which is a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services to enable U.S banks to offer Bitcoin in the coming months.
Several banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG. While the firm is in discussions with some of the biggest U.S. banks, many of the lenders that have agreed to participate are smaller institutions like Suncrest,
The goal is simple, to make it very convenient for every day Americans to be able to buy, sell or hold bitcoin through their existing banking relationship. This appears to be a great development as retail bank customers can be able to buy this asset class with as little as $1 which is very attractive to be owned and of course huge for economic development.
It is interesting to note that more and more people could own bitcoin if they could buy it through their existing banks and this eliminates the need to sign up with new institutions when they want to buy bitcoin thus giving them a single view of their financial position in one app.