NYDIG, the leading financial and technology firm focused on Bitcoin has partnered with American Fortune 500 company Fidelity Information Service (FIS) to offer an industry-first solution to existing American banks, using which they can enable Bitcoin purchase and selling options For the customers from their existing bank accounts. FIS is a leading technology solution provider for merchants, banks, and capital markets firms globally.
The new solution would let banks integrate the FIS Digital One Mobile solution into their banking systems without the need to create a separate third-party integration.
NYDIG would act as the custodian and exchange in this partnership to enable US banks to offer direct Bitcoin buy and sell options. The financial firm also claimed that hundreds of banks have already signed up for the new integration program and they are in talks to add some of the largest banks as well.
Patrick Sells, head of bank solutions at NYDIG said,
“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”
American Banking System Join on the Bitcoin Bandwagon
Many Wall Street giants this bull season have started offering Bitcoin exposure to their wealthy clients by their investment in companies that hold Bitcoin on their balance sheet. For retail traders, the best way to make a Bitcoin purchase is through apps such as PayPal, Venmo, and Square. NYDIG President Yan Zhao believes the American banking system has realized that their customers would continue to invest in Bitcoin with or without them and they can see transfers to multiple crypto exchanges and Bitcoin selling apps. Thus they have decided to integrate the solution into their system itself.
Zhao also explained how Bitcoin buying integration into the banking system also brings a sense of equality and said,
“Most people can’t invest in things that institutional investors get to invest in. With bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that’s available to be owned by anyone in any amount. We think that’s huge for economic empowerment.”
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