Crypto investment company NYDIG has partnered with corporate payment solutions firm NCR Corporation, under which more than 650 banks will offer the option of purchasing BTC to their customers.
The agreement between NYDIG and NCR Corporation will open up tremendous opportunities for banks. Whereas previously they had to meet complex regulatory requirements to open up access to Bitcoin, they can now rely on NYDIG to provide custody services.
Thus, banks are now effectively competing with cryptocurrency exchanges as they allow customers to buy bitcoins directly and store them in their accounts.
“We believe in the benefits of cryptocurrencies and their application prospects,” said Douglas Brown, head of digital banking at NCR Corporation.
- NYDIG and NCR Corporation have entered into a partnership agreement.
- As part of the agreement, 650 banks will be able to provide their customers with access to bitcoin.
- The initiative is expected to reach 24 million customers.
It is currently estimated that 24 million customers will be affected by the initiative. For the purchase and storage of cryptocurrencies, NCR will present a mobile application. Banks will earn on commissions that will be charged to users for operations with cryptocurrencies.
“Commissions should be lower than currently on the market. But each bank will independently set the amount of commission costs, ”said Patrick Sells, head of banking solutions at NYDIG.
Traditional financial institutions have recently been actively entering the crypto space, offering their intermediary services. Already many different banks have announced the development or provision of their own cryptocurrency trading solution. NYDIG has been actively pursuing partnerships with other institutions over the past several weeks, demonstrating the speed and scale of the banking industry’s transformation.