Hassan Maishera
NCR partners with NYDIG to offer Bitcoin purchases at 650 US banks
Millions of Americans will now have the opportunity to purchase Bitcoin from their banks, thanks to the latest partnership between NYDIG and NCR.
650 US banks will allow customers to buy bitcoins
A deal between enterprise payments giant NCR and digital asset management firm NYDIG will see over 650 US banks and credit unions offer their customers the option to buy bitcoins directly from them.
In a Forbes report earlier today, the deal is expected to expose 24 million Americans to the leading cryptocurrency. "As part of the deal, between enterprise payments giant NCR and digital asset management firm NYDIG, community banks including North Carolina-based First Citizens Bank and credit unions like Bay Federal Credit Union in California will be able to offer their clients cryptocurrency trading through mobile applications built by the payments provider," the report said.
According to the terms of the deal, NYDIG will provide custody services to financial institutions that decide to make the Bitcoin purchase service available to its customers. The banks will generate revenue by charging cryptocurrency transaction fees and providing additional investment services.
There is a huge demand for cryptocurrencies
NCR said this latest development was sparked by the huge demand it sees from banks and credit unions regarding cryptocurrencies. The company said banks and credit unions are tired of seeing the cryptocurrency transactions made from their accounts to outside exchanges.
Hence, by providing the clients with a way to buy bitcoins, the banks and credit unions can compete with the cryptocurrency exchanges and make it easier for people to access the crypto market.
NCR president of digital banking, Douglas Brown, said "We're firm believers in the benefits of crypto and the strategic application. And that's true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like."
NCR is one of the leading operators of ATMs and provides digital banking services to millions of people. NYDIG is a popular name within the cryptocurrency space and is involved in several projects in the industry.
