Hundreds of U.S. Banks to Allow Holding and Trading Bitcoin
Hundreds of U.S. banks will allow their retail customer to hold and trade Bitcoin in 2021 after Stone Ridge’s crypto-focused subsidiary NYDIG inked a partnership with Jacksonville-based payment solutions provider Fidelity National Information Services (FIS), CNBC reports.
Patrick Sells, head of NYDIG’s banking solutions, claims that the move will make it easier for ordinary Americans as well as corporations to get exposure to the largest cryptocurrency:
What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships
While cryptocurrency exchanges like Coinbase as well as popular payment apps like Paypal and Square remain the main avenues for crypto users, smaller U.S. banks want to lure in some crypto-curious crowds, according to NYDIG president Yan Zhao:
They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.
In spite of the anti-banking sentiment that pervades the cryptocurrency community, an NYDIG survey indicates that some people are not willing to sign up with exchanges or other services in order to get into Bitcoin, giving preference to their banks.