CNBC: Hundreds of US banks are preparing to offer customers access to bitcoin

in #btc2 months ago

Customers of some American banks will be able to buy, store and sell bitcoins using existing accounts in the coming months. This is reported by CNBC with reference to the cryptocastodial firm NYDIG.

According to the publication, NYDIG has entered into a partnership with the fintech giant Fidelity National Information Services (FIS), so that American banks can offer their customers bitcoin-related services. Patrick Sells, head of banking solutions at NYDIG, said hundreds of banks are already participating in the program. These are mostly small companies with several branches.

Yang Zhao, president of NYDIG, claims that banks themselves became interested in bitcoin after they saw that their customers were sending money to Coinbase and other exchanges. Rob Lee, head of digital banking at FIS, expects hundreds of smaller banks to be followed by giants such as JPMorgan Chase and Bank of America.

In March, it became known that Morgan Stanley was the first major American bank to offer customers access to bitcoin. Subsequently, there was information about similar plans of Goldman Sachs and JPMorgan. In all cases, investments in cryptocurrencies are offered only to wealthy clients whose assets are measured in millions of dollars. NYDIG intends to provide a more affordable solution.

"Most people can't invest on a par with institutional investors. When bitcoin is available in your bank with the option to buy from $1, you will get access to an attractive asset. We believe this event is very important for expanding economic opportunities, " Zhao added.

FIS is already working with banks serving about 300 million current accounts, and will focus on interacting with them, while NYDIG will be responsible for storing bitcoins and executing transactions. FIS provides banking customers with access to services such as Apple Pay, and two years ago signed the largest deal in its field, buying the processing service Worldpay for $35 billion.

The cryptocurrency assets acquired in this way will not be covered by the guarantees of the Federal Deposit Insurance Corporation (FDIC), the NYDIG noted. According to Sells, the banks themselves will be able to decide what commission to charge customers when buying bitcoin, and will keep most of it for themselves. After the launch of the initial product, NYDIG plans to open additional services, including debit cards with bitcoin rewards and new types of bank accounts that will be insured by the FDIC, but will also allow you to earn cryptocurrency. In its own survey, NYDIG found that more people would be willing to hold bitcoin if they could buy it in a bank without having to register on third-party platforms and transfer money to them.