{"id":194721,"date":"2021-05-08T19:57:32","date_gmt":"2021-05-08T19:57:32","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=194721"},"modified":"2021-05-08T19:57:34","modified_gmt":"2021-05-08T19:57:34","slug":"customers-banks-bitcoin","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/customers-banks-bitcoin\/","title":{"rendered":"Customers of some U.S. banks will be able to buy, hold and sell bitcoin soon"},"content":{"rendered":"\n

Customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG.<\/p>\n\n\n\n

The company, a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services<\/a> to enable U.S. banks to offer bitcoin in coming months, according to a statement released by the two firms.<\/p>\n\n\n\n

Meanwhile, hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG.<\/p>\n\n\n\n

While the company is in discussions with some of the largest US banks, many of the lenders who have agreed to participate are smaller institutions such as Suncrest, a California-based commu nity bank with seven branches.<\/p>\n\n\n\n

\u201cWhat we\u2019re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,\u201d Sells said.<\/p>\n\n\n\n

\u201cIf I\u2019m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.\u201d<\/p>\n\n\n\n

So far, bitcoin adopters have relied on applications from a new generation of fintech players such as free-to-play brokerage Robinhood, the payment giants Paypal and Square, or crypto-focused companies like Coinbase.<\/p>\n\n\n\n

Banks, on the other hand, have steered clear of bitcoin for retail customers, only recently announcing plans to allow rich wealth management clients to be able to wager on the cryptocurrency.<\/p>\n\n\n\n

However, banks are now asking for bitcoin because they can see their customers sending dollars to Coinbase, Kraken and other crypto exchanges, according to Yan Zhao, president of NYDIG.<\/p>\n\n\n\n

\u201cThis is not just the banks thinking that their clients want bitcoin, they\u2019re saying `We need to do this, because we see the data,\u2019\u201d Zhao said. \u201cThey\u2019re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.\u201d<\/p>\n\n\n\n

With hundreds of smaller banks sign on, giants like JPMorgan Chase<\/a> and Bank of America<\/a> could face pressure to offer crypto to their retail banking customers, according to Rob Lee, head of digital banking at Fidelity National Information.<\/p>\n\n\n\n

Fidelity National Information, which acts as a supplier to the banks, has nearly 300 million current accounts, while NYDIG will be interested in saving bitcoin and executing trades.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Keep reading: Bill Gates Calls Investors To Avoid Investing In Bitcoin<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG. The company, a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services to enable U.S. banks to offer bitcoin in coming months, […]<\/p>\n","protected":false},"author":4,"featured_media":194722,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[168,278],"class_list":["post-194721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bitcoin","tag-featured"],"yoast_head":"\nCustomers of some U.S. banks will be able to buy, hold and sell bitcoin<\/title>\n<meta name=\"description\" content=\"BNReport - Customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/customers-banks-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Customers of some U.S. banks will be able to buy, hold and sell bitcoin\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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