NYDIG, FIS to Offer Bitcoin Trading to Banks
- The firms have claimed “hundreds” of banks have signed up for the new program, though most of them smaller financial institutions.
- The solution will allow banks to offer Bitcoin trading to their customers directly from their existing accounts.
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A new partnership between crypto custodian NYDIG and fintech startup Fidelity National Information Services (FIS) will enable U.S. banks to offer Bitcoin trading services to their customers, the companies said in a press release on 5 May.
According to the announcement, the new solution will enable banks to offer crypto trading to their customers directly from their existing accounts, boosting the banks ability to attract and retain customers. The head of bank solutions at NYDIG, Patrick Sells, told CNBC that the program had already attracted “hundreds of banks”, and while most were smaller institutions, NYDIG was also in talks with some of the major U.S. banks. Sells further said:
“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”
The head of digital banking at FIS, Rob Lee, told CNBC he believes that once smaller banks start to reap the benefits of Bitcoin trading, larger banks like J.P. Morgan and Bank of America will be incentivized to join in. Back in March, Morgan Stanley became the first U.S. bank to offer its customers exposure to three Bitcoin funds, one of which was a joint effort between FS Investments and NYDIG.
Under the terms of the partnership, NYDIG will provide the secure custodial and trading platform for managing Bitcoin transactions, while FIS’ Digital One Mobile tool will offer customers a user-friendly interface connecting them with the Bitcoin trading services.
Banks interest in crypto trading was spurred by the massive revenue that was being reported by platforms such as Ronbinhood and Coinbase. Crypto trading has become so popular that the CEO fo Robinhood, Vlad Tenev, said the company was going to make a “huge investment” into its crypto business this year. The trading platform had attracted around 6 million new crypto customers in the first two months of 2021 alone.
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