Demand for bitcoin is growing, and major banks in the United States have signalled a new-found interest in offering clients the possibility to gain exposure to the number one digital asset on the market.
- Hundreds of banks want to offer bitcoin & crypto trading and custody to their clients.
- This feature will be available in 2021 due to a partnership with crypto custody firm NYDIG.
- Square, Paypal and Coinbase dominate retail-facing cryptocurrency services.
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In an cautionary statement, the president of the crypto custody firm NYDIG warned that banks can either provide cryptocurrency services to their clients or see them send their dollars to Coinbase. This is not something US banks are all too keen on.
NYDIG Says Banks “Need” Bitcoin
Due to the massive interest in bitcoin and cryptocurrencies – most notably due to issues with Federal Reserve’s endless money supply woes, American banks will soon offer bitcoin and crypto services for their clients with the help of crypto custodian NYDIG.
The move comes shortly after the Coinbase listing demonstrated just how profitable the cryptocurrency business can be. The move is another step that further for mainstream crypto mass adoption, and comes at a time when retail investors might feel more inclined to test the waters with cryptocurrency investing.
NYDIG, a division of asset manager Stone Ridge, has locked arms with Fidelity National Information Services to provide the infrastructure needed for the service, which is expected to launch in the next few months, according to the firm.
Patrick Sells, the head of NYDIG’s bank solutions, told CNBC that hundreds of banks have enrolled in the program all over the country.
Sells 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.”
Formerly crypto-critical banking giants like JPMorgan have also announced their exposure and interest in bitcoin as the crypto becomes the most highly requested asset of all time.
Read More: Elon Musk & Jack Dorsey: ‘Bitcoin incentivises Renewable Energy’
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