Hundreds of U.S. banks will soon offer bitcoin to their clients.
Many financial institutions like PayPal, big corporations and funds are gearing up on bitcoin and crypto these days. Customers of hundreds of U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG (New York Digital Investment Group). The company, a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant FNIS to enable U.S. banks to offer bitcoin in coming months, according to the two firms.
Banks are racing to make it possible to offer bitcoin to their clients. According to Yan Zhao, president of NYDIG"...they can see their customers sending dollars to Coinbase and other crypto exchanges". Quotes like these smell like bank-fomo to me. "This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data,’” Zhao said. “They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”
"As hundreds of smaller banks sign on, giants like JPMorgan and Bank of Americacould face pressure to offer crypto to their retail banking customers, according to Rob Lee". Zhao said, that "With bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that’s available to be owned by anyone in any amount. We think that’s huge for economic empowerment".
After a successful bitcoin roll out there will be:
-> debit card rewards paid in bitcoin
-> new type of bank account for easier crypto/fiat settlement
Daily bitcoin chart:
This are gread news of adoption. And in any case this is bullish for bitcoin and crypto in general. Great year for bitcoin.
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