Banks Enter the Game In 3,2,1...

By Sir Loin | The Crypto Shenanigans | 7 May 2021


Hundreds of banks in the US are ready to start offering Bitcoin to their customers this year. And these hundreds of banks have already signed up to participate in the program to provide crypto services to retail customers. They see their clients' funds moving from bank accounts to crypto exchanges right in front of their eyes.

This becones possible because of a partnership between fintech giant Fidelity National Information Services (FIS) and New York Digital Investment Group (NYDIG). Both companies said the partnership "will allow US banks to offer bitcoin to their customers in the coming months." But guess what? FIS is a service provider for banks with nearly 300 million checking accounts. And that's a lot!

Patrick Sells, Head of Banking Solutions at NYDIG, said there are hundreds of banks already participating in the program.

b0c848bbcc7f7de8e7907cd8ac7088810684e4507bf0cb22757064095dbc0267.jpg

What they are doing is making it easier for ordinary Americans to buy Bitcoin through their existing bank accounts. If a customer uses a mobile banking application, they will now be able to buy, sell and hold Bitcoin.

FIS will handle crypto transactions with banks, while NYDIG (not banks) will take care of the storage of Bitcoins and the execution of transactions. But the cryptocurrency will not be insured by the FDIC, like ordinary bank deposits. NYDIG plans to provide other services, including debit card rewards paid in Bitcoin and a new type of bank account that is insured by the FDIC but pays interest in Bitcoin instead of dollars.

This is neither more nor less, but a real crypto revolution. It is generated by the desire from below, from customers, as well as the fear of bankers to lose customers due to the large outflow of funds from their bank accounts.

Decentralization. You know..

How do you rate this article?


30

0

Sir Loin
Sir Loin

I won’t ask you to click on any referrals


The Crypto Shenanigans
The Crypto Shenanigans

follow the white rabbit

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.