Bitcoin is achieving new feats every day. As per reports, it is set to hit the United States Banking financial system. Banks are looking forward to allowing customers to buy, sell and hold Bitcoin through customer’s own bank account.
A singularity in the medium of handling financial assets is expected to gain momentum in the coming months. A single bank account instead of multiple exchanges will be able to take care of every transaction including the sale and purchase of cryptocurrency. This activity currently is a hassle as it’s done through different exchanges like Coinbase, Kraken, and more.
New York Digital Investment Group, leading technology, and financial services firm dedicated to Bitcoin is looking to revamp the process. It is looking to partner with FIS, a Fortune 500 company based out of Jacksonville, Florida that offers a wide range of financial services and products.
Together, these two companies are teaming up to bring Bitcoin services through banks to customers. Both parties will have a specific role in the partnership. FIS will handle the link to the lenders and NYDIG will securely execute Bitcoin trade and custody.
Why Banks are contemplating the move?
The majority of Banks in the United States have announced plans to be involved in the cryptocurrency market. Although the market is volatile, the popularity of cryptocurrency and data has made banks look in the direction. Goldman Sachs has recently announced to get involved in Bitcoin funds. This has made it impossible for giant banks to ignore the future of cryptocurrency.
Effect on customers?
This will make cryptocurrency more accessible for customers as they will be able to buy, sell, and hold cryptocurrency through their accounts. It will enable them to buy crypto in a hassle-free way and expand the base of crypto from an elite few to the general public.
Patrick Sells, the head of Bank solutions at NYDIG stated that hundreds of US banks will be covered in the program. He believes that this step will make Bitcoin transactions easier as they will be on a mobile banking application.
The company’s CEO Yan Zhao is also excited about the program. She believes that the scheme’s development could only be possible because banks couldn’t ignore the information supporting their entrance which made them feel that they need to enter the crypto market.
She has made it clear that though customers’ bank accounts will be linked the bank will not handle or be liable for any transaction. All investment will be handled by NYDIG and the digital currency will not be FDIC insured.
