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Crypto custody firm NYDIG has joined hands with Fidelity National Information Services (FIS), a leading FinTech company to help US banks integrate crypto in their operations. The two firms seek to develop a solution that will let banks offer their clients the ability to purchase, hold, and sell Bitcoin (BTC) through their bank accounts. Allegedly, hundreds of banks have already enrolled for this program, which is set to go live in the next few months.
The companies will achieve this feat by leveraging the FIS Digital One Mobile solution, which will enable the banks to provide BTC services seamlessly through an intuitive platform. By integrating this solution, banks will let their customers manage their BTC holdings alongside their fiat holdings on a single platform.
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Per Robert Guttmann, the co-founder, and CEO of NYDIG, this partnership will help bridge the accessibility and credibility gap between the crypto and traditional financial sectors. He added that this collaboration would serve as a gateway to a new age of financial freedom and trust for consumers and their banking partners.
In a subsequent interview, Patrick Sells, the Head of Bank Solution at NYDIG, noted that hundreds of banks in the US have already enrolled to integrate the solution. While he acknowledged most of these financial institutions are small, Sells noted that the two companies are holding talks with leading banks over the matter.
NYDIG’s President, Yao Zhao, added that this solution would help level the playing field for both retail and institutional investors. According to her, most people lack the means to invest in the same assets as institutional investors. However, when banks integrate this solution, US residents will get a chance to buy BTC worth as little as a dollar. She added that this would be a significant step toward economic empowerment.
Apart from developing the solution for banks, this deal also saw FIS Venture, FIS’ investment arm, buy into NYDIG. However, the companies failed to disclose the financial details of this investment.