Bitcoin goes further into the mainstream as Stone Ridge subsidiary NYDIG and Fortune 500 company Fiserv (NASDAQ: FISV) made a partnership to make BTC available to Banks and Credit unions.
[News] Financial Institutions Can Now Provide Consumers Easy Access to Bitcoin via Fiserv and @NYDIG_BTC: Banks and credit unions of all sizes can facilitate buying, selling, and holding bitcoin within their digital banking platforms. https://t.co/RT4ZyoFDIq pic.twitter.com/AwBEbeICmC
— Fiserv (@Fiserv) June 23, 2021
The partnership announced on June 23 will help Financial institutions of all sizes to enable customers to to buy, sell and hold bitcoin through their bank accounts. This will help credit unions and banks to meet the increasing demand in BTC, grow and retain their customer base and to increase non-interest income opportunities.
California’s First Foundation bank (NASDAQ: FFWM) is already working to bring such a functionality.
CEO of First Foundation Inc, Scott F. Kavanaugh said:
“Digital assets have caught the eye of consumers and investors, If our industry is truly committed to innovation and the financial future of our clients, we need to lead in this area and help create a secure and trusted platform for using bitcoin for everyday financial matters.”
Both Fiserv and NYDIG have plans to implement such programs that would pay customers rewards in BTC in future.
Chief digital and data officer at Fiserv, Mr Vielehr Said:
“Interest in CRYPTOCURRENCY, and particularly bitcoin, has skyrocketed over the past several years, to the point that bitcoin investing is now a commonplace activity, People continue to turn to financial institutions as a central place to manage their financial activity, and being able to offer this capability will help position banks and credit unions at the forefront of their customers”
Robert Gutmann, co-founder and CEO of NYDIG said:
“Our partnership with Fiserv represents a leap forward in bringing integrated bitcoin transactions to institutions of all sizes, positioning them to meet growing demand and interest from their customers, We look forward to fulfilling our mission of expanding consumer access to bitcoin through their trusted financial institutions with Fiserv.”
Last month NYDIG and Fidelity National Information Services (FIS) had a partnership that allow hundreds of small U.S. banks to hold and trade Bitcoin.